Redcliffe Labs Reports Significant Loss of Nearly Rs 250 Crore in FY24
Click to start listening
New Delhi, Dec 10 (NationPress) The online diagnostic company Redcliffe Labs, headquartered in Noida, has reported a loss nearing Rs 250 crore in FY24, with its return on capital employed (ROCE) falling to -544.68% during the last fiscal year.
The company's EBITDA margin was recorded at -57.55%, indicating that Redcliffe Labs expended Rs 1.6 to generate one rupee in FY24, according to its financial statements.
A noteworthy rise in laboratory testing fees and depreciation expenses was observed, increasing by 62.2% and tripling, respectively.
According to data from TheKredible, Redcliffe Labs has amassed $113 million in funding to date, which includes contributions from Leapfrog Investments.
Furthermore, Redcliffe's operational revenue saw an uptick of 11%, reaching Rs 348.38 crore in FY24, compared to Rs 313.86 crore in FY23. The total income for the last financial year was noted at Rs 353 crore.
The total expenditure for the company was recorded at Rs 556.16 crore in FY24, down from Rs 647.30 crore in FY23.
In September, the company secured $42 million in a Series C funding round. This funding round was spearheaded by the Investment Fund for Developing Countries of Denmark (IFU), which contributed $20 million, followed by existing investor LeapFrog Investments with $15 million. The remaining investment was provided by current shareholders HealthQuad and Spark Growth Ventures.
Aditya Kandoi, the Founder and CEO of Redcliffe Labs, stated, “Our objective is to make high-quality, affordable, and precise diagnostics accessible to every Indian, especially targeting underserved communities in Tier II and III cities.”
In FY24, Redcliffe reported cash and bank balances amounting to Rs 15.87 crore and had current assets valued at Rs 89.64 crore.
According to the company, its services are available across more than 220 cities, supported by a network of over 80 advanced laboratories and more than 2,000 collection centers, along with home collection services.
