Credent Connect N Care Limited
Sector: Healthcare Services & Logistics
1. Overview
Credent Connect N Care Limited ("Credent" or "C3") is a Delhi-headquartered healthcare services provider operating an integrated ecosystem of medical logistics, workforce solutions, and technology-enabled support for India's diagnostics and healthcare industry. Originally incorporated in June 2015 as Credent Cold Chain Logistics Private Limited, the company was renamed and converted to a public limited company in October 2025.
The company serves a B2B client base comprising diagnostic laboratories, In-Vitro Diagnostics (IVD) companies, pharmaceutical firms, hospitals, clinics and fertility centres. Its core proposition is the time-sensitive, temperature-controlled movement of diagnostic samples and healthcare consignments, complemented by home sample collection, stationed phlebotomy, medical staffing, corporate wellness camps and the newly-launched C3 Post courier-aggregation platform.
Credent has scaled rapidly. As of June 30, 2026, it employed 2,589 riders, operated a fleet of 97 commercial vehicles, 2 warehouses and 4 branch offices (Mumbai, Pune, Chennai, Varanasi), and was associated with 2,530 diagnostic laboratories — up from 1,675 labs in FY2024. The company holds ISO 9001:2015 and ISO 15189:2022 certifications. Growth has been supercharged by the FY2026 acquisition of three wholly-owned subsidiaries — Credent Healthcare Private Limited, Alltrak Technologies Private Limited and Credent Team Private Limited — which drove a step-change in consolidated scale.
2. Business Model and Revenue Streams
Credent operates an asset-supported, workforce-intensive B2B service model. Revenue is earned under service-level agreements (SLAs) and work orders with diagnostic and healthcare clients, typically for fixed tenures with pricing and turnaround-time (TAT) linked to service levels. The model carries meaningful fixed costs (employees, vehicles, cold-chain infrastructure), making volume throughput and utilisation the central operating levers.
Revenue by Service Line (₹ Crore)
| Service Line | FY2026 (Consol.) | % of Rev | FY2025 (Std.) | % of Rev | FY2024 (Std.) | % of Rev |
|---|---|---|---|---|---|---|
| Logistics Services | 54.11 | 25.26% | 50.42 | 64.69% | 29.44 | 38.87% |
| Operations & Supply Chain Mgmt | 53.38 | 24.93% | 10.14 | 13.01% | 25.41 | 33.55% |
| Health Care Services | 92.18 | 43.04% | 9.49 | 12.18% | 14.81 | 19.55% |
| Marketing Services | 5.90 | 2.75% | 5.10 | 6.55% | 4.15 | 5.48% |
| IT Services | 6.01 | 2.81% | 2.00 | 2.57% | 1.90 | 2.51% |
| Corporate & Wellness (Camp) | 0.18 | 0.08% | 0.14 | 0.18% | 0.03 | 0.03% |
| Professional Fees | 0.35 | 0.16% | 0.64 | 0.82% | — | — |
| Sale of IT Software Product | 2.05 | 0.96% | — | — | — | — |
| Total | 214.16 | 100% | 77.94 | 100% | 75.73 | 100% |
The FY2026 mix reflects the consolidation of Credent Healthcare, which pushed Health Care Services to 43% of revenue — the single largest line — from just 12% a year earlier. Logistics (25%) and Operations & Supply Chain (25%) remain the twin pillars of the core standalone business.
Revenue by Geography (₹ Crore, FY2026 Consolidated)
| State | FY2026 | % of Total |
|---|---|---|
| Maharashtra | 62.96 | 29.40% |
| Uttar Pradesh | 57.46 | 26.83% |
| Delhi | 23.41 | 10.93% |
| Karnataka | 22.59 | 10.55% |
| Haryana | 20.71 | 9.67% |
| Rajasthan | 6.91 | 3.23% |
| Telangana | 6.84 | 3.19% |
| Gujarat | 2.76 | 1.29% |
| West Bengal | 2.22 | 1.04% |
| Others | 8.30 | 3.88% |
| Total | 214.16 | 100% |
Operations span roughly 7 primary states plus ancillary coverage across India, with Maharashtra and Uttar Pradesh together contributing ~56% of FY2026 revenue.
Client Concentration — A Key Watch-Item
Revenue is highly concentrated. The Top 10 customers contributed 81.76% of FY2026 revenue (FY2025: 83.31%; FY2024: 87.92%), and the single largest customer alone accounted for 15.76%. Concentration is easing modestly year-on-year but remains elevated.
| Concentration Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Top 1 Customer | 15.76% | 22.43% | 18.70% |
| Top 5 Customers | 59.05% | 56.05% | 65.37% |
| Top 10 Customers | 81.76% | 83.31% | 87.92% |
| Top 10 Suppliers | 46.97% | 37.06% | 22.70% |
The company reports ~280 domestic repeat customers in FY2026, including 38 clients associated for three continuous years, underpinning revenue visibility despite the concentration.
3. Products and Service Portfolio
Credent's portfolio spans five inter-linked verticals that share a common workforce and logistics backbone:
- Healthcare Logistics — Intra-city and inter-city medical logistics covering pharmaceutical products, diagnostic samples and medical devices via air cargo, rail and road. Offers cold-chain transportation (2–8°C) with first-mile, mid-mile and last-mile coverage and real-time consignment tracking.
- Operations & Supply Chain Management + Digital Platforms — Deployment of laboratory technicians and motorcycle-based field executives across multiple pin codes. Proprietary platforms include C3 HRMS (digital onboarding, geo-fenced GPS attendance, shift/asset management) and Connect N Grow (on-job training and certification). Currently used for internal operations.
- Diagnostic & Paramedical Services — Home sample collection and stationed phlebotomy at labs and hospitals, plus Preventive Health Checkups (PHC) under clinical protocols, with pan-India coverage.
- Corporate Wellness — On-site and mobile preventive health checkups and employee wellness programs delivered at workplaces.
- C3 Post — A recently-launched, technology-enabled courier-aggregation platform connecting multiple courier partners through a single interface (automated partner selection, real-time tracking, consolidated billing), serving both healthcare and general-industry shipments including cold-chain consignments.
Key Operational Metrics
| Metric (as reported) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Associated laboratories | 1,675 | 2,256 | 2,530 |
| Total employees (year-end, standalone) | 2,110 | 1,902 | 3,515 |
| Attrition rate | 29.49% | 18.30% | 19.16% |
| Riders (as of Jun 30, 2026) | — | — | 2,589 |
| Commercial vehicle fleet (Jun 30, 2026) | — | — | 97 |
Primary revenue drivers are the established Logistics and Operations & Supply Chain lines plus the newly-consolidated Health Care Services; C3 Post, IT Services and software products represent emerging segments with small but growing contributions.
4. Key Business Strengths
- Comprehensive healthcare ecosystem and logistics platform — a single, integrated offering spanning cold-chain logistics, phlebotomy, staffing, wellness and courier aggregation, enabling coordinated, scalable service delivery.
- Well-established, sticky client relationships — ~280 repeat customers in FY2026 (38 associated for 3+ continuous years), driving recurring revenue from a diversified diagnostics and healthcare base.
- Experienced, hands-on promoter leadership — Chairman & MD Tarun Sharma and WTD & CFO Karan Sharma bring 12 and 9 years of direct logistics-industry experience.
- Widespread domestic reach — operations across ~7 primary states with a growing laboratory network (2,530 labs in FY2026) and multi-modal transport capability.
- Certified, compliance-oriented operations — ISO 9001:2015 and ISO 15189:2022 certifications supporting quality-critical, temperature-sensitive healthcare logistics.
- Rapid, acquisition-led scale-up — three wholly-owned subsidiaries consolidated in FY2026, lifting consolidated revenue to ₹214.16 Cr with 40% RoE and 61.81% RoCE.
5. Future Growth Strategy
- Deepen technological capabilities — build a proprietary technology platform (via subsidiary Alltrak Technologies) to reduce turnaround times, enhance tracking, and enable pay-per-use models for smaller regional healthcare players.
- Expand services and deepen client engagement — add warehousing, distribution and long-distance healthcare logistics to create new revenue verticals and strengthen long-term client relationships.
- Penetrate Tier 2 and Tier 3 cities — target regional, standalone and smaller healthcare providers with scalable, variable-cost, pay-per-order engagement models.
- Pursue strategic M&A — evaluate acquisitions within the healthcare ecosystem to broaden offerings, expand geographic coverage and capture operational synergies.
- Attract, develop and retain talent — invest in recruitment, training and retention to sustain service quality across a large field-based workforce.
- Enhance operating effectiveness — drive cost optimisation through continuous review of logistics/supply-chain projects, corrective actions and ongoing technology upgrades.
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