CureFit Sales wipes Out 67% due to Covid in FY21, Losses stands at INR 671 Cr
- ByStartupStory | March 24, 2022
In the financial year ending on March 31, 2021, CureFit, a Zomato-backed fitness startup saw its sales revenue dwindle down by 67.4%. Mukesh Bansal-led CureFit, which last year entered the unicorn club, posted a total revenue in FY21 of INR 294.9 Cr, a noticeable fall in FY20 from INR 567.4 Cr.
The Bengaluru-based startup’s expenses also fell by 42.6% from INR 1,319.3 Cr in FY20 to INR 756.4 Cr in FY21. In FY21, consolidated loss after tax of Curefit stood at INR 671 Cr.
The startup managed to earn a total of INR 294.9 Cr in FY21 between April 1, 2020 to March 31, 2021. The startup’s revenue from operations/sales plummeted a 67.4% drop from INR 495.8 Cr in FY20 to INR 161.3 Cr in FY21.
CureFit’s other income stood at INR 133.2 Cr, which comprises total interest income and net gain on sale of investments, liabilities, among others. From other sources of income, the startup in FY20, had generated INR 71.5 Cr.
Contact-first businesses such as fitness centres, hospitality, among others were heavily affected, while many startups in the country were witnessing over 2X rise in their topline. In the early months of 2020 the onset of COVID-19 and for the better half of the year as gyms were the first public spaces that were forced to shut with the onset of the pandemic the subsequent lockdowns resulted in Curefit shutting a large number of its fitness centers.
CureFit was founded in 2016 by Mukesh Bansal and Ankit Nagori. It runs mental fitness (Mindfit), physical fitness platform Cultfit, and a primary care vertical (Care.fit). Now, D2C cloud kitchen aggregator Curefoods is ran by Ankit Nagori.
In December last year after raising $145 Mn at over $1.4 Bn valuation, CureFit entered the unicorn club. Alongside Singapore’s sovereign fund Temasek and South Park Commons, among others, the round was led by foodtech giant Zomato (in a cross selling deal). CureFit also acquired Zomato’s fitness facility arm Fitso for $50 Mn as a part of the deal.
Also Read
Follow Startup Story
Related Posts
