Digital healthcare platform Medibuddy has announced significant progress towards EBITDA neutrality. The company has closed FY24 with break-even results and a marginal loss.

The company expects to turn profitable in the next financial year, said Co-founder and CEO Satish Kannan. “This year the focus is to turn Ebitda neutral and then continue to keep growing from there. By FY25, the core business will be fully profitable and we will continue to invest in new areas,” said Kannan.

The company’s topline had recorded strong year-on-year growth. “In FY24, we have crossed ₹1,000 crore plus in our revenue and have been growing on a CAGR of nearly 90 per cent,” he said.

Recent acquisitions

MediBuddy is heavily investing in acquisitions and expanding its current offerings. Its recent acquisitions include vHealth, the Indian branch of the US-based health insurer Aetna, and the telehealth platform Clinix. Kannan said the company is evaluating potential acquisition targets, supported by a recent funding round of $18 million designated for M&A initiatives.

“In FY24 we have also completed the integration of vHealth and it helps MediBuddy reach a lot of customers in tier-2 and -3 areas. From a service point of view, we have widened our offerings in clinics and hospital concierge,” added Kannan.

The company’s 50 per cent revenue comes from direct customers and 50 per cent from corporate customers. The hospital concierge business contributes nearly 10 percent to the company’s business.

The app currently offers access to over 90,000 doctors across 22 specialities, over 7,100 hospitals, and clinics, over 5,000 diagnostic centers, and 2,500 pharmacies,  Kannan said, adding that they are focusing on increasing the number of network hospitals and doctors on the platform.

Launched in 2015, the app has investors such as Quadria Capital, Lightrock and Bessemer Venture Partners. Till date, it has raised over $190 million in funding and stands at a valuation of close to $500 million.