BeatXP, a direct-to-consumer (D2C) fitness-focused technology brand owned by Pristine Care, aims to raise between $50 million and $75 million, with plans to value it at approximately $400 million. Three people familiar with the matter said.
“The idea is to raise money on BeatXP’s books,” said the first person quoted above.
BeatXP, launched in 2021, sells fitness technology products such as wearable watches, massagers, earphones, and gym equipment.
“The company’s profit execution rate is INR200 million and is valued at about $400 million,” said another person quoted above.
The growth the wearable and fitness technology industry has seen over the past 24-36 months makes BeatXP an ideal candidate for funding. According to the people cited above, Pristine’s subsidiaries are doing very well even as growth in its core business has slowed.
An email sent to a Pristine spokesperson went unanswered.
“The company is planning to launch and enter several new categories. We have already notified shareholders of our plans to raise capital, but the transaction is probably four to five months away.” added a third source.
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Pristyn was founded in 2018 by Harsimarbir Singh, Vaibhav Kapoor, and Garima Sawhney to provide patient-centric healthcare services from illness to health. Finally, in December 2021, the company raised $100 million from investors led by Peak XV (formerly Sequoia Capital), bringing its valuation to $1.4 billion. The company, whose investors include Tiger Global, Winter Capital, Epiq Capital, and Hummingbird Ventures, has raised $177 million in various rounds to date.
Entrackr reports that the company’s revenue increased by 45%. INRIn FY2013, the loss was $453 million, an increase of 38.2% compared to the previous year. INRLast year it was 383 million. This Gurgaon-based company has a revenue of INR453 million in FY2023, INRIt was $313 million in FY22, according to the Registrar of Companies’ (RoC) financial statements.
Income from medical services is INRThe company’s total operating revenue was $338 million, accounting for 75% of its total operating revenue, with the remainder coming from sales of medical and health products and advertising services.
The parent company has been looking to cut losses and move towards stronger unit economics. The company will lay off 300 employees in 2023 to cut costs. The company is also embroiled in a legal battle with the founders of Lybrate Inc., a platform it acquired in 2022.
According to various estimates, India accounts for a quarter of the global wearables market, including smartwatches, fitness trackers, and AR headsets.
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