Mumbai-based Qure.ai's revenue rises by 83% to Rs 141 crore in FY24, losses decline by 39%

Qure.ai, a Mumbai-based startup specializing in AI for medical diagnostics, saw its revenue increase by 83% in fiscal year 2024 (FY24).

The startup's revenue grew to Rs 141 crore from Rs 77 crore in FY23, driven largely by its AI-driven solutions that assist radiologists and doctors in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke.

These AI solutions accounted for 87.23% of its revenue, totalling Rs 123 crore, more than double the previous year’s amount.

Last month, the startup raised $65 million in a Series D funding round led by Lightspeed and 360 ONE Asset, joined by Merck Global Health Innovation Fund and Kae Capital.

Costs rise, but losses are reduced

Despite its rapid revenue growth, Qure.ai experienced a significant increase in costs, with total expenses rising by 18.2% in FY24 to Rs 201 crore from Rs 170 crore in FY23.

Employee benefits, which made up a large portion of these costs, saw a 66.2% jump, reaching Rs 108 crore, with Rs 12 crore of this attributed to non-cash Employee Stock Ownership Plan (ESOP) expenses.

Additional expenses related to materials, communication, travel, advertising, legal, and other operational areas also contributed to the startup's overall rise in costs.

Despite the increased expenses, Qure.ai reduced its losses by 38.5%, from Rs 78 crore in FY23 to Rs 48 crore in FY24. This improvement was largely driven by the company's ability to scale effectively while implementing cost controls.

What does Qure.ai do?

Founded in 2016 by Prashant Warier, Qure.ai aims to make healthcare more accessible and equitable globally.

The startup claims its solutions are deployed in over 90 countries across 3000+ sites, powering the efficient identification and management of critical diseases. It also claims 18 FDA-cleared indications and products that are Class IIb certified per EU MDR regulations.