Blitz Bureau
NEW DELHI: Noida-based online diagnostic platform Redcliffe Labs has registered around Rs 250 crore loss in FY24, as its return on capital employed (ROCE) reached -544.68 per cent in the last fiscal year. The company’s EBITDA margin stood at -57.55 per cent and on a unit basis, Redcliffe Labs spent Rs 1.6 to earn a rupee in FY24, as per its financials.
There was a substantial increase in laboratory test charges and depreciation costs which grew by 62.2 per cent and 3 times, respectively.
As per TheKredible data, Redcliffe Labs has secured $113 million funding to date, including from Leapfrog Investments.
Meanwhile, Redcliffe’s revenue from operations went up 11 per cent to Rs 348.38 crore in FY24 from Rs 313.86 crore in FY23. Its total income stood at Rs 353 crore in the last financial year.
The company’s total expenses stood at Rs 556.16 crore in FY24, from Rs 647.30 crore in FY23.
In September, it secured $42 million in a Series C funding round. IFU, Denmark’s Investment Fund for Developing Countries, led the funding round with $20 million, followed by existing investor LeapFrog Investments with $15 million. The remaining capital was committed by existing shareholders HealthQuad and Spark Growth Ventures.
According to Aditya Kandoi, Founder and CEO, Redcliffe Labs, “our aim is to democratise access to high-quality, affordable, accurate diagnostics for every Indian, with a particular focus on the underserved populations in Tier II and III cities”.
In FY24, Redcliffe clocked cash and bank balances of Rs 15.87 crore and had current assets worth Rs 89.64 crore.
Its services are available in more than 220 cities through its network of over 80 advanced labs powered by 2,000+ collection centres and home collection services, according to the company.
