Health-tech platform Lybrate reports profits for FY19
Digital medical consultation platform Lybrate reported net profits at Rs 5.25 crore for the financial year 2018-2019, against losses of Rs 10.56 crore in the previous financial year.
Revenue increased from Rs 19.01 crore to Rs 42.5 crore.
Lybrate helps patients book consultations with doctors registered on its platform and charges them a consultation fee. This is the source of revenue from the patient's side. The second model of revenue is run at the doctor’s end.
Total expenses for the reported period rose by 87% to Rs 37.65 crore.
In the expenses bracket, employee benefits expenses increased by 53% to Rs 16.86 crore, whereas other expenses, a category that includes the likes of marketing, rent, legal, freight costs increased by 88% to Rs 3.77 crore.
Notably, business promotions and marketing expenses rose from Rs 3.97 crores to Rs 10.51 crores.
India’s medical technology sector is forecasted to reach $9.6 billion by 2022, as per India Brand Equity Foundation findings. There are over 3,000 health-tech startups in India, according to industry estimates.