Qure.ai, a healthcare business, just raised USD 65 million in a fundraising round headed by Lightspeed Ventures and 360 One Asset Management. This investment follows an astonishing 83% increase in Qure.ai's income, which crossed Rs 140 crore in FY24. The Lightspeed-backed company also cut its losses by 38.5% over this time span.
Qure.ai's revenue from operations increased to Rs 141 crore in the fiscal year ending March 2024, up from Rs 77 crore in FY23, according to consolidated financial filings obtained from the Registrar of Companies.
Qure.ai provides AI-driven solutions to help radiologists and clinicians diagnose crucial illnesses like tuberculosis, lung cancer, and stroke.In the previous fiscal year, sales of these tools and software accounted for 87.23% of the company's operating revenue, which doubled to Rs 123 crore. The remaining revenue came from the selling of healthcare products.
Employee benefits accounted for more than half of Qure.ai's overall expenses, which is common among tech and AI companies. These expenditures increased by 66.2% to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore set aside for ESOP expenses, a non-cash component.
Additional expenses, such as materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% increase in overall expenses, bringing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23.
An almost 80% increase in scale, along with effective cost controls, enabled Qure.ai to reduce losses by 38.5%, from Rs 78 crore in FY23 to Rs 48 crore in FY24. While its EBITDA margin increased, it remained negative at -22.73% in fiscal year 24. In fiscal year 24, the company spent Rs 1.43 for every rupee earned.
