QUREAI·Radiology AI software (SaMD) — chest X-ray and CT detection, triage and quantification, with a screening-programme go-to-marketPrivate

Qure.ai

ConvictionContext

B2B and B2G licensing: per-site or per-X-ray-unit annual licences and per-study pricing sold to public screening programmes (TB, lung cancer), ministries, donors and NGOs, imaging chains and hospitals, plus pharma-funded disease-awareness programmes (AstraZeneca's Lung Ambition Alliance) and OEM/PACS channel deals. In the US it is the standard radiology-AI model — a per-facility or per-study subscription from an operating budget, with no dedicated CPT code retrieved for any Qure.ai product at 7 August 2026.

Revenue

₹175.5 crore operating revenuein FY25 (to 31 Mar 2025), ≈$20–21M at a ~₹84.6/USD FY25 average — Entrackr, 24 Oct 2025, from the Registrar of Companies filing. Software and tools 86% (₹151 crore). Ex-India revenue ₹174 crore, over 99% of the topline; India fell ~80% to ₹1.3 crore. The CEO separately told Reuters (20 May 2025) the US is the largest market at ~25% of revenue, India under 5%, with ~15 million patients reached annually. BASIS CAVEAT: the RoC figure is the Indian filing entity relayed by one outlet; consolidation treatment of the US/UK entities is unconfirmed, and Fractal's associate line implies a larger group loss than the India entity shows.

Rev growth

+24.5%in FY25 (₹141 crore → ₹175.5 crore), decelerating from +83% in FY24; ex-India grew +39.6%. FLAG: the CEO described growth as '60–70% every year' to Reuters on 20 May 2025, which does not reconcile with the +24.5% filed for the year that had just ended, and no basis is given for the higher number. Both are reported; neither is adopted. No FY26 filing figure was available at 7 August 2026.

Gross margin

Not disclosed. Inference itself is cheap — cloud computing was ₹18 crore~10% of FY25 revenue — but what is actually sold is regulatory evidence and field deployment, which sit in the ₹133 crore employee line. A services-heavy software margin, not a classic SaaS margin.

Op margin

Deeply negative and worsening: EBITDA margin −45.30%in FY25, total costs ₹279 crore against ₹175.5 crore of revenue — ₹1.59 spent per ₹1 earned. ROCE −20.99%.

Capex intensity

Low. Asset-light SaMD: no owned imaging hardware or data centrecompute as cloud opex. The capital-intensive input is regulatory — each indication is a submission plus its validation — and it is expensed, not capitalised.

Valuation

n/aprivate) — no listed equity, so none exists. No post-money was disclosed for the $65M Series D announced 25 Sep 2024 or any prior round, and a valuation is never inferred from a raise size. The only valuation datum retrieved is a third-party estimate of just under $264M dated Nov 2024 (Tracxn, also carried by Reuters 20 May 2025) — a RELAY, not a company-disclosed post-money and not a clearing price. The one quasi-public window is Fractal Analytics (NSE/BSE, listed 16 Feb 2026), which per IPO analyses of its RHP holds ~31% as an equity-accounted associate. Qure.ai is not added to canon's six-mark private aggregate (CM-COH-04).

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