New Delhi, December 17 (IANS). Fitness startup CureFit’s consolidated loss widens 42 per cent to Rs 888.5 crore in FY24. It was Rs 625.5 crore in FY23.
The company’s EBITDA loss has increased by 123.4 percent to Rs 587.97 crore in FY24, which was Rs 263.2 crore in FY23.
The reason for increase in the company’s loss in the last financial year is due to increase in expenses.
CureFit’s advertising and promotion spend increased by 40.67 per cent year-on-year to Rs 188.5 crore in FY24 from Rs 134 crore in FY23.
At the same time, in the last financial year, the company’s expenditure on legal and professional services has increased by 56.62 percent from Rs 79.3 crore in FY 23 to Rs 124.2 crore in FY 24.
In the last financial year, CureFit’s expenditure on employees has declined by 5.62 percent to Rs 324 crore. This is due to workforce restructuring and layoffs in FY24. In January 2024, the company laid off about 120 employees from various segments.
CureFit’s operating income grew 33.6 percent to Rs 926.6 crore in FY24 from Rs 693.7 crore in FY23.
Of this, income of Rs 663.1 crore came from sale of services, which is 46.58 percent more than last year’s Rs 452.4 crore. Apart from this, income from sale of products has increased by 8.13 percent to Rs 256.7 crore, which was Rs 237.4 crore in FY23.
CureFit was founded in 2016 by Mukesh Bansal and Ankit Nagori. CureFit operates 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.
–IANS
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