mfine reports revenue of Rs 34.45 Cr in FY23 and reduces losses

• ByStartupStory     |    January 3, 2024

Healthtech company mfine recorded a revenue of Rs 34.45 crore in FY23, marking a 33.8% decrease from Rs 52.06 crore in FY22. Despite the drop in revenue, the firm made strides in minimizing its losses, reporting a decrease to Rs 86.1 crore from the previous Rs 205.89 crore in FY22.

The company’s total revenue from operations in FY23, which encompassed service sales, amounted to Rs 31.05 crore, down from Rs 50.48 crore in FY22. Notably, mfine significantly reduced its advertising and promotional expenses, spending approximately Rs 22.06 crore compared to Rs 133.24 crore in the previous fiscal year.

In terms of employee-related costs, the Bengaluru-based firm curtailed its employee benefit expenses to Rs 42.87 crore in FY23, down from Rs 62.58 crore in FY22. This reduction followed a significant event in May 2022 when mfine downsized about 75% of its workforce, as reported by media sources.

During the downsizing, discontent arose among employees, with over 100 gathering outside the company’s Bengaluru office, demanding payment for a full month’s salary, according to a report by Inc42.

Founder in 2017 by Prasad Kompalli, Ashutosh Lawania, and Ajit Narayanan, mfine specializes in offering virtual consultations and connected care programs from various hospitals. In 2021, the company secured $48 million in a Series C funding round aimed at developing virtual hospitals and enhancing healthcare accessibility and efficiency using AI and mobile technologies.

Quoting the company’s aspirations, a spokesperson mentioned, “Our goal is to make high-quality healthcare more accessible and effective through technological advancements.”

mfine has raised approximately $97 million in funding and attained a valuation of $450 million. Backed by Heritas Capital and Prime Venture Partners, the company continues its journey towards enhancing healthcare accessibility leveraging technology.

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