Ranveer Singh co-founded Bold Care reports Rs 33 Cr revenue in FY24

In December last year, men’s sexual wellness brand Bold Care claimed an annual revenue run-rate of Rs 40 crore and the claim appears to be on track as it posted close to Rs 33 crore in operation revenue in FY24. However, the firm’s losses outpaced its revenue growth in the last fiscal.

Bold Care’s revenue from operations increased 6.67% to Rs 32.9 crore in the last fiscal year compared to Rs 30.90 crore in FY23, its consolidated financial statements with the Registrar of Companies (RoC) show.

Bold Care offers men’s wellness products spanning hair care, performance supplements, and overall health solutions. Its model relies heavily on direct-to-consumer (D2C) sales, primarily through third-party e-commerce marketplaces and its website. Sale of products such as oils, lubricants, and condoms among others was the sole source of collection for the firm during the last fiscal year.

The company generated almost all its revenue from India while overseas operations only made Rs 30 lakhs to Bold Care’s coffers in FY24.

The cost of material was the largest burn for Bold Care which decreased 10.71% year-on-year to Rs 15.09 crore. However, advertising and promotional costs grew 11.09% to Rs 14.02 crores in FY24.

Employee benefit expenses increased 38.36% to Rs 4.22 crore, while legal and professional expenses rose by 41.35%. Notably, discounts allowed spiked 97.79% at Rs 2.69 crores in the last fiscal year. Overall, the startup posted a total expense of Rs 53.9 crore.

On the back of increased operating costs including promotional spending, Bold Care reported a loss of Rs 19.3 crores, which widened by 21.46% in the fiscal year ending March 2024. Its ROCE and EBITDA margin stood at -40.8% and -11.71% respectively. On a unit basis, the company spent Rs 1.63 to earn a rupee of operating revenue in FY24.

The company recorded Cash and Cash Equivalent of Rs 13.57 crore and Receivables of Rs 4.86 crore in FY24.

Bollywood actor Ranveer Singh had invested an undisclosed amount in the company to become a co-owner in December 2023. According to startup data intelligence platform TheKredible, Bold Care’s founding team controls more than 55% holding in the company.

Last month, Bold Care forayed into the women’s segment with the launch of its new brand Bloom. It competes with D2C sexual and wellness brands including Man Matters and Beardo.