Bold Care, a direct-to-consumer (D2C) brand offering men’s personal wellness products, has reported Rs 32.9 crore in revenue for the fiscal year 2024, marking a 6.67 per cent increase from the previous year’s Rs 30.9 crore. While the company is on track to meet its previously stated annual revenue run rate of Rs 40 crore, it also experienced a widening of its losses, highlighting the challenges of balancing growth with rising costs.
The company’s revenue from operations grew modestly in FY24, largely driven by the sale of products such as oils, lubricants, and condoms. These products remain the primary revenue source for the company, which relies heavily on third-party e-commerce marketplaces and its website to reach consumers. However, despite the revenue growth, Bold Care posted a loss of Rs 19.3 crore, a 21.46 per cent increase in losses compared to the previous year.
Bold Care’s cost structure revealed significant pressure points. The cost of materials, which is the company’s largest expense, decreased by 10.71 per cent year-on-year to Rs 15.09 crore. However, other costs increased sharply. Advertising and promotional expenses grew 11.09 per cent to Rs 14.02 crore, as the company ramped up its marketing efforts. Employee benefits surged by 38.36 per cent to Rs 4.22 crore, while legal and professional expenses also saw a significant rise of 41.35 per cent. Notably, discounts allowed more than doubled, jumping by 97.79 per cent to Rs 2.69 crore, adding to the financial strain.
The company’s total expenses for FY24 reached Rs 53.9 crore, significantly higher than its operational revenue, resulting in a negative return on capital employed (ROCE) of 40.8 per cent and an earning before interest taxes depreciation and amortisation (EBITDA) margin of negative 11.71 per cent. For every rupee earned in operational revenue, Bold Care spent Rs 1.63 in FY24.
Bold Care’s international revenue remained minimal, with just Rs 30 lakh generated from overseas operations in FY24, signalling the company’s heavy reliance on the Indian market.
In terms of liquidity, Bold Care recorded Rs 13.57 crore in cash and cash equivalents and Rs 4.86 crore in receivables by the end of FY24, indicating a stable cash position despite the losses.
In December 2023, the company received a boost when Bollywood actor Ranveer Singh became a co-owner after investing an undisclosed amount. According to TheKredible, a startup data platform, Bold Care’s founding team still holds more than 55 per cent of the company.
To diversify, Bold Care recently launched Bloom, a new brand aimed at the women’s wellness segment. This expansion puts the company in competition with other D2C wellness brands like Man Matters and Beardo, which also focus on the sexual wellness and grooming space.
Despite the financial setbacks, Bold Care’s leadership is optimistic about the future, particularly with its expansion into the women’s market and continued investments in brand-building and customer acquisition.
