Pharmeasy FY23 losses widen 31%, revenue increases 16% to Rs 6,644 cr

The parent company of online pharmacy startup Pharmeasy on Wednesday reported a consolidated net loss at Rs 5,212 crore in Financial Year 2022-23 (FY23), up 31 per cent compared to Rs 3,992 crore in FY22.

API Holdings said revenue from operations increased 16 per cent to Rs 6,644 crore in FY23, up from Rs 5,729 crore in FY22, according to regulatory filings sourced from Tofler.

After heavy losses in FY22, the Mumbai-based startup said its expenses increased 6 per cent to Rs 8.974 crore in FY23 from Rs 8,492 crore in FY22. Staff costs fell 12 per cent to Rs 1,283 crore and advertising and promotional expenses dropped by half to Rs 235 crore.