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Fittr recorded a 4% drop in revenue in FY23, losses cross Rs 40 Cr

  • January 18, 2024
  • By Team TheKredible
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Pune-based health and fitness platform Fittr witnessed a revenue drop of over 4% in FY23. It witnessed a revenue close to Rs 90 crore in FY22 with over Rs 89 crore coming in from operations.

Fitness-tech startup Fittr has raised Rs 28 crore in its latest round held on January 9th, 2023. The round saw Zerodha-backed venture fund Rainmatter as the leading investor. Previously in 2021, it had raised around Rs 84.9 crore from American private investment firm Elysian Park, Peak XV’s seed fund Surge among others. Since inception, it has raised Rs 129.1 crore over 4 funding rounds.

Founded by Jitendra Chouksey, Sonal Singh, Jyoti Dabas, Rohit Chattopadhyay, and Bala Krishna Reddy, Fittr is a community-based health and fitness marketplace. It creates customized workout plans based on fitness goal, equipment available, time available, and exercise style preferences. Spread across the world, it claims to have seen over 3 million users on its platform till date.

The 2016 established company’s expenses touched Rs 127.3 crore in FY23, an approximate 1X rise as compared to its previous fiscal year. Among some of the top expenses for the year were amount spent on employee benefits and advertisement and promotional costs. It spent close to Rs 31 crore and over Rs 24 crore on the segments respectively. In FY22, it saw over 22% of the total expenses being spent on employee benefits and a little over 16% on ads and promotional costs.

The company’s losses crossed the Rs 40 crore march to touch an exact Rs 41.17 crores in the fiscal year ending March 2023. The company was previously seen losses at a little over Rs 25 crore in FY22. Fittr’s EBITDA margins currently stood at -45.94% and ROCE at -212.14%.

The company’s largest shareholder, post the infusion of its latest funding round, was founder Jitendra Chouksey followed by investor Surge Ventures. While Chouksey holds a major portion of the company shares of over 55%, Surge Ventures holds over 11% of Fittr.