Diagnostics

Redcliffe Labs

Redcliffe Labs' FY25 consolidated audit shows a meaningful improvement on operating lines. Revenue grew 23.7% to ₹431 Cr. Loss narrowed 46% to ₹134 Cr, from ₹250 Cr the prior year. Marketing spend fell 31% despite the revenue growth. Borrowings nearly halved at the group level. ₹190 Cr fresh equity arrived during the year (₹175 Cr the year before). Operating cash flow improved by ₹28 Cr but remains -₹94 Cr. The audit records both the operating improvement and the parallel equity infusion that sustained the year.

Orange Health

Orange Health's revenue grew 84% in FY25, from ₹45.7 Cr to ₹84.1 Cr. Its reported net loss did not move: ₹81.2 Cr in FY25 versus ₹80.4 Cr in FY24. Three different reads of that loss tell three different stories. The reported loss looks flat. The operating loss before tax improved ₹25 Cr (24%). The auditor's disclosed cash loss improved ₹20 Cr (21%). The gap is FY24's ₹26 Cr deferred tax credit that flattered last year's bottom line and did not repeat. Underneath, the operating model is genuinely scaling: gross margin up 260 bps, employee benefits down 17% in absolute rupees despite the revenue doubling, marketing spend down 13%. The funding model is continuous equity: ₹130 Cr raised in FY25, ₹124 Cr in FY24. Zero borrowings. A reverse-merger of the US parent into the Indian entity is underway.