Healthcare company Fitterfly witnessed a revenue to Rs 5.15 crore, over 87% growth as compared to the previous fiscal year’s Rs 2.7 crore. While over Rs 4 crore of the total revenue came in from operations, more than Rs 1 crore came in from other streams in FY23.
Based out of Mumbai, Fitterfly was established in 2016 by Arbinder Singal, Jayesh Sawant, and Shailesh Gupta. It specializes in digital therapeutics and is run by a team of doctors, engineers, and nutrition experts. Fitterfly’s offers scientific and personalized digital therapeutics programs to prevent, manage several health conditions such as diabetes, obesity, hypertension, etc.
Its expenses grew 2.4X to Rs 44 crore in the fiscal year ending March as compared to the previous year’s Rs 18.1 crore. A majority of the total expense of the year was spent on employee benefits, legal and professional charges and advertisement and promotional costs followed. In FY22 a little over Rs 11 crore was spent on employee benefit costs and close to Rs 5 crore was spent on legal and professional charges.
Losses for the fiscal year 2023 grew 2.5X to reach Rs 38.8 crore. Previously, the company saw losses closing in at over Rs 15 crore in FY22. Fitterfly’s EBITDA margin and ROCE stood at -741.85% and -61.99% respectively. It currently stands at a valuation of Rs 330 crore.
The healthcare startup has raised a total of Rs 139.1 crore over 3 funding rounds. Its raised Rs 95.8 crore in its latest round held on July 2022 with Fireside Ventures as its lead investor. Previously in 2021, it had raised Rs 22.63 crore from Fireside Ventures and ₹20.65 Cr from 9Unicorns in 2020.
Post its latest round, founders Arbinder Kumar Singal, Shailesh Brijmohan Gupta, and Jayesh Sawant held over 16%, over 9% and a little over 5% of the company respectively. Its investor Fireside Ventures became the largest shareholder of the company with over 20% of the company’s shares.
It is currently up against the likes of Beato, Wellthy, and Healthifyme.