New Delhi, Dec 17 (SocialNews.XYZ) Fitness startup Curefit's consolidated loss has increased by 42 per cent to Rs 888.5 crore in FY24 from Rs 625.5 crore in FY23.
The company's EBITDA loss surged by 123.4 per cent to Rs 587.97 crore in FY24 from Rs 263.2 crore in FY23.
The reason for the increase in the company's loss in the last financial year is the high cash burn. Curefit's advertising and promotion expenditure has increased by 40.67 per cent year-on-year (YoY) basis to Rs 188.5 crore in FY24 from Rs 134 crore in FY23.
At the same time, the company's expenditure on legal and professional services in the last financial year has increased by 56.62 per cent from Rs 79.3 crore in FY23 to Rs 124.2 crore in FY24.
Curefit's expenditure on employees has come down by 5.62 per cent to Rs 324 crore in the last financial year. This is due to workforce restructuring and layoffs in FY24. Curefit slashed around 120 jobs in January 2024 in a restructuring exercise. These job cuts impacted workers across the company's brands like Sugar.fit, Carefit, Cultfit, among others.
Curefit's operating income has increased by 33.6 per cent to Rs 926.6 crore in FY24 from Rs 693.7 crore in FY23. Out of this, an income of Rs 663.1 crore has come from services, which is 46.58 per cent more than Rs 452.4 crore in FY 23.
Apart from this, income from the sale of products has increased by 8.13 per cent to Rs 256.7 crore from Rs 237.4 crore in FY23.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Curefit runs the physical fitness platform Cultfit, mental health platform Mindfit, primary care vertical Care.fit, etc. According to reports, Curefit has raised more than $750 million in funding so far. Its investors include Accel, Temasek, Kalaari Capital, and others.
Source: IANS
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