Qure.ai, a leading healthcare technology company, achieved remarkable financial growth in FY24, with its revenue soaring by 83% to reach Rs 141 crore. This success follows the completion of a $65 million funding round led by prominent investors. Alongside the revenue boost, the company reduced its losses by 38.5% during the fiscal year.
The company’s revenue from operations jumped from Rs 77 crore in FY23 to Rs 141 crore in FY24. Qure.ai is known for its AI-driven diagnostic solutions that support radiologists and physicians in identifying critical health conditions such as tuberculosis, lung cancer, and stroke. Sales from these tools contributed 87.23% of the firm’s operating revenue, which nearly doubled to Rs 123 crore during FY24. The remaining revenue was generated through the sale of healthcare products.
A significant portion of Qure.ai’s expenses came from employee benefits, which surged by 66.2%, reaching Rs 108 crore in FY24, compared to Rs 65 crore in FY23. This includes Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional costs, including materials, communication, travel, advertising, legal, and other overheads, saw an 18.2% rise, bringing total expenses to Rs 201 crore in FY24, up from Rs 170 crore the previous year.
Despite the rising costs, Qure.ai’s effective cost control measures helped reduce its losses to Rs 48 crore in FY24, compared to Rs 78 crore in FY23. Although the EBITDA margin showed improvement, it remained negative at -22.73%. The company’s spending stood at Rs 1.43 to earn a rupee in FY24.
To date, Qure.ai has raised over $120 million, with the latest funding round positioning the company for continued growth. With increasing demand for its AI-powered diagnostic tools, Qure.ai is set to expand its presence in the healthcare sector, capitalizing on the growing adoption of innovative diagnostic solutions in India.