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Hello reader,
Someone recently asked me how I prefer to get bad news from a doctor – sugarcoated or straight to the point?
Fortunately, bar a few torn ligaments and broken fingers, I’ve never really had any truly bad medical diagnoses. But I still had an easy answer – give it to me straight.
I’m a worrier by nature, so I can almost guarantee that whatever the doctor is about to tell me won’t be as bad as what’s going on in my head. Give me the bad news as soon as possible to put my mind at ease, and then let’s fix the problem.
Results for the 2022 financial year weren’t all bad news for Ranelagh – the parent company of Indonesian healthtech platform Alodokter – considering that the firm cut its losses in half. But I’m willing to bet execs and investors were less happy that its revenue growth appears to have stagnated. Hopefully they were given the news without any beating around the bush.
Today we look at:
- Alodokter, give it to me straight
- Online lending platform Julo breaking even
- Other newsy highlights such as Peak XV choosing 14 startups for a female-focused program and Singaporean fintech firms eyeing expansion in Malaysia.
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Mixed bill of health
Image credit: Timmy Loen
The parent company of Alodokter, an Indonesia-based healthtech platform, saw some good news and bad news in its financial results for 2022.
While Ranelagh’s revenue growth stalled with just a 1% increase from 2021 to US$8.5 million, the company trimmed its losses by half over the same period.
- To subscribe or not to subscribe?: Alodokter offers various services, including online doctor consultations via subscription or on a one-off basis. While revenue from telemedicine subscriptions still made up the lion’s share of the total for 2022, it declined 20% year on year. On the other hand, revenue from one-off consultations increased 16%.
- Trimming the fat: Ranelagh slashed its losses by dramatically decreasing spending in three key areas: employee compensation, advertising and marketing, and freelance doctors. Expenses from these portions of the business fell year on year by 31%, 37%, and 46%, respectively.
- By the numbers: Alodokter was founded in 2014 and says it currently has 25 million monthly active users, as well as partnerships with 1,500 hospitals and clinics, 500 pharmacies, and 1,000 doctors as of last year. The firm has secured around US$50 million in total disclosed funding, according to Tech in Asia data.
Read more: Alodokter sees stagnant revenue, cuts losses by half in 2022
Julo’s breakeven joy
Hear it straight from the man who catapulted companies like Dropbox to phenomenal success
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