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Clinikk Initiates Series A Funding Round Led by Massmutual Ventures, Showcasing Impressive Growth

The Busy Brains

19 Jun 2023

Healthtech startup Clinikk embarks on its Series A funding round, led by Massmutual Ventures, after experiencing significant growth and achieving impressive revenue milestones. Discover how Clinikk's comprehensive health packages and subscription-based model have propelled its success in the healthtech industry.

Clinikk, a dynamic healthtech startup, has recently commenced its Series A funding round, with Massmutual Ventures leading the investment. This marks the second round of funding by Massmutual Ventures, highlighting Clinikk's remarkable growth and potential in recent years.

Between FY20 and FY22, Clinikk experienced an astounding 90X growth and surpassed Rs 73 crore in revenue during FY22. According to the company's annual financial statements filed with the Registrar of Companies, collection from operations witnessed a staggering 9.9X jump to Rs 73.21 crore in the fiscal year ending March 2022, compared to Rs 7.4 crore in FY21.

Clinikk's revenue primarily stems from subscriptions, accounting for approximately 74% of its total collections, while vaccine administration contributes to 25% of its revenue.

Founded in 2018 by Suraj Baliga and Bhavjot Kaur, Clinikk offers comprehensive packages that include family health insurance coverage and OPD coverage through a monthly subscription model. With over 30,000 families served and more than 50,000 consultations provided, Clinikk has established itself as a trusted healthcare partner.

While Clinikk's operating scale has experienced exceptional growth, expenses have also risen, leading to increased losses. In FY22, losses surged 2.4X to Rs 10.34 crore compared to Rs 4.31 crore in FY21.

Advertising costs constituted a significant portion of Clinikk's expenses, accounting for 63.6% of the total. This expense witnessed a substantial 8.8X increase to Rs 53.34 crore in FY22 from Rs 6.08 crore in FY21. Additionally, expenses related to employee benefits and vaccine purchases (post-inventory adjustments) amounted to Rs 12.09 crore and Rs 11.75 crore, respectively, in FY22.

Furthermore, expenditures on legal, professional services, employee hiring, and other miscellaneous costs contributed to a 7.1X rise in Clinikk's total annual expenditure to Rs 83.82 crore in FY22, compared to Rs 11.84 crore in FY21. On a unit level, Clinikk spent Rs 1.14 to earn one rupee of operating income during FY22.

To date, Clinikk has raised approximately $9.2 million (~Rs 71 crore) from investors such as Massmutual Ventures, Blume Ventures, and WEH Ventures. Following its Series A round, the company achieved a valuation of approximately $31 million (Rs 255 crore), demonstrating its potential and market value in the healthtech sector.

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