Post Covid-19, health and wellness has been a key area of concern among many. As a result health-tech companies have rolled out any array of services starting from online consulting to insurance. MediBuddy too has joined the league as it claims that certain services has picked up pace. “There has been a progressive adoption in online video consultation format, so it is spread across the following five specialties including general physician, dermatologist, gastrointestinal, pediatrician, gynecologist. The other area where we have seen an increase online is psychiatrists as consumers are not very open to go and meet a doctor besides Sexology and Andrology,” Saibal Biswas, senior vice president, head of marketing, partnerships and PR, MediBuddy (Phasorz Technologies Private Limited) told BrandWagon Online.
Revenue from operations rose 59% to Rs 234 crore in FY22 from Rs 147 crore in FY21, shows data accessed by business intelligence platform, Tofler. The company’s net loss widened 144% to Rs 249 crore in FY22 from Rs 102 crore during the same period in the corresponding year.
Interestingly, the company has been upping its marketing spends over the years. Data from ROC filings reveal that its advertising spend rose 6x to Rs 119.4 crore in FY22 from just Rs 17.4 crore in FY21. Besides, the company recently roped in actor Amitabh Bachchan as its brand ambassador to roll out a series of 27 ad films. Of the total total number of ads Bachchan will be featured in just five ads. The campaign has been conceptualised by ITW Playworx, produced by Ten Films and directed by Shwetabh Verma. “Our strategy involves allocating 90-95% of our marketing budget towards digital mediums. The aim is to focus on targetted online advertising and engagement. Additionally, we would supplement this with strategic outdoor advertising to further enhance our reach and visibility. We spent Rs. 20 crore in the first burst of the recent campaign which has a set of 27 ad films,” Biswas explained.
The company claims to serve 35,000 customers daily along with an approximate 2,000 consultations per day in its insurance segment. “The majority of the consultations come from metros and tier 1 cities. The ticket size ranges between Rs 399-Rs 699 per consultation. We also offer a subscription model which gives access to unlimited doctors,” he added. The company earned Rs 13.2 crore as subscription fee in FY22.When compared with FY21 when it earned just Rs 6.9 crore, it posted 91% rise.
Moreover, the company claims to provide services in 16 languages with about 22 specialties. “With our offerings, we stand strong in the market and have no direct competitor which provides a comparable breadth of services and solutions,” Biswas claimed.