Qure.ai: Performance Overview for FY25

Qure.ai is a healthtech startup based in Mumbai that utilises artificial intelligence for advancements in radiology solutions. In the fiscal year ending March 2025, Qure.ai experienced a notable increase in losses, which nearly doubled, while still achieving steady revenue growth.

Financial Insights

For FY25, Qure.ai reported an operating revenue rise of 24.5%, reaching Rs 175.5 crore, up from Rs 141 crore in FY24, based on its consolidated financial statement obtained from the Registrar of Companies (RoC).

AI-Driven Solutions

Qure.ai provides AI-powered solutions aimed at assisting radiologists and healthcare professionals in diagnosing severe conditions such as tuberculosis, lung cancer, and strokes. In the past fiscal year, sales of these innovative tools and software accounted for 86% of the company’s operating revenue, growing by 23% to Rs 151 crore. The remaining income stemmed from the sale of healthcare products.

Geographical Revenue Distribution

The majority of Qure.ai’s revenue originates from international markets. Revenue from outside India increased by 39.6% to Rs 174 crore, comprising over 99% of Qure.ai’s total revenue. Conversely, revenue from India experienced a steep decline of 80%, falling to Rs 1.3 crore in FY25.

Cost Structure Analysis

Akin to numerous tech and AI-driven enterprises, Qure.ai’s employee benefit costs constituted nearly 48% of total expenses, rising to Rs 133 crore in FY25 from Rs 109 crore in FY24. Legal and professional fees also grew, reaching Rs 37 crore, while expenses associated with cloud computing almost doubled to Rs 18 crore. Depreciation surged to Rs 22 crore, up from Rs 12 crore the previous year.

Overall, Qure.ai’s total expenses increased by 39%, amounting to Rs 279 crore in FY25, up from Rs 201 crore in FY24. For an in-depth breakdown of expenses, one can refer to multiple sources.

Loss and Financial Ratios

With costs rising faster than revenue growth, Qure.ai’s losses escalated by 87.5% to Rs 90 crore in FY25, up from Rs 48 crore in FY24. The company’s return on capital employed (ROCE) and earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin stood at -20.99% and -45.30% respectively.

Cost Efficiency Metrics

In terms of efficiency, Qure.ai incurred Rs 1.59 to generate every rupee of operating revenue in FY25. The Mumbai-based firm reported current assets valued at Rs 406 crore, including Rs 35 crore in cash and bank deposits.

Funding and Ownership

To date, Qure.ai has successfully raised a total of $121 million in funding, with Peak XV Partners, HealthQuad, and Novo Holdings identified as principal investors. The company’s founder and CEO Prashant Warier holds a 3.55% stake in the company.