Apollo 24/7 has bled money for five years. But its loyalty program, Apollo Circle, might be the cure.

For 299 rupees yearly, members get free teleconsultations, priority access, and discounts—locking them into Apollo's ecosystem of hospitals, pharmacies, and diagnostics. The strategy is working: average orders doubled, losses shrank, and Apollo Health Co turned profitable.

Now the company wants Circle to drive breakeven next year while funneling customers away from neighborhood clinics into its high-margin private labels and hospital services. It's a playbook borrowed from Amazon—and Apollo's betting everything on it.

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