2 ASX tech shares that are rapidly growing

Cettire is an ASX share that is seeing a high level of growth.

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Key points

  • Digital ASX shares are achieving strong revenue growth
  • Both Doctor Care Anywhere and Cettire are seeing triple digit revenue growth
  • The two stocks are investing and further expanding their addressable markets

There are a select few ASX tech shares that are experiencing a high level of growth year on year.

Businesses that are growing at a very fast pace can often capture investor attention.

Depending on their long-term trajectory, they may end up becoming much larger over time.

Doctor Care Anywhere Plc (ASX: DOC)

The Doctor Care Anywhere share price has fallen more than 60% over the past year to $0.55. But the business has been reporting quick operational growth.

Doctor Care Anywhere is a UK-based telehealth company that wants to provide the best possible patient care and experience through its digital platform. It utilises its relationships with health insurers, healthcare providers and corporate customers to connect with patients to deliver a range of telehealth services.

For the three months to September 2021, the company saw quarter on quarter revenue growth of 21.6% to £5.8 million (A$10.7 million). This was driven by 30.6% growth of consultations to 116,800. Over 65% of consultations were delivered to returning patients.

It has also completed the acquisition of tele-health and tele-mental provider GP2U Telehealth. This expanded its operations to Australia, giving it geographic earnings diversification and another avenue for growth.

Excluding the impact of the acquisition, the ASX tech share has guided that FY21 revenue was going to grow by at least 100%.

It's also evolving its operating model so that it can offer not just a 15 or 20 minute virtual GP consultation, but also a 20 minute virtual consultation with an advanced nurse practitioner or a 'quick consult' where a patient completes a questionnaire to be reviewed by a prescribing clinician, resulting in written advice or a prescription without the need for a real time video or phone consultation.

Cettire Ltd (ASX: CTT)

Cettire is a global online retailer. It offers a large selection of in-demand personal luxury goods through its website, Cettire.com. The ASX share has an extensive catalogue of approximately 1,700 luxury brands and 200,000 products across clothing, shoes, bags and accessories.

The ASX tech share is experiencing rapid growth as more customers shop online due to the e-commerce tailwinds.

For the first four months of FY22 to 31 October 2021, sales revenue soared 172% to $57.8 million year on year, with the number of orders rising 209% to 107,676 and active customers soaring 220% to 158,260.

Cettire said that despite offline stores reopening with restrictions easing, its growth trajectory continues unabated.

The Cettire founder and CEO Dean Mintz said:

The focused investment to further enhance Cettire's solid foundations is delivering results. Having invested in customer acquisition and executed strongly, October monthly traffic increased 379% year on year. In addition, we are seeing very positive early signs from the migration to our proprietary storefront, with sales growth in "migrated" markets outpacing the company.

But the company is also looking to increase its total addressable market. It is looking to open up more potential revenue by exploring new adjacencies, such as the children's wear segment that it has recently launched.

Management are focused on operating Cettire to "maximise overall revenue growth".   

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Cettire Limited and Doctor Care Anywhere Group PLC. The Motley Fool Australia has recommended Cettire Limited and Doctor Care Anywhere Group PLC. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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