Healthtech Startup Healthians’ FY22 Loss Widens 2.7X To INR 122 Cr, Revenue Up To INR 169 Cr

SUMMARY

Healthians’ revenue from operations surged 2.5X YoY to INR 166.57 Cr in FY22

In line with the rise in operating revenue, total expenses grew 2.6X to INR 291.22 Cr

Healthians, which offers health tests at home across 250+ cities in India, raised $12 Mn in its Series B round in 2020

Gurugram-based healthtech startup Healthians saw a sharp growth in its business in the financial year 2021-22 (FY22), with its revenue from operations surging 2.5X to INR 166.57 Cr from INR 67.06 Cr in the previous fiscal year.

As a provider of health tests at home, Healthians earns most of its revenue from sale of services. In FY22, the startup’s revenue from sale of services stood at INR 165.88 Cr as against INR 67.06 Cr in FY21. It also earned a revenue of INR 69.44 Lakh from sale of products. The startup didn’t earn any income from sale of products in FY21.

Total income, including other income, rose 2.6X to INR 168.86 Cr from INR 68.69 Cr Cr in FY21, according to the filing of Expedient Healthcare Marketing Pvt. Ltd, which operates Healthians, with the Ministry of Corporate Affairs.

Despite the rise in revenue, Healthians’ bottom line took a hit in FY22 due to increase in its cash burn. Net loss widened 2.7X to INR 122.36 Cr in FY22 from INR 44.51 Cr in FY21.

In line with the rise in operating revenue, total expenses grew 2.6X to INR 291.22 Cr from INR 113.2 Cr in FY21. Other expenses accounted for the biggest chunk of expenses, surging 2.2X to INR 140.01 Cr from INR 64.49 Cr in FY21.

Other expenses also included miscellaneous expenses, which rose 1.8X to INR 96.85 Cr in FY22 from INR 54.16 Cr in the previous fiscal year. However, the Gurugram-based startup did not provide breakdown of miscellaneous expenses.

Employee benefit expenses rose 2.2X to INR 71.33 Cr Cr from INR 33.06 Cr in FY21. Employee benefit expenses included employee salaries and bonus, gratuity and PF expenses, leave encashment expenses, among others.

Founded in 2015 by Deepak Sahni, Healthians offers health tests at home across 250+ cities in India. It has a network of fully-automated laboratories and a large team of skilled phlebotomists who specialise in sample collection from homes, as per its website.

Inc42 exclusively reported last year that the healthtech startup was looking to raise close to $54 Mn (INR 403 Cr) in a funding round led by WestBridge Capital. However, there was no official announcement from the startup.

In 2020, it raised $12 Mn in Series B round led by Japan-based DG Incubation and DG Daiwa Ventures.

Healthians competes with the likes of Tata-backed 1mg and Dr Lal Path Labs.

The Indian healthtech market is estimated to reach a size of $21 Bn by 2025, just 3.3% of the total addressable healthcare market, which is pegged to grow to $638 Bn by 2025.