scales 3X in FY23, losses declines 20%

Health and wellness platform (formerly grew over three-fold during FY23. Moreover, the losses of the Bengaluru-based company declined by 20% during the previous fiscal year ending March 2023.’s revenue from operations surged 3.2X to Rs 694 crore in FY23 from Rs 216 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies.

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

The fitness segment, which includes the business of maintaining & operating fitness centers and offers a mix of workouts from yoga to boxing, accounted for 64% of the total operating revenue. Collections from this segment increased 3.1X to Rs 445 crore in FY23 from Rs 141 crore in FY22.

The rest of the income comes from D2C, healthcare, and designing and developing sports apparel under the brand name “Cult”. See TheKredible to see the detailed revenue breakdown.

Employee benefits formed the largest cost center for the company, accounting for 23% of the overall expenditure. This cost was increased by 17.5% to Rs 343 crore in FY23 from Rs 292 crore in FY22. This includes Rs 86.3 crore as ESOP cost (non-cash).

Its cost of material consumed, advertisement and promotion, information technology, commission paid to agents, legal and professional fees and other operating overhead took the overall cost 50.2% to Rs 1493 crore in FY23 from Rs 994 crore in FY22. Head to TheKredible for a detailed expense breakup.

Expense Breakdown

Total ₹ 994 Cr
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Total ₹ 1493 Cr
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  • Cost of materials consumed
  • Employee benefit expense
  • Legal professional charges
  • Advertising promotional expenses
  • Information technology expenses
  • Commission paid other selling agents
  • others

The three-fold growth and controlled expense management helped to reduce its losses by 20% to Rs 551 crore in FY23 from Rs 688 crore in FY22. Its ROCE and EBITDA margin improved to -17% and  -18% respectively in FY23. On a unit level, it spent Rs 2.15 to earn a unit of operating revenue.

Caveat: We have excluded the exceptional items while calculating the losses.


FY22 FY23
EBITDA Margin -127% -18%
Expense/₹ of Op Revenue ₹4.60 ₹2.15
ROCE -19% -17%

2021-2022 was an important phase for as it managed to recover from the covid impact and later became a part of Tata Digital after signing a strategic deal with the subsidiary of Tata Sons Private Ltd in June 2021 to receive up to $75 million. In December 2021, the firm also scooped up $145 million round led by Zomato. By the end of FY22, picked up a majority stake in F2 Fun & Fitness India Pvt Ltd to become the master franchise partner for Gold’s Gym in India. 

Before this, also hived off its cloud kitchen vertical (under Curefoods) which is now headed by’s other co-founder Ankit Nagori. The company also spun off its business into which recently raised $11 million in Series A round.

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