Innovaccer aims to reach $200 mn in annualised revenue rate by year-end

NEW DELHI: Healthtech unicorn Innovaccer is geared up to turn profitable in the next two quarters, aiming to reach nearly $200 million in annualised revenue rate (ARR) by the end of this year, its Co-founder and CEO Abhinav Shashank said on Wednesday.The company turned unicorn in 2021 with a $150 million funding round at a $3.2 billion valuation. It has raised a total of $375 million.

"We'll be at about $200 million in annualised revenue rate by the end of this year and we'll be profitable in the coming two quarters," Shashank told NDTV (NS:NDTV) Profit.

"We've had a really strong growth trajectory. We are one of the fastest-growing vertical software companies globally at this point at scale. We think growth should continue over the next multiple years and we should be a fairly profitable business," he added.

The San Francisco and Noida-headquartered company provides its patented health cloud technology to large hospital chains.

Innovaccer's mission statement is similar to what the government aims to do with its ‘Ayushman Bharat Digital Mission’ stack.

In June 2022, the government announced the Unified Health Interface (UHI), which is a network of open protocols that enable the interoperability in health services. UHI is one of the foundational layers in the ‘Ayushman Bharat’ stack that focuses on the discoverability and delivery of health services.

“We're hopeful that we end up playing some role in partnering with the government here on some of those initiatives, but the pace at which the Indian government is moving on technology adoption and technology-driven healthcare, I don't think any other country is moving at that pace," said Shashank.

In December 2021, Innovaccer had raised $150 million, driven by rapid customer adoption of the Innovaccer Health Cloud.