Bold Care, the men’s wellness brand co-founded by Bollywood star Ranveer Singh, reported revenues of Rs 33 crore for FY24, showing a steady annual revenue run-rate close to its projected Rs 40 crore. However, despite revenue growth, the company faced widening losses due to increased spending on marketing and operations.
The brand, focused on men’s health and wellness, saw its revenue grow by 6.67%, reaching Rs 32.9 crore from Rs 30.9 crore in FY23, as per its consolidated filings with the Registrar of Companies (RoC). Known for its range of D2C products like hair care and performance supplements, Bold Care generated nearly all its revenue through online marketplaces and its website. Domestic sales dominated, with overseas revenue contributing Rs 30 lakhs in FY24.
Operating expenses surged, with the cost of materials dropping 10.71% to Rs 15.09 crore, while advertising and promotional spending rose by 11.09% to Rs 14.02 crore. Employee expenses also climbed by 38.36% to Rs 4.22 crore, and legal fees increased by 41.35%. Discounts offered nearly doubled, spiking by 97.79% to Rs 2.69 crore. In total, Bold Care’s expenses amounted to Rs 53.9 crore, leading to a net loss of Rs 19.3 crore, up by 21.46% from the previous fiscal year. The company’s ROCE and EBITDA margins stood at -40.8% and -11.71% respectively, reflecting high expenditure with Rs 1.63 spent for every rupee earned in revenue.
The startup reported Cash and Cash Equivalents of Rs 13.57 crore and Receivables of Rs 4.86 crore in FY24. Ranveer Singh, who invested an undisclosed sum in Bold Care in December 2023, holds a co-ownership stake, with the founding team retaining over 55% of the company according to TheKredible.
Expanding its portfolio, Bold Care recently entered the women’s wellness market with its new brand, Bloom, positioning itself against competitors like Man Matters and Beardo in the D2C wellness space.