Mukesh Bansal's CureFit lost 6 times the money it made in 2016-17
CureFit Healthcare Pvt. Ltd, which operates health and fitness platform CureFit, posted net sales of Rs 3 crore in the financial year 2016-17 but its losses were six times that amount, filings with the Registrar of Companies (RoC) show.
According to VCCEdge, the data research platform of News Corp VCCircle, CureFit recorded losses of Rs 17.98 crore in 2016-17.
CureFit’s total expenditure stood at Rs 21.87 crore.
This is the company's first annual financial report since it started operations in early 2016. Mukesh Bansal, who co-founded fashion portal Myntra which he later sold to Flipkart, had teamed up with former Flipkart chief business officer Ankit Nagori to start this fitness venture.
On being contacted by TechCircle, Bansal refused to comment on the financials. In addition, a detailed questionnaire sent to the company did not elicit a response till the time of publishing this report. The story will be updated accordingly if and when a response is received.
CureFit had last August raised $25 million in Series B funding from existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and University of CaliforniaThree months before that, the startup had secured $3 million (Rs 19.2 crore) in a fresh round of funding from UC-RNT Fund.
Accel Partners, IDG Ventures and Kalaari Capital had pumped $15 million into CureFit in July 2016.
CureFit aims to address preventive healthcare through a combination of engagement, coaching and delivery, using both online and offline channels.
It has three verticals: Cult.fit, Eat.fit, and Mind.fit. Fitness chain Cult.fit’s offline centres offer equipment-less workout solutions, including strength and conditioning, spinning, boxing, mixed martial arts, zumba and yoga.
Eat.fit is its subscription-based food delivery vertical while Mind.fit focuses on yoga and meditation.
CureFit has also made a few acquisitions as part of its expansion strategy.
In August 2016, CureFit had invested Rs 20 crore in Bangalore-based Cult Fitness Pvt. Ltd for a controlling stake.
Last July, it bought Bangalore-based yoga chain a1000yoga for an undisclosed amount.
In March, it had acquired Bangalore-based online food delivery startup Kristys Kitchen in a cash-and-equity deal. The month before that, CureFit had bought a majority stake in fitness chain The Tribe.