Healthtech startup mFine revenue drops 33.8% to Rs 34.45Cr in FY23; Losses stood at...

Healthtech startup mfine reported a revenue of Rs 34.45 crore in the financial year 2023 (FY23), making a 33.8% decrease from the previous year's Rs 52.06 crore.

The company also narrowed its losses to Rs 86.1 crore, a significant improvement from the Rs 205.89 crore loss in FY22.

Operational revenue and expense management

The company's total revenue from operations, primarily from the sale of its services, was Rs 31.05 crore in FY23, down from Rs 50.48 crore in FY22. A notable aspect of mfine's financial strategy was the substantial reduction in advertising and promotional expenses, which were brought down to Rs 22.06 crore from Rs 133.24 crore in the previous fiscal year.

Layoffs and employee expenses

In May 2022, mfine made a significant decision to trim its workforce by about 75%, as reported by various media outlets. This led to over 100 employees protesting outside the Bengaluru office, demanding full month's salary payments. The startup's employee benefit expenses for FY23 stood at Rs 42.87 crore, a decrease from Rs 62.58 crore in FY22.

What does mFine do?

Founded in 2017 by Prasad Kompalli, Ashutosh Lawania, and Ajit Narayanan, mfine focuses on providing virtual consultations and connected care programs from different hospitals.

In 2021, the startup raised $48 million in a Series C funding round, aiming to build virtual hospitals and enhance healthcare accessibility using AI and mobile technologies. To date, mfine has raised around $97 million and was last valued at $450 million.

Join our new WhatsApp Channel for the latest startup news updates