Mukesh Bansal’s Curefit lost Rs 1.6 for each rupee earned in FY19

Mukesh Bansal’s Curefit lost Rs 1.6 for each rupee earned in FY19
Mukesh Bansal
11 Feb, 2020

Curefit Healthcare, the parent operator of healthtech platform Cure.fit, closed the financial year ended March 2019 with losses amounting to Rs 373.5 crore, up nearly four-fold from Rs 95.4 crore a year ago.

The company said its total revenues grew to Rs 233 crore, up 556% from Rs 35.5 crore a year earlier. 

The results are on a consolidated basis. The Bengaluru-based parent company houses entities such as Cultfit Healthcare, Curefoods, Curefit Logistics, Cube Fitness, Healthface, Cultgear, Fitness First and Curefit Healthcare Singapore.

On a standalone basis, the startup incurred losses of Rs 102.2 crore as against FY18’s Rs 40.7 crore. Total revenues went up by 446% to Rs 77 crore.

Total expenses ballooned to Rs 606.5 crore from Rs 130.9 crore, year over year, on consolidated basis. Advertising promotional expenses rose by about 394% to Rs 108.6 crore, one of the largest brackets in the category.

The reported period was an active year at the company, with news ranging from expansion plans to multiple funding rounds.

In December, Curefit was reportedly said to be in talks to raise $100 million from Singapore’s state investment arm Temasek Holdings.

Cure.fit had reportedly settled a legal dispute with Bengaluru-based BookYourGame (BYG), a marketplace to discover and book fitness centres in October.

In August, co-founder Ankit Nagori had said that Cure.fit would open fitness centres in Jammu & Kashmir.

In June, the company closed a $120 million growth round of equity and debt funding. New investors Epiq Capital, Unilever Ventures, Innoven Capital, Kotak Mahindra Bank, and Kris Gopalakrishnan family office participated in the round.

In May, it raised $75 million from a group of investors including its existing investors Accel, Kalaari Capital and Chiratae Ventures (formerly IDG Ventures).

In April, it acquired cold-pressed juice brand Rejoov for an undisclosed sum.

The four-year-old startup, founded by Myntra co-founder Mukesh Bansal and former Flipkart executive Nagori had launched its mobile app in 2017. Its offerings include a flagship brand called Cult.fit that runs offline centres. Cult.fit  offers 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. Another offering, Care.fit, offers a digital platform for doctors and health checkups vehicle while Whole.fit offers grocery deliveries.