Health startup CureFit loses Rs 4 for each rupee in revenue in FY18
Health and fitness startup CureFit Healthcare Pvt. Ltd, led by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori, has reported an eight-fold rise in revenue for the financial year ended March 2018.
Consolidated net sales jumped to Rs 24.9 crore for 2017-18 from Rs 3.1 crore in the previous financial year, according to CureFit’s filings to the Registrar of Companies. Net loss expanded to Rs 96.8 crore from Rs 18 crore.
Bengaluru-based CureFit’s total expenditure jumped nearly six fold to Rs 120.3 crore in 2017-18 from Rs 21.9 crore the year before.
Bansal, co-founder and chief executive of CureFit, did not respond to requests for comment till the time of publishing this report.
In March last year, Bansal had told TechCircle that CureFit’s monthly revenue run rate had touched $1 million, with revenue doubling every six months.
CureFit is backed by venture capital firms Accel Partners, Kalaari Capital and Chiratae Ventures, which was previously known as IDG Ventures India, as well as industry doyen Ratan Tata.
In July last year, the startup had raised $120 million (around Rs 825 crore then) in a Series C round of funding.
The company formally launched the flagship Cure.fit mobile app in May 2017. Another offering is Cult.fit, which runs offline centres that offer equipment-less workouts including strength and conditioning exercises, 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. Its latest offering, Care.fit, offers a digital platform for doctors and health checkups.
CureFit is operational in Bengaluru, Delhi-NCR and Hyderabad. It claims to have more than one lakh active subscribers across its various offerings.
CureFit has acquired a few businesses as part of its expansion strategy, including a1000yoga and Kristys Kitchen. In May last year, it had decided to acquire premium gym chain Fitness First India, which was backed by hedge fund Oaktree Capital Management. In November last year, it had acquired integrated mental wellness platform Seraniti.