Practus’ profitability improvement services assisted reduce the hospital’s costs by 30%.
|No. of Employees
|A Pedometer Company
About The Company
Virtualrace is a start-up founded by executives with previous CXO experience. A 100-day pedometer-based mass participation event is known as a “Virtualrace.” Virtualrace is backed by a Venture Capital Fund and encourages people to move and stay healthy in a fun and inclusive way that fits into their busy schedules.
Practus’ Role in CFO Services
- Full-fledged CFO role.
- Practus got involved at a pre-revenue stage to assist the promoters to monetize the business concept.
- Being a full-blown CFO role, Practus was also involved in assisting the company in defining the key metrics to measure Business Performance, Preparation of MIS, Communication with the Investors, Negotiations with Vendors, Thinking through price points and Customer Profitability, involvement in getting the website operational, thinking through modes of distribution and logistics including tax, Cash flow, and Profit impact and Drafting employment letters and salary structures for recruits.
Impact Delivered in CFO Services
- Practus provided the client support on Commercial, Financial, Accounting, and Operational support.
- Active role in providing periodic reports (not just accounting) to the investors and promoters which has provided visibility into the business performance.
- Practus’ involvement in negotiations has helped the company to reduce costs by 30%.
- The payback on Practus’ annual fees has been less than 3 months for Virtualrace.
- Practus’ role extended beyond the role that a full-time CFO would have handled.