HealthifyMe, a healthtech startup, has reported a decrease in its total losses for the financial year ending March 31, 2023 (FY23).
The startup has reprorted 10% decline in its losses, going from Rs 157 crore to Rs 142 crore, following the strong revenue surge of 23.49%, reaching Rs 228.76 crore.
A major contributor to HealthifyMe's revenue was its nutrition and wellness coaching services. In FY23, This segment alone generated Rs 139.24 crore, marking a nearly 25% increase from the previous year's Rs 111.62 crore.
The startup also saw revenue from 'support services' amounting to Rs 74.11 crore, a modest increase from Rs 72.10 crore in the previous year.
In FY23, HealthifyMe ventured into selling products like smart scales and glucose monitors, earning Rs 13.90 crore.
HealthifyMe cut its ad spend by 13% to Rs 115.90 crore in FY23, indicating a shift away from advertising-driven customer growth.
Despite laying off 150 employees in December 2022, the company's employee benefit expenses rose by 23.7% YoY, reaching Rs 116.09 crore.