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Wellness brand Fitspire grows 3.3X in scale in FY23

  • February 6, 2024
  • By Team TheKredible
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Fitness and wellness brand Fitspire saw a 3.3X growth in scale to Rs 3.36 crore in FY23 with a majority of its revenue coming in from operations.  The previous fiscal year, it saw a revenue of a little over Rs 1 crore. The firm saw losses closing in at Rs 2 crore.

Based out of Delhi, Fitspire is an online sports nutrition and bodybuilding supplement brand. It develops products that are suit all age groups and nutritional needs. It offers products such as vegan proteins, multivitamins, health-conscious snacks, weight management, skincare, and kids’ multivitamin drinks.

Having spent over 33% of its total expenses on advertisements and promotions and more than 25% on material costs, the Vipen Jain founded company saw FY23’s total expenses amounting to Rs 5.6 crore, a 3.6X spike as compared to FY22’s Rs 1.5 crore of expenses.

The preceding fiscal year saw the company spending a little over Rs 42 lakh and more Rs 19 lakh on promotional costs and materials respectively.

Along with the rise in revenue, it’s losses ballooned from the previous financial year’s Rs 54.2 lakhs to Rs 1.6 crore in the fiscal year ending March 2023. Leaning into the negatives, its EBITDA margin and ROCE stood at -65.12% and -50.58% respectively.

The four-year-old company has raised over Rs 4.9 crore over 4 rounds with its extended Seed round being held late last year with LC Nueva as the lead investor. The amount raised is yet to be disclosed. It previously raised over Rs 2 crore in April 2022 from investors Ivor Braganza and Rajesh Sud.

The company’s largest shareholder remains its founder Vipen Jain, followed by Nidhi Jain with over 15% shares and investor Ivor Braganza with close to 10% of the company.