M1 M2 M3 M4 M5

Advertising Spend ₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000

Paid CAC ₹ 225 ₹ 225 ₹ 225 ₹ 225 ₹ 225

Paid transaction
M0 (new buyer) 1778 1778 1777.7778 1777.7778 1777.7778
M1+ (recurring) 1600 3040 4336 5502
Total Customers 1778 3378 4818 6114 7280

Churn Rate
M1+Recurring 10% 10% 10% 10% 10%

Q1'24 Q2'24 Q3'24 Q4'24

Cumm. Total customer 9973 21724 35277 47397
 M6 M7 M8 M9 M10 M11

₹ 400,000 ₹ 600,000 ₹ 600,000 ₹ 600,000 ₹ 600,000 ₹ 600,000

₹ 225 ₹ 225 ₹ 225 ₹ 225 ₹ 225 ₹ 225

1777.7778 2666.66667 2666.66667 2666.66667 2666.66667 2666.66667

6552 7497 9147 10633 11969 13172
8330 10164 11814 13299 14636 15839

10% 10% 10% 10% 10% 10%

Q1'25 Q2'25 Q3'25 Q4'25

64212 82991 103396 121107
 M12 M13 M14 M15 M16 M17

₹ 600,000 ₹ 900,000 ₹ 900,000 ₹ 900,000 ₹ 900,000 ₹ 900,000

₹ 225 ₹ 225 ₹ 225 ₹ 200 ₹ 200 ₹ 200

2666.66667 4000 4000 4500 4500 4500

14255 15230 17307 19176 21308 23228
16922 19230 21307 23676 25808 27728

10% 10% 10% 10% 10% 10%

 M18 M19 M20 M21 M22

₹ 900,000 ₹ 1,125,000 ₹ 1,125,000 ₹ 1,125,000 ₹ 1,125,000

₹ 200 ₹ 200 ₹ 200 ₹ 200 ₹ 200

4500 5625 5625 5625 5625

24955 26509 28921 31091 33045
29455 32134 34546 36716 38670

10% 10% 10% 10% 10%

 M23 M24

₹ 1,125,000 ₹ 1,125,000

₹ 200 ₹ 200

5625 5625
34803 36385
40428 42010

10% 10%
INCOME STATEMENT (P&L) M1 M2

Revenue
Net Revenue ₹ 684,089 ₹ 1,299,769

COGS/Legal Cost
Merchant Fees 13,682 25,995
Licenses & Regulatory Cost 8,000 8,000
Total COGS/Legal Cost 21,682 33,995

Tech. & Development Cost

Software Licensing cost ₹ 10,000 ₹ 10,000

Maintenance & Update ₹ 10,000 ₹ 10,000
Data Security & Compliance ₹ 5,000 ₹ 5,000
Total Tech. & Development Cost ₹ 25,000 ₹ 25,000

Diagnostic Cost

Diagnostic Cost ₹ 266,667 ₹ 506,667

Total Diagnostic Cost ₹ 266,667 ₹ 506,667

Operating Expenses
Salary ₹ 1,560,000 ₹ 1,560,000
Benefits ₹ 312,000 ₹ 312,000
Advertisement & Marketing Cost ₹ 700,000 ₹ 700,000
Rent ₹ 200,000 ₹ 200,000
Total Operating Expenses ₹ 2,772,000 ₹ 2,772,000

Other Opex. ₹ 82,091 ₹ 155,972

Total Operational Expenses ₹ 3,167,439 ₹ 3,493,634

Operating Income -₹ 2,483,350 -₹ 2,193,865

Operating Margin -363.02% -168.79%

ASSUMPTIONS

Revenue Assumptions
Average Rides/day/rider 10 10
Average order size/ride/rider ₹ 74 ₹ 74
Payment towards app (% of i/c per ride2% 2% 2%
COGS/Legal Cost Assumptions
Merchant Fees 2% 2%
Licenses & Regulatory Cost ₹ 8,000 ₹ 8,000

Tech. & Development Cost

Platform Development ₹ 1,500,000 ₹ 200,000

Software Licensing cost ₹ 10,000 ₹ 10,000
Maintenance & Update ₹ 10,000 ₹ 10,000
Data Security & Compliance ₹ 5,000 ₹ 5,000

Diagnostic Cost

No. of patient visits/day (% of total

0.50% 0.50%
customers)
Average Diagnostic/day/patient 2 2
Average Diagnostic cost/patient ₹ 500 ₹ 500

Operating Expenses

Headcount Salary 2 Clinics

Doctors ₹ 120,000 4 4
Marketing/sales ₹ 120,000 2 2
Product ₹ 120,000 2 2
Technology ₹ 120,000 2 2
Executive & Admin ₹ 90,000 4 4

Benefits 20% 20%

Other Operating Expenses

Advertising spend ₹ 400,000 ₹ 400,000

Other Marketing Expenses (PR,Agency) ₹ 300,000 ₹ 300,000
Rent ₹ 200,000 ₹ 200,000

Other Opex (% of revenue) 12% 12%

Platform Development ₹ 1,500,000 ₹ 200,000

Setup Cost ₹ 10,000,000
 M3 M4 M5 M6 M7 M8

₹ 1,853,881 ₹ 2,352,582 ₹ 2,801,412 ₹ 3,205,360 ₹ 3,910,957 ₹ 4,545,995

37,078 47,052 56,028 64,107 78,219 90,920

8,000 8,000 8,000 8,000 8,000 8,000
45,078 55,052 64,028 72,107 86,219 98,920

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000
₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000

₹ 722,667 ₹ 917,067 ₹ 1,092,027 ₹ 1,249,491 ₹ 1,524,542 ₹ 1,772,087

₹ 722,667 ₹ 917,067 ₹ 1,092,027 ₹ 1,249,491 ₹ 1,524,542 ₹ 1,772,087

₹ 1,560,000 ₹ 1,560,000 ₹ 1,560,000 ₹ 1,560,000 ₹ 1,560,000 ₹ 1,560,000

₹ 312,000 ₹ 312,000 ₹ 312,000 ₹ 312,000 ₹ 312,000 ₹ 312,000
₹ 700,000 ₹ 700,000 ₹ 700,000 ₹ 700,000 ₹ 900,000 ₹ 900,000
₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000
₹ 2,772,000 ₹ 2,772,000 ₹ 2,772,000 ₹ 2,772,000 ₹ 2,972,000 ₹ 2,972,000

₹ 222,466 ₹ 282,310 ₹ 336,169 ₹ 384,643 ₹ 469,315 ₹ 545,519

₹ 3,787,210 ₹ 4,051,428 ₹ 4,289,224 ₹ 4,503,241 ₹ 5,077,076 ₹ 5,413,527

-₹ 1,933,329 -₹ 1,698,846 -₹ 1,487,812 -₹ 1,297,881 -₹ 1,166,118 -₹ 867,532

-104.29% -72.21% -53.11% -40.49% -29.82% -19.08%

10 10 10 10 10 10
₹ 74 ₹ 74 ₹ 74 ₹ 74 ₹ 74 ₹ 74
2% 2% 2% 2% 2% 2%
 2% 2% 2% 2% 2% 2%
₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000

₹ 200,000 ₹ 200,000 ₹ 200,000 ₹0 ₹0 ₹0

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000

0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

2 2 2 2 2 2
₹ 500 ₹ 500 ₹ 500 ₹ 500 ₹ 500 ₹ 500

4 4 4 4 4 4
2 2 2 2 2 2
2 2 2 2 2 2
2 2 2 2 2 2
4 4 4 4 4 4

20% 20% 20% 20% 20% 20%

₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 600,000 ₹ 600,000

₹ 300,000 ₹ 300,000 ₹ 300,000 ₹ 300,000 ₹ 300,000 ₹ 300,000
₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000

12% 12% 12% 12% 12% 12%

₹ 200,000 ₹ 200,000 ₹ 200,000 ₹0 ₹0 ₹0

 M9 M10 M11 M12 M13 M14

₹ 5,117,529 ₹ 5,631,909 ₹ 6,094,852 ₹ 6,511,500 ₹ 7,399,550 ₹ 8,198,795

102,351 112,638 121,897 130,230 147,991 163,976

8,000 8,000 8,000 8,000 8,000 8,000
110,351 120,638 129,897 138,230 155,991 171,976

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000
₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000

₹ 1,994,879 ₹ 2,195,391 ₹ 2,375,852 ₹ 2,538,267 ₹ 2,884,440 ₹ 3,195,996

₹ 1,994,879 ₹ 2,195,391 ₹ 2,375,852 ₹ 2,538,267 ₹ 2,884,440 ₹ 3,195,996

₹ 1,560,000 ₹ 1,560,000 ₹ 1,560,000 ₹ 1,560,000 ₹ 4,140,000 ₹ 4,140,000

₹ 312,000 ₹ 312,000 ₹ 312,000 ₹ 312,000 ₹ 828,000 ₹ 828,000
₹ 900,000 ₹ 900,000 ₹ 900,000 ₹ 900,000 ₹ 1,400,000 ₹ 1,400,000
₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 400,000
₹ 2,972,000 ₹ 2,972,000 ₹ 2,972,000 ₹ 2,972,000 ₹ 6,568,000 ₹ 6,768,000

₹ 614,103 ₹ 675,829 ₹ 731,382 ₹ 781,380 ₹ 887,946 ₹ 983,855

₹ 5,716,333 ₹ 5,988,858 ₹ 6,234,131 ₹ 6,454,877 ₹ 10,521,377 ₹ 11,144,827

-₹ 598,804 -₹ 356,949 -₹ 139,279 ₹ 56,623 -₹ 3,121,827 -₹ 2,946,032

-11.70% -6.34% -2.29% 0.87% -42.19% -35.93%

10 10 10 10 10 10
₹ 74 ₹ 74 ₹ 74 ₹ 74 ₹ 74 ₹ 74
2% 2% 2% 2% 2% 2%
 2% 2% 2% 2% 2% 2%
₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000

₹0 ₹0 ₹0 ₹0 ₹0 ₹0
₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000

0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

2 2 2 2 2 2
₹ 500 ₹ 500 ₹ 500 ₹ 500 ₹ 500 ₹ 500

4 Clinics
4 4 4 4 15 15
2 2 2 2 4 4
2 2 2 2 4 4
2 2 2 2 4 4
4 4 4 4 10 10

20% 20% 20% 20% 20% 20%

₹ 600,000 ₹ 600,000 ₹ 600,000 ₹ 600,000 ₹ 900,000 ₹ 900,000

₹ 300,000 ₹ 300,000 ₹ 300,000 ₹ 300,000 ₹ 500,000 ₹ 500,000
₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 200,000 ₹ 400,000

12% 12% 12% 12% 12% 12%

₹0 ₹0 ₹0 ₹0 ₹0 ₹0
₹ 10,000,000
 M15 M16 M17 M18 M19

₹ 9,110,515 ₹ 9,931,064 ₹ 10,669,557 ₹ 11,334,202 ₹ 12,365,282

182,210 198,621 213,391 226,684 247,306

8,000 8,000 8,000 8,000 8,000
190,210 206,621 221,391 234,684 255,306

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000
₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000

₹ 3,551,396 ₹ 3,871,257 ₹ 4,159,131 ₹ 4,418,218 ₹ 4,820,146

₹ 3,551,396 ₹ 3,871,257 ₹ 4,159,131 ₹ 4,418,218 ₹ 4,820,146

₹ 4,140,000 ₹ 4,140,000 ₹ 4,140,000 ₹ 4,140,000 ₹ 4,140,000

₹ 828,000 ₹ 828,000 ₹ 828,000 ₹ 828,000 ₹ 828,000
₹ 1,400,000 ₹ 1,400,000 ₹ 1,400,000 ₹ 1,400,000 ₹ 1,625,000
₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000
₹ 6,768,000 ₹ 6,768,000 ₹ 6,768,000 ₹ 6,768,000 ₹ 6,993,000

₹ 1,093,262 ₹ 1,191,728 ₹ 1,280,347 ₹ 1,360,104 ₹ 1,483,834

₹ 11,627,868 ₹ 12,062,606 ₹ 12,453,869 ₹ 12,806,006 ₹ 13,577,286

-₹ 2,517,353 -₹ 2,131,542 -₹ 1,784,312 -₹ 1,471,804 -₹ 1,212,004

-27.63% -21.46% -16.72% -12.99% -9.80%

10 10 10 10 10
₹ 74 ₹ 74 ₹ 74 ₹ 74 ₹ 74
2% 2% 2% 2% 2%
 2% 2% 2% 2% 2%
₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000

₹0 ₹0 ₹0 ₹0 ₹0
₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000

0.50% 0.50% 0.50% 0.50% 0.50%

2 2 2 2 2
₹ 500 ₹ 500 ₹ 500 ₹ 500 ₹ 500

15 15 15 15 15
4 4 4 4 4
4 4 4 4 4
4 4 4 4 4
10 10 10 10 10

20% 20% 20% 20% 20%

₹ 900,000 ₹ 900,000 ₹ 900,000 ₹ 900,000 ₹ 1,125,000

₹ 500,000 ₹ 500,000 ₹ 500,000 ₹ 500,000 ₹ 500,000
₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000

12% 12% 12% 12% 12%

₹0 ₹0 ₹0 ₹0 ₹0
 M20 M21 M22 M23 M24

₹ 13,293,253 ₹ 14,128,428 ₹ 14,880,085 ₹ 15,556,577 ₹ 16,165,419

265,865 282,569 297,602 311,132 323,308

8,000 8,000 8,000 8,000 8,000
273,865 290,569 305,602 319,132 331,308

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000

₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000
₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000 ₹ 25,000

₹ 5,181,882 ₹ 5,507,443 ₹ 5,800,449 ₹ 6,064,154 ₹ 6,301,489

₹ 5,181,882 ₹ 5,507,443 ₹ 5,800,449 ₹ 6,064,154 ₹ 6,301,489

₹ 4,140,000 ₹ 4,140,000 ₹ 4,140,000 ₹ 4,140,000 ₹ 4,140,000

₹ 828,000 ₹ 828,000 ₹ 828,000 ₹ 828,000 ₹ 496,800
₹ 1,625,000 ₹ 1,625,000 ₹ 1,625,000 ₹ 1,625,000 ₹ 1,625,000
₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000
₹ 6,993,000 ₹ 6,993,000 ₹ 6,993,000 ₹ 6,993,000 ₹ 6,661,800

₹ 1,595,190 ₹ 1,695,411 ₹ 1,785,610 ₹ 1,866,789 ₹ 1,939,850

₹ 14,068,937 ₹ 14,511,423 ₹ 14,909,661 ₹ 15,268,075 ₹ 15,259,447

-₹ 775,684 -₹ 382,995 -₹ 29,576 ₹ 288,502 ₹ 905,972

-5.84% -2.71% -0.20% 1.85% 5.60%

10 10 10 10 10
₹ 74 ₹ 74 ₹ 74 ₹ 74 ₹ 74
2% 2% 2% 2% 2%
 2% 2% 2% 2% 2%
₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000 ₹ 8,000

₹0 ₹0 ₹0 ₹0 ₹0
₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000 ₹ 10,000
₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000 ₹ 5,000

0.50% 0.50% 0.50% 0.50% 0.50%

2 2 2 2 2
₹ 500 ₹ 500 ₹ 500 ₹ 500 ₹ 500

15 15 15 15 15
4 4 4 4 4
4 4 4 4 4
4 4 4 4 4
10 10 10 10 10

20% 20% 20% 20% 12%

₹ 1,125,000 ₹ 1,125,000 ₹ 1,125,000 ₹ 1,125,000 ₹ 1,125,000

₹ 500,000 ₹ 500,000 ₹ 500,000 ₹ 500,000 ₹ 500,000
₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000 ₹ 400,000

12% 12% 12% 12% 12%

₹0 ₹0 ₹0 ₹0 ₹0
INCOME STATEMENT FY24
Q1 Q2 Q3 Q4

Net revenue ₹ 3,837,739 ₹ 8,359,354 ₹ 13,574,481 ₹ 18,238,261

Operational Expenses ₹ 10,448,283 ₹ 12,843,894 ₹ 16,206,935 ₹ 18,677,866

Operating Income -₹ 6,610,545 -₹ 4,484,539 -₹ 2,632,454 -₹ 439,605

Operating Margin -172.25% -53.65% -19.39% -2.41%

Platform Development
₹ 2,000,000 ₹0 ₹0 ₹0
Cost
Setup Cost (Eqpt,
₹ 10,000,000 ₹0 ₹0 ₹0
interior)

Starting Cash ₹ 55,000,000

Cash Balance ₹ 36,389,455 ### ### ###

Funding of ₹5.5Cr
B/E at Q4-FY25

Q1'24 Q2'24 Q3'24 Q4'24

Net Revenue ₹ 3,837,739 ₹ 8,359,354 ### ###
Operational Expense ₹ 10,448,283 ### ### ###

Q1'24 Q2'24 Q3'24 Q4'24

Operating Income -₹ 6,610,545 -₹ 4,484,539 -₹ 2,632,454 -₹ 439,605
Operating Margin -172.25% -53.65% -19.39% -2.41%
 FY25
Total Q1 Q2 Q3

₹ 44,009,835 ₹ 24,708,860 ₹ 31,934,823 ₹ 39,786,963

₹ 58,176,978 ₹ 33,294,073 ₹ 37,322,481 ₹ 42,157,646

### -₹ 8,585,212 -₹ 5,387,658 -₹ 2,370,683

-32.19% -34.75% -16.87% -5.96%

₹ 10,000,000

###
### ₹ 4,859,987 ₹ 2,489,304

-₹ 30,510,696

Q1'25 Q2'25 Q3'25 Q4'25

₹ 24,708,860 ₹ 31,934,823 ### ###
₹ 33,294,073 ₹ 37,322,481 ### ###

Q1'25
-₹ 8,585,212 -₹ 5,387,658 -₹ 2,370,683 ₹ 1,164,898
-34.75% -16.87% -5.96% 2.50%
 Q4 Total

₹ 46,602,081 ₹ 143,032,727
₹ 45,437,183 ₹ 158,211,382

₹ 1,164,898 -₹ 15,178,655
2.50% -10.61%

₹ 3,654,202