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Sugar.fit’s revenue spikes 5.7X in FY23, losses cross Rs 30 Cr

  • February 12, 2024
  • By Team TheKredible
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Healthtech startup Sugar.fit saw its revenue booming 5.7X in FY23. Of the total revenue generated, 82% came in from operations. In comparison, its previous fiscal year generated almost Rs 3 crore in revenue with operations contributing over 72%.

Sugar.fit specializes in delivering a digital health experience aimed at assisting individuals in the management and reversal of diabetes. It offers a complete diabetes care program by integrating a variety of devices such as continuous glucose monitors, fitness trackers etc.

It additionally provide access to diabetes specialists and health coaches to help guide the users. This enables users to track the real-time impact of their lifestyle on glucose levels, and receive personalized, timely guidance across the aspects of fitness, nutrition, and sleep from their care team.

The three-year-old company saw expenses balloon 2.8X to Rs 47.7 crore in the fiscal year ending March 2023. While it spent over Rs 21 crore on employee benefit costs, advertisement and promotional costs spent RS 12 crore the same year.

The preceding year, the Madan Somasundaram and Shivtosh Kumar founded company spent over 47% and 23% on employee benefits and advertisements and promotional costs respectively.

Sugar.fit’s losses for the fiscal year amounted to Rs 30.8 crore, a spike 2.2X as compared to FY22. Its EBITDA stood at -170.91% while the ROCE stood at -76.21%.

The Bengaluru-based company has raised over Rs 164 crore through 2 funding rounds. Its latest round, Series A, accumulated Rs 91.6 crore from the likes of MassMutual Ventures, Cure.fit, Tanglin Venture Partners, and Endiya Partners.

Post the infusion of the latest round, Curefit Healthcare is the company’s largest shareholder while founders Madan Somasundaram and Shivtosh Kumar holds over 10% and 3% respectively.