From long queues at clinics to 60-second virtual consultations, India is witnessing a transformative shift in healthcare delivery. Telemedicine has emerged as a crucial pillar of the country’s digital healthcare revolution. Accelerated by the COVID-19 pandemic, evolving patient behavior, government initiatives such as the Ayushman Bharat Digital Mission (ABDM), and rapid smartphone penetration, telehealth has become the default first point of care.
India’s startup ecosystem has embraced this momentum. Telemedicine startups now address gaps in accessibility, affordability, and efficiency, especially in Tier 2/3 cities and rural belts. In a country where 65% of the population lacks timely access to primary healthcare, teleconsultation platforms provide not just convenience but critical medical access. Backed by marquee investors and large corporations, these startups are building full-stack solutions ranging from consultations to diagnostics and chronic care management.
Company Briefs
- Tata 1mg: A leading digital health platform offering e-pharmacy, lab tests, and e-consults. Operates in 1800+ cities and has clocked 260+ million visitors.
- Apollo 24×7: Backed by Apollo Hospitals, it delivers full-stack digital care including consultations, diagnostics, and medicine delivery. Integrates deeply with the offline Apollo ecosystem.
- MediBuddy: A robust platform offering on-demand consults, diagnostics, and wellness. Serves both individual users and corporate clients via its “phygital” model.
- Practo: A veteran in the space, helping 300+ million patients. Offers doctor search, e-consults, software for providers, diagnostics, and medicines.
- Mfine: Specializes in doctor consults through hospital partnerships, emphasizing quality over scale. Offers real-time access to top hospital doctors.
Financial Comparison (FY24)
| Company | Revenue (₹ Cr) | EBITDA (₹ Cr) |
| Tata 1mg | 1,991.16 | -214.88 |
| Apollo 24×7 | 7,827.80 | -80.80 |
| MediBuddy | 663.41 | -147.68 |
| Practo | 152.00 | 20.40 |
| Mfine | 51.82 | 16.04 |
Insights:
- Apollo 24×7 has rapidly emerged as the top-line leader, surpassing ₹78,000 Mn revenue in FY24 due to the strength of its Apollo Hospitals network and nationwide distribution, although it still runs at a net loss.
- Tata 1mg, backed by Tata Digital, has scaled impressively with a three-year CAGR of over 80%, riding on e-pharmacy and diagnostics. Its significant losses indicate a focus on market capture over margin.
- MediBuddy has seen robust growth by targeting corporate clients and health benefit platforms. Despite its losses, it remains one of the most recognized brands in preventive health and teleconsulting.
- Practo is the only profitable startup in the list, showing financial discipline and product diversification (B2C + B2B SaaS). Its revenue size is smaller, but its margins are positive.
- Mfine, though smallest in revenue, has the most efficient EBITDA structure, showing signs of sustainable operations with minimal burn.
Why They Stand Out
| Company | Differentiator |
| Tata 1mg | A pharmacy-led full-stack health platform that benefits from brand trust and a massive distribution network. It leverages e-commerce and digital awareness to scale its reach across India. |
| Apollo 24×7 | Stands out for its offline + online hospital integration, offering the strongest continuity of care. Seamlessly routes users between Apollo Hospitals’ physical infrastructure and digital platform. |
| MediBuddy | Differentiates through its corporate wellness and phygital model. Captures HR-driven demand by integrating into employee wellness programs, offering institutional stability. |
| Practo | Combines SaaS for healthcare providers with B2C services like consultations and diagnostics. Its hybrid model enables lean profitability, a rarity in this capital-intensive space. |
| Mfine | Specializes in hospital-linked e-consults with curated doctor networks and strategic partnerships. Prioritizes trust and quality even with a more focused market reach. |
Patient Reach Comparison
| Company | User Reach |
| Tata 1mg | 260Mn+ visitors, 31Mn+ orders delivered, presence in 1800+ cities |
| Apollo 24×7 | 3.5Mn+ diagnostic tests, 6000+ doctors, 4000+ pharmac ies and delivery reach |
| MediBuddy | 13Mn+ doctor consultations, 7.8Mn+ lab tests, 90,000+ doctors onboard |
| Practo | 300Mn+ lifetime patients in 22 countries, 100,000+ doctor partners |
| Mfine | Trusted by 5000+ doctors, 1Mn+ patients, 1000+ NABL labs and hospitals |
Insights:
- Tata 1mg has built vast geographical coverage and engagement with its robust order fulfillment and visitor scale.
- Apollo 24×7 scales by leveraging its doctor network, diagnostic infra, and nationwide pharmacy presence.
- MediBuddy demonstrates growing impact through enterprise engagement and large-scale diagnostics.
- Practo continues to dominate in the legacy patient base and trusted provider ecosystem globally.
- Mfine maintains focus on quality engagements through a curated network of hospitals and labs
Funding & Investor Snapshot
| Company | Key Investors | Valuation (₹ Cr) | Amount Raised (₹ Cr) |
| Tata 1mg | Tata Digital, HBM, Corisol, Maverick | 9950 | 2080 |
| Apollo 24×7 | Apollo Hospitals, Rasmeli Ltd, Advent Intl (TBC) | 14080 | 2880 |
| MediBuddy | Quadria, Bessemer, TEAMFund, Lightrock, etc. | 3401.9 | 1080 |
| Practo | Sequoia, Tencent, Matrix, Sofina | 1960 | 330 |
| Mfine | Stellaris, Prime VP, Caretech Inc, pte ltd, Alteria | 2124.5 | 580 |
Insights:
- Apollo 24×7 leads in capital raised and valuation, reflecting market leadership and strong offline synergy.
- Tata 1mg combines consumer trust with e-commerce depth, attracting long-term backers like Tata.
- MediBuddy consistently raised funds to expand in Tier 2 cities and among enterprise clients.
- Practo’s efficient and profitable model continues to stand out in a capital-intensive space. Practo receives investment through Practo Inc., which is backed by marquee investors including Sequoia Capital, Tencent, and many more.
- Mfine raised aggressively early but has since shifted to conservative, near-breakeven operations.
Product & Services Comparison
| Company | Teleconsult | Diagnostics | Pharmacy | Hospital Tie-in | Wellness/Corporate Plans |
| Tata 1mg | Yes | Yes | Yes | Limited (via Tata clinics) | Yes |
| Apollo 24×7 | Yes | Yes | Yes | Yes (Apollo Hospitals) | Yes |
| MediBuddy | Yes | Yes | Yes (via partners) | Yes (partner hospitals) | Yes |
| Practo | Yes | Yes | Partial (via partners) | Limited (clinic aggregation) | Yes |
| Mfine | Yes | Yes (partnered labs) | Yes (medicine delivery) | Yes (hospital partnerships) | Yes |
Insights:
- Apollo 24×7 delivers the most comprehensive care stack with integrated hospital infrastructure and full-spectrum digital offerings.
- Tata 1mg leads in diagnostics and e-pharmacy, reaching national scale but with limited offline clinical integration.
- MediBuddy stands out for its enterprise-first model and broad partner-led execution across diagnostics and medicine.
- Practo blends B2C services with provider-focused SaaS, but relies on partners for pharmacy and clinical infrastructure.
- Mfine offers high-trust hospital consults with growing service breadth, now including pharmacy and diagnostics, while staying lean and focused.
Conclusion
India’s telemedicine ecosystem is no longer just about virtual consults – it’s a battleground for full-stack digital healthcare. While Apollo 24×7 and Tata 1mg dominate in terms of funding muscle and patient reach, Practo demonstrates that lean and profitable models still have a place at the top. MediBuddy is scaling fast on the back of enterprise partnerships, while Mfine focuses on quality and capital efficiency through its hospital-integrated consults.
The sector’s future won’t be won on valuations alone. The next few years will spotlight players who can marry reach with revenue efficiency, and eventually, profitability. As healthcare regulations evolve and patient behaviors continue to shift digitally, true winners will be those who strike the right blend of accessibility, affordability, and operational discipline, without endlessly burning capital.
📊 Financial insights in this report are powered by PrivateCircle Research, India’s trusted platform for private company data, used by top investors and analysts.