Multi-brand health tech chain Curefit had been on a fundraising spree during the entire FY18 and the beginning of FY19. It seems that the company has used the raised capital wisely enough to grow tremendously in the financial year 2017-18.
As per the company’s (Diverse Retails Private Limited) RoC filings with Ministry of Corporate Affairs, the revenue clocked during FY18 took a staggering 596.2X jump to Rs 24.12 crore from Rs 4.05 lakhs in the previous fiscal.
Surprisingly, the Accel-backed company has posted a mere loss of Rs 33.47 lakh. Although it’s 17X more than the previous fiscal when it recorded a loss of Rs 1.97 lakh, compared to the growth in revenue and expenses, this still remains a minor increase in loss.
In terms of overall expense, the company recorded 408.7X jump to Rs 24.47 crore in FY18 from Rs 5.99 lakh in the preceding fiscal. Purchase of stock such as equipment in trade accounted the highest expense of Rs 21.78 crore for the Bengaluru-based firm.
Six months ago, Curefit had secured one of the largest series C round worth $120 million from IDG Ventures (now Chiratae), Accel Partners and Kalaari Capital. Flipkart’s co-founder Binny Bansal, former Myntra-Jabong chief executive Ananth Narayanan and Flipkart’s current CEO Kalyan Krishnamurthy also invested in the two years old firm.
So far, the Mukesh Bansal and Ankit Nagori-founded company has amassed $170 million risk capital across three institutional rounds.
The company has four products — Cult.fit, an app for physical fitness, Eat.fit, caters to healthy food and snacks and Mind.fit, mental wellness training platform and fitness advice as well as medicine delivery – Care.fit.
Curefit also had acquired a slew of startups in wellness space including Seraniti, a1000 yoga, The Tribe and Kristys Kitchen.
Currently, the company runs 60 CultFit outlets across three cities of Bangalore, NCR, and Hyderabad with over 100,000 customers. It aspires to have 200 centres by the end of 2019 and 500 by 2020.
While the financial performance of the firm in FY18 was undoubtedly impressive (especially, when we compare to other consumer internet companies in India), it would be interesting to track whether Curefit improves its financial health further in ongoing fiscal or not.