Bold Care, the men’s sexual wellness brand co-founded by Bollywood actor Ranveer Singh, has posted an impressive Rs 33 crore in revenue for the fiscal year 2024, but its mounting losses highlight the challenges it faces as it navigates the competitive direct-to-consumer (D2C) market.
In its consolidated financial statements for FY24, Bold Care, which offers products spanning hair care, performance supplements, and overall health solutions, saw a 6.67% increase in revenue from operations. The company reached Rs 32.9 crore in revenue, up from Rs 30.9 crore in the previous year. However, despite this growth, its losses significantly outpaced its revenue rise, reflecting the high cost structure and aggressive expansion plans of the brand.
Revenue Growth and the Cost of Expansion
Bold Care has relied heavily on direct-to-consumer sales, primarily through its own website and third-party e-commerce marketplaces. The brand’s offerings, including oils, lubricants, and condoms, were the main contributors to its revenue in FY24, with almost all of the income generated from within India. International sales accounted for a modest Rs 30 lakh.
While the company’s revenue growth is a positive sign, the increase in expenses has raised concerns. The cost of materials, which had been one of the company’s largest expenses, saw a decrease of 10.71%, down to Rs 15.09 crore. However, other operational costs, particularly in marketing and employee benefits, surged.
Here’s a breakdown of key expenses for Bold Care in FY24:
| Expense Category | Amount (Rs Crore) | Year-on-Year Growth |
|---|---|---|
| Cost of Materials | 15.09 | -10.71% |
| Advertising & Promotion | 14.02 | +11.09% |
| Employee Benefit Expenses | 4.22 | +38.36% |
| Legal & Professional Fees | 1.30 | +41.35% |
| Discounts | 2.69 | +97.79% |
Despite efforts to control material costs, the company faced a rise in advertising costs, which increased by 11.09% to Rs 14.02 crore. Furthermore, employee benefits jumped by over 38%, signaling investments in talent acquisition and retention. The most striking increase was in discounts, which spiked by nearly 98%, totalling Rs 2.69 crore. This surge in discounts suggests that Bold Care might be employing more aggressive pricing strategies to attract customers amid rising competition.
A Closer Look at Bold Care’s Losses
While Bold Care’s revenue saw modest growth, its losses expanded in FY24. The company reported a loss of Rs 19.3 crore, a significant 21.46% increase from the previous fiscal year. With rising costs in marketing and other operational areas, this widened loss indicates that the company is still far from profitability.
The startup’s return on capital employed (ROCE) and EBITDA margin were negative, standing at -40.8% and -11.71%, respectively. In simpler terms, for every rupee it earned, Bold Care spent Rs 1.63, a clear indication that the firm is still in the early stages of scaling its operations and facing growing pains in managing its expenditure.
Ranveer Singh’s Role and Future Plans
Ranveer Singh’s investment in Bold Care in December 2023, alongside his co-ownership in the company, has drawn significant attention to the brand. However, the actor’s involvement appears to be part of a broader strategy to support the company as it expands into new segments.
Bold Care recently ventured into the women’s wellness market with the launch of its new brand, Bloom. This marks a significant shift for the company, as it competes with other D2C wellness brands such as Man Matters and Beardo, who are already well-established in the market.
Given the expanding portfolio, Bold Care is now positioning itself not just as a men’s wellness brand but as a broader health and wellness company with a diversified product lineup. This shift could open new revenue streams, but it also brings added challenges as the brand faces more competition and higher marketing spend.
The Road Ahead for Bold Care
As Bold Care moves forward, its ability to manage costs while scaling will be critical. The company’s increased focus on direct-to-consumer sales, combined with higher marketing expenses, suggests that it is placing heavy bets on brand awareness and customer acquisition.
Whether Bold Care can turn its losses around will depend on its ability to refine its product offerings and build a loyal customer base without continuing to increase its discounting and promotional spending. Moreover, the expansion into women’s wellness with Bloom could provide the company with the diversification needed to stabilize revenue in the long run.
For now, Bold Care remains a brand in transition—looking to scale, manage costs, and find its footing in an increasingly competitive market.
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