PharmEasy-Backed Aknamed’s Net Loss Surges 14X To INR 171 Cr In FY22

Healthcare supply chain startup Aknamed’s net loss widened 13.9X to INR 171.02 Cr in the financial year 2021-22 (FY22) from INR 12.29 Cr in FY21 due to sharp rise in expenses.

Operating revenue of Aknamed, which earns revenue primarily from sales of products, grew 5.8X to INR 854.85 Cr from INR 148.54 Cr in FY21.

Total income, including other income of INR 12.21 Cr, stood at INR 867.06 Cr during the year under review.

Aknamed’s bottomline took a hit despite the rise in revenue as total expenses ballooned 6.3X to INR 1,030.06 Cr from INR 162.98 Cr in FY21. The expenses for purchase of stock-in-trade contributed the highest amount to overall expenses.

The startup spent INR 816.3 Cr on purchases of stock-in-trade in FY22, a 5X rise from INR 163.06 Cr in the previous fiscal year. Employee benefit expenses also zoomed 19.7X to INR 146.82 Cr from INR 7.44 Cr in FY21.

Other expenses, including rent, legal charges, advertising and promotional expenses, saw a 3X rise to INR 52.3 Cr in FY22 from INR 14.16 Cr in FY21.

Founded by Saurabh Pandey and Mahadevan Narayanamoni in 2018, Aknamed offers procurement solutions to hospital chains and mid-sized standalone hospitals with the help of technology. The startup later appointed Mayank Kapoor, Shaunak Joshi and Varun Vohra as cofounders.

In 2021, PharmEasy acquired a majority stake in Aknamed. API Holdings, the parent company of the epharmacy platform, invested INR 307 Cr in the healthcare supply chain startup.

Aknamed competes with Mumbai-based B2B healthcare supply chain startup Medikabazaar. The soonicorn startup reported a net loss of INR 20.8 Cr in the financial year 2021-22 (FY22) as against a net profit of INR 61 Lakh in FY21.