Pune-based HealthTech startup FlexifyMe reported a 38.5% growth in revenue to Rs 3.13 crore in FY24, compared to Rs 2.26 crore in FY23. Over 96% of its revenue was derived from its operation in FY24, which reduced from over 99% in FY23.
FlexifyMe operates as an online platform offering personalized wellness programs through video-based guided yoga and meditation sessions. The company differentiates itself by focusing on holistic health, integrating expert coaching with digital convenience to provide tailored wellness solutions. Its services cater to individuals looking for structured programs that improve flexibility, posture, stress management, and overall fitness.
FlexifyMe’s expense structure saw a notable increase of 48.5% to Rs 5.53 crore in FY24, up from Rs 3.72 crore in FY23. Employee benefit costs accounted for 26.76% of total expenses in FY24, compared to 20.69% in FY23. Advertisement expenses saw a reduction, contributing 18.80% in FY24, down from 27.68% in FY23. Depreciation and finance costs remained minimal at 0.66% and 0.47% of total expenses in FY24, respectively.
Despite revenue growth, FlexifyMe’s losses widened to Rs 2.4 crore in FY24 from Rs 1.69 crore in FY23, reflecting its increased investment in growth and operations. The EBITDA margin deteriorated to -74.69% in FY24 from -62.28% in FY23, while the ROCE improved significantly to -36.30% in FY24 from -1651.33% in FY23, signaling an improving capital efficiency trend.
Founded in 2021, FlexifyMe has raised a total of Rs 20.62 crore across four funding rounds, with its latest seed round closing on January 10, 2024. The company’s shareholding structure includes co-founder Amit Bhayani (35.12%), Flipkart (5.44%), Ivycap Ventures (5.28%), and Ihub Anubhuti-IIITD Foundation (1.31%).
As it continues to scale, FlexifyMe remains committed to leveraging technology to enhance holistic wellness, positioning itself as a key player in India’s growing online health and wellness space.