Aknamed, Supported by PharmEasy, Reports 14X Surge in Net Loss to INR 171 Cr in FY22
- ByStartupStory | April 15, 2023
Healthcare supply chain startup Aknamed reports significant increase in net loss for FY22, with expenses leading to a widening of losses by 13.9X to INR 171.02 Cr from INR 12.29 Cr in FY21. However, the company’s operating revenue experienced a substantial growth of 5.8X, reaching INR 854.85 Cr compared to INR 148.54 Cr in FY21, primarily driven by sales of its products.
Aknamed’s Total Income Reaches INR 867.06 Cr in FY22, But Expenses Lead to Widening Losses. Despite a significant rise in revenue, Aknamed’s bottomline took a hit in FY22 as total expenses increased by 6.3X to INR 1,030.06 Cr from INR 162.98 Cr in FY21. The expenses for purchase of stock-in-trade were the highest, with INR 816.3 Cr spent in FY22, a 5X rise from INR 163.06 Cr in the previous fiscal year. Employee benefit expenses also soared by 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 in 2018 by Saurabh Pandey and Mahadevan Narayanamoni, Aknamed offers technology-driven procurement solutions to hospital chains and mid-sized standalone hospitals. The startup later appointed Mayank Kapoor, Shaunak Joshi, and Varun Vohra as co-founders. In 2021, Aknamed received a majority stake acquisition by PharmEasy, with API Holdings, the parent company of the e-pharmacy platform, investing INR 307 Cr in the startup. Aknamed faces competition from Mumbai-based Medikabazaar, another B2B healthcare supply chain startup. However, Aknamed reported a net loss of INR 20.8 Cr in FY22, in contrast to a net profit of INR 61 Lakh in FY21.
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