Orange Health Secures $30 Million in Funding for Future Growth
Orange Health, a prominent diagnostics and healthcare platform, is set to raise $30 million in new funding, with expectations for this financial boost to be reflected in its annual results for FY27. The company experienced a remarkable 65% year-on-year revenue growth during FY26, although losses expanded to nearly Rs 100 crore as it increased its presence in tier I cities.
Financial Performance Overview
In the financial documents submitted to the Registrar of Companies (RoC), the Bengaluru-based startup revealed that revenue from operations escalated to Rs 138.6 crore for the fiscal year ending in March 2026, up from Rs 84 crore in FY25.
Company Background
Founded in 2020 by Dhruv Gupta and Tarun Bhambra, Orange Health Labs operates as a complete diagnostics platform that provides on-demand testing services and at-home sample collection for routine diagnostics. In addition to direct-to-consumer offerings, Orange Health has partnered with over 2,000 clinics to facilitate quicker diagnoses and improved clinical decision-making.
Expansion and Growth
The platform has reported the addition of more than 60 company-owned collection centres over the past year, with almost 50 located in Bengaluru. In FY26, diagnostics services remained the primary source of operating revenue for Orange Health. Additionally, the company generated Rs 4.7 crore from net gains on investments and other non-operational avenues, bringing the total income for the year to Rs 143 crore.
Cost Analysis
For Orange Health, employee benefits constituted the largest expense, accounting for 30% of total expenditures. This cost surged by over 43% to Rs 72.2 crore during the financial year. The materials necessary for testing and diagnostics also saw a 40% increase, reaching Rs 42.9 crore.
Claims contract costs became another significant expenditure, rising to Rs 35.8 crore in FY26, while marketing and advertising costs remained relatively stable at Rs 34.4 crore. Other overheads, including rent, research and development, IT, legal, and professional fees, added an additional Rs 55 crore, resulting in a total expense increase of 36% year-on-year, reaching Rs 240.3 crore in FY26, up from Rs 175.9 crore in FY25.
Financial Losses and EBITDA Metrics
Orange Health’s loss before tax climbed by 11% year-on-year to Rs 97 crore during the fiscal year. Notably, the company booked a deferred tax expense of Rs 49 crore, bringing the overall loss to Rs 146 crore. The EBITDA loss for the firm stood at Rs 92.4 crore, reflecting an EBITDA margin of -66.68%. However, the company has claimed to achieve 20% EBITDA profitability in Bengaluru.
Operational Insights
On a unit-level basis, the company spent Rs 1.73 to generate a single rupee of operating revenue during FY26. As of March 2026, Orange Health maintained total current assets of Rs 55 crore, which included Rs 4.5 crore in cash and bank balances.
Funding History
Prior to this recent $30 million funding round, Orange Health Labs has raised close to $50 million overall. In 2024, the company secured $12 million in a round led by Amazon Sambhav Venture Fund, following a $25 million Series B round in 2022, spearheaded by General Catalyst and Bertelsmann India Investments.
Competitive Landscape
Orange Health faces competition from PharmEasy-owned Thyrocare, which reported Rs 829 crore in revenue and a profit of Rs 163 crore for FY26. Redcliffe Labs achieved Rs 419 crore in revenue in FY25, while Healthians recorded Rs 263 crore in revenue in FY25 and reduced its loss to Rs 5 crore. The FY26 financial reports for these companies are yet to be submitted.