Diagnostic platform Redcliffe Labs posts nearly Rs 250 crore loss in FY24

Posted on by Vividh Bharathi

New Delhi, Dec 10 (IANS) 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.

–IANS

na/

Related Posts

Mandaviya flags off ‘Fit India Cycling Drive’

New Delhi, Dec 17 (IANS) Close to 500 cycling enthusiasts in Delhi joined a 3-km ride on Tuesday from the National Stadium to Raisina Hills and back, in order to promote cycling as a sustainable and healthy mode of transportation under the stewardship of Union Minister of Youth Affairs and Sports, Dr. Mansukh Mandaviya.

Launching the ‘Fit India Cycling Drive’ at the Major Dhyan Chand National Stadium Dr Mandaviya said, “We have to make Prime Minister’s vision of Viksit Bharat a reality when we celebrate 100 years of Independence in 2047 and it is pertinent, we become a healthy and fit nation.”

The event was launched in the presence of Minister of State for Youth Affairs and Sports Raksha Nikhil Khadse, MP Tejasvi Surya, as well as athletes, including Paris Paralympics bronze medallist Simran Sharma, Commonwealth Games 2022 gold medallist Nitu Ghanghas and Asian Games 2022 bronze medallist Preeti Pawar.

Highlighting the importance of cycling, the Minister added, “We have launched this event as ‘Fit India Cycling Tuesdays’ but for the convenience of cycling enthusiasts, this will now be conducted on Sundays and be called ‘Sundays on Cycle’”.

“Doctors, journalists, teachers, corporate professionals and youth will join for an hour-long cycling ride on Sundays, not only in New Delhi but in different parts of the country. Cycling gives a big boost to the environment, it is the solution to pollution and also contributes to sustainability,” he said.

Today’s event, held simultaneously in over 1,000 locations across the nation, was organised by the Ministry of Youth Affairs and Sports’ Fit India movement, in collaboration with the Cycling Federation of India (CFI), MY Bharat, and various sports authorities.

The cycling events were held simultaneously across Sports Authority of India regional centres, National Centres of Excellence (NCOEs) as well as the Khelo India Centres (KICs) across the country.

The events saw a participation of more than 50,000 people, said a statement.

The nationwide cycling drive was joined by well-known athletes including two-time Paralympics gold medallist Sumit Antil in NCOE Rohtak, Paris Paralympics gold medallist Navdeep in NCOE Gandhinagar, former Indian women’s team hockey captain Rani Rampal, Olympian shot putter Tajinderpal Singh Toor and javelin thrower Annu Rani in Patiala.

–IANS

rch/rad

Half of US teenagers are online almost constantly: Study

New Delhi, Dec 13 (IANS) Half of teenagers in the US are almost constantly online on social media platforms like YouTube, TikTok, Instagram, and Snapchat, finds a study, raising concerns about technology’s impact on youth.

The study by Pew Research Centre, based on a survey of US teenagers ages 13 to 17, showed that nine-in-10 teenagers reported to be mostly on YouTube.

Overall, 73 per cent of teenagers said they watch YouTube daily, making it the most widely used and visited platform. This share includes 15 per cent who describe their use as “almost constant.”

“Nearly half of teenagers say they are online almost constantly, up from 24 per cent a decade ago. This share has stayed consistent over the past few years. Overall, nearly all teenagers – 96 per cent – report using the internet daily,” the report said.

The alarming report comes even as the Australian government, last month, passed a social media ban for children under 16. The ban will apply to Instagram, X, Snapchat, and others from late 2025.

Meanwhile, Pew research showed that about 6-in-10 teenagers in the US reported using TikTok and Instagram, and 55 per cent said they use Snapchat.

About six-in-10 also reported visiting TikTok daily. This includes 16 per cent who report being on it almost constantly.

Roughly half of teenagers said they go on Instagram or Snapchat daily. This includes about one-in-10 who say they’re on each of these platforms almost constantly.

The share of teenagers who say they use Instagram almost constantly has increased slightly, from 8 per cent in 2023 to 12 per cent today.

The use of Facebook (32 per cent) and X (17 per cent) has steeply declined over the past decade among teenagers.

Further, about a quarter of teenagers (23 per cent) said they use WhatsApp, while 14 per cent reported using Reddit.

Across all five platforms, one-third of teens use at least one of these sites almost constantly.

Notably, “no gender differences” were observed in the shares of teenagers who reported using Instagram and Facebook almost constantly.

Yet, teenage girls use Instagram (66 per cent vs. 56 per cent) and TikTok more widely than teenage boys (66 per cent vs 59 per cent). On the other hand, boys are more likely than girls to use YouTube (93 per cent vs. 87 per cent).

–IANS

rvt/

Indian deep brain stimulator market to grow at 10pc CAGR by 2033: Report

New Delhi, Dec 17 (IANS) The deep brain stimulators (DBS) market in India is projected to witness an anticipated compound annual growth rate (CAGR) of over 10 per cent by 2033, according to a report on Tuesday.

The report by GlobalData, a data, and analytics company, attributed the growth to the increasing prevalence of movement disorders in India. Besides, the inability of many patients to access appropriate surgical intervention has resulted in a substantial treatment gap.

Deep brain stimulation (DBS) is a treatment widely used for illnesses including Parkinson’s disease, epilepsy, and other neurological diseases. The system uses an implanted device to send an electrical current directly to specific parts of the brain. The electrodes generate electrical impulses that improve brain function.

As per the report, the rechargeable deep brain stimulators market in India accounts for around 8 per cent of the Asia-Pacific market in 2024.

This has been strengthened by a rising patient base, cost advantages, skilled neurosurgeons, and an expanding healthcare infrastructure.

“As global life expectancy rises, age-related neurodegenerative disorders are becoming more prevalent,” said Divya Soni, Medical Devices Analyst at GlobalData.

“DBS systems have emerged as a treatment for these conditions but are limited by a battery life of 3-5 years, requiring periodic surgical replacement for non-rechargeable models, thus increasing patient burden and surgical risks,” Soni added.

Soni noted that although DBS devices serve as an effective treatment option for patients with movement disorders, they present notable shortcomings.

She pointed out the need to introduce “advanced DBS technologies that offer a transformative solution in providing personalised, data-driven therapy,” Soni said. This will set new standards in precision care, and improve quality of life across the country.

–IANS

rvt/