CureFit Reports a Consolidated Loss of Rs 888 Crore in FY24
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New Delhi, Dec 17 (NationPress) The fitness startup Curefit has recorded a consolidated loss of Rs 888.5 crore in FY24, reflecting a 42 per cent increase from the Rs 625.5 crore loss in FY23.
The company's EBITDA loss has escalated significantly by 123.4 per cent, amounting to Rs 587.97 crore in FY24, up from Rs 263.2 crore in FY23.
The notable increase in losses can be attributed to a high cash burn rate. Curefit's spending on advertising and promotional activities has surged by 40.67 per cent year-on-year (YoY), reaching Rs 188.5 crore in FY24 compared to Rs 134 crore in FY23.
Additionally, the expenses related to legal and professional services rose by 56.62 per cent, climbing from Rs 79.3 crore in FY23 to Rs 124.2 crore in FY24.
On the other hand, Curefit's personnel expenses decreased by 5.62 per cent to Rs 324 crore last year, primarily due to a restructuring effort that involved laying off approximately 120 employees in January 2024. These layoffs affected staff across various brands, including Sugar.fit, Carefit, and Cultfit.
Despite the losses, Curefit's operating income has grown by 33.6 per cent, reaching Rs 926.6 crore in FY24, up from Rs 693.7 crore in FY23. Of this, Rs 663.1 crore was generated from services, marking a 46.58 per cent increase from Rs 452.4 crore in FY23.
Moreover, revenue from product sales has risen by 8.13 per cent to Rs 256.7 crore, up from Rs 237.4 crore in FY23.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Curefit operates various platforms such as Cultfit for physical fitness, Mindfit for mental health, and Care.fit for primary care. Reports indicate that Curefit has secured over $750 million in funding to date, with investments from Accel, Temasek, Kalaari Capital, and others.
