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Healthtech firm mfine clocked a revenue of Rs 34.45 crore in FY23, down 33.8% from Rs 52.06 crore in FY22.

However, the healthtech firm managed to narrow its losses to Rs 86.1 crore, compared to a loss of Rs 205.89 crore in FY22.

Total revenue from operations in FY23, including the sale of its services, accounted for Rs 31.05 crore compared to Rs 50.48 crore in FY22.

The Bengaluru-headquartered company reduced advertising and other promotional expenses this year, spending about Rs 22.06 crore, compared to Rs 133.24 crore in FY22. Its employee benefit expenses for FY23 stood at Rs 42.87 crore, against Rs 62.58 crore last year.

In May 2022, mfine had trimmed about 75% of its workforce, according to media reports. During that time, over 100 of its employees had gathered outside the healthtech firm’s Bengaluru office, demanding to be paid a full month’s salary, according to a report by Inc42.

Founded in 2017 by Prasad Kompalli, Ashutosh Lawania, and Ajit Narayanan, mfine offers virtual consultations and connected care programmes from different hospitals.

In 2021, the firm raised $48 million in a Series C funding round to build virtual hospitals and make high-quality healthcare more accessible and effective using artificial intelligence and mobile technologies.

So far, it has raised around $97 million and was last valued at $450 million. mfine is backed by Heritas Capital and Prime Venture Partners.