Daybreak - Are weight loss clinics still relevant in the Ozempic era? VLCC thinks so

Episode Date: March 3, 2026

When Ozempic began changing how the world lost weight, most slimming companies panicked. But VLCC didn’t. Backed by Carlyle, it’s opening more clinics than ever before. Because to Carlyle, Ozempic isn’t a threat—it’s just another doorway into India’s beauty economy. In this episode, we look at how VLCC’s new owners are turning an existential challenge into expansion, why its products are taking a back seat to real estate, and what the future of India’s weight-loss industry looks like in the age of GLP-1 drugs.Tune in.*This episode was originally published on November 12th 2025Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

Hi, this is Rohan Dharma Kumar. If you've heard any of the Ken's podcast, you've probably heard me. My interruptions, my analogies and my contrarian takes on most topics. And you might rightly be wondering why am I interrupting this episode too. It's for a special announcement. For the last few months, I and Sita Raman Ganeshan, my colleague and the Ken's deputy editor, have been working on an ambitious new podcast. It's called Intermission.

We want to tell the secret sauce stories of India's greatest companies. Stories of how they were born, how they fought to survive, how they build their organizations and culture, how they manage to innovate and thrive over decades, and most importantly, how they're poised today. To do that, Sita and I have been reading books, poring over reports, going through financial statements, digging up archives, and talking to dozens of people. And if that wasn't enough, we also decided to throw in video into the mix. Yes, you heard that right. Intermission has also had to find its footing in the world of multi-camera shoots in professional studios, laborious editing and extensive post-production.

Sita and I are still reeling from the intensity of our first studio recording. Intermission launches on March 23rd. To get alert, as soon as we release our first studio recording, we'll be able to get alert as soon as we release our first. episode, please follow intermission on Spotify and Apple Podcast or subscribe to the Ken's YouTube channel. You can find all of the links at the ken.com slash I am. With that, back to your episode. Shreya is a 27-year-old copywriter and today she's stepping into a VLCC clinic. She skipped lunch for her consultation and as she steps onto the weighing machine, her stomach twists with anxiety. The VLCC Wellness Counselor jorts down her height and weight.

She conducts a body composition analysis. Her verdict, Shreya could get leaner by reducing fat and increasing her muscle mass. Then come the options, one of which is cryolypysis, also known as school sculpting. At first, Shreya thinks cryolipolysis sounds like the dream fix. It's the only process that would get rid of the fat for good. But there was a catch. It cost nearly 40,000 rupees per session and it would take multiple sessions to lose five kilos.

As Shreya was leaving, she couldn't help but think of Ozympic. After all, it could only be a tenth of the cost and faster. But again, another catch. She had read that people had gained the lost weight back. So what was the point? That's the dilemma India's weight loss. industry faces right now. Once, VLCC was the country's go-to option for slimming.

Now, it competes with injectable drugs like Ozempic, Vigavi and Mojaro. They are all part of a class of drugs called GLP1. For context, it's short for glucagon like peptide 1, which basically helps with weight loss by affecting appetite and metabolism. These same drugs decimated weight loss programs in the US. Weight Watchers, America's most popular weight loss and maintenance program went bankrupt this May. But that hasn't stopped Carlisle Group, a private equity giant. In 2023, it bought nearly 70% of VLCC for more than 2,000 crore rupees.

And this was well after the implications of GLP1 drugs had become clear. Next year, generic GLP1 drugs will enter India. Experts predict, the market. could be worth more than a billion dollars once that happens. Still, Carlisle isn't panicking. In fact, it has actually doubled down. It's adding 60 new VLCC clinics in two years, bringing the total up to 160,

plus franchisees, which make up another 60 clinics or so. The logic behind these moves, there's actually a very simple reasoning. Whether it's cool sculpting or Rosempic, Carlisle knows that these treatments are just the beginning of most customers' beauty journey. You see, these journeys are longer and more eventful than just one procedure. This is how it usually goes.

First, OZemPEC leads to skin sagging, which then requires skin tightening, which causes wrinkles, and then that requires anti-wrinkle treatment. The cycle is well, kind of endless. A Carlisle executive even told my colleague, the Ken reporter Nuha, that it's basically a gravy drain. He said that people never stop at one procedure. After all, it's human desire to look young and attractive. So, it's never just a one-time thing.

So for Carlisle, Ozympic isn't a threat. It's just an entry point. Welcome to Daybreak, a business podcast from the Ken. I'm your host, Rachel Vergys, and every day of the week, my co-host, Niktha Sharma and I will bring you one new story that is worth understanding and worth your time. Aparna first hears about cool sculpting during a facial at VLCC. As a beautician exfoliates her skin, she casually mentions the fat on Aperna's arms.

She then tells her that leaner arms would look better. Aparna was never insecure about her arms before. But now, one session to freeze away fat forever sounds kind of tempting. For context, in cryolipolysis, fat cells in parts of the body resistant to diet and exercise are broken down and crystallized under cold temperatures. Those cells are then flushed out by the body over time. So, while Aparna hasn't made up her mind about coal sculpting yet, it's easy to see why VLCC relies on this kind of selling.

A Carlisle executive told Noha that when a customer walks in, she rarely ever signs up for just one service. This cycle is basically how the entire business works. It's also why Carlisle has been expanding. ending fast. Another executive told us that it was opening new clinics in cities like Delhi and Bangalore. Also in smaller towns like Siliguri, Mirat and Tirupur. They're targeting these areas because one, metros bring working women with disposable income and two, non-metros offer cheaper real estate. But not everything's going quite as smoothly as it sounds. VALCC also makes

personal care products, you know, things like face washes, face packs and creams. After Kalai's investment, they even acquired the men's grooming brand Ostra. But a senior executive revealed that because of this focus on clinic expansion, their product business has been neglected. He also told us that Carlisle has actually been very aggressive about opening new clinics. They aimed to cross 500 in just the next two years. But it's struggling in the general trade market because they haven't invested enough there yet. The thing is, those products still make up about a quarter of VLCC's revenue.

The sales clock a revenue of up to 70 crore rupees in a year. In fact, in FI24, total revenue grew by 20% to nearly a thousand crore rupees. For now, Kala is better simple. If they grow the clinics first, then it's not a stretch to assume that the product sales will follow. A customer who comes in for a wrinkle reduction session could just as easily leave with a skin. Gergit. What's interesting is that VLCC has even priced its treatments very strategically. A basic 5-kilow weight loss plan costs about $8,000. That's cheaper than OZempeg or Moines-Jaro injections, which range anywhere between $3,500 to $17,000 per dose. You see, in the UAE, VLCC already offers

GLP1 drugs. But in India, they're only prescribed for medical reasons. So, for everyone who can't get the prescription, the safer combination of cool, sculpting, diet and exercise remains the main option. As one Carlisle executive puts it, no one wants an ozempic face, and weight loss is just where the beauty journey begins. More on this in the next segment. VLCC was founded in 1989 as Vandana Lutra curls and curves. It made slimming popular for a whole generation of women. The methods of choices they offered included laser and massage therapies. Now, Vandana and Mukesh Lutra still own 30% of the company.

But right now, the beauty business looks very different from when they started. Most importantly, international appliances like cool sculpting machines are now all the rage. Today, VLCC's model is more holistic. A typical weight loss package includes three experts, a dietitian, a physiotherapist, and what they call a slimming doctor. The basic idea is to combine diet, exercise and technology into one plan. Nuha even spoke to Sandeep Ahoja, VLCC's former CEO. He actually expanded the company from 30 to 250 stores across 12 countries.

He told her that VLCC employs a scientific approach. They customize the nutrition advice, appliances used and exercise regimen based on each person's body composition. But for nearly half of VLCC's patients, weight issues stem from medical conditions. In those cases, when this plan isn't enough, doctors can prescribe supplements or medication. Tanya Pande, VLCC's CMO, insisted that because no drug is side effect-free and because there are no shortcuts to building lasting health, they only recommend drugs when prescribed. Now, that's one way of looking at it. The other way is a little less idealistic.

Behind the scenes, many clinics are actually experimenting with combinations. Dr. Prita Kiran, a former VLCC doctor, told Noha that some wellness centers have been pairing Moong Jaro with cool sculpting, because it seems to enhance results. And what's also happening is this. Pankajetwani, the managing director of W Health Ventures, an investment firm focused on healthcare companies, offered a different point of view. He told Noha that based on trends in the West, it seems like if one, If one doesn't adopt GLP1 drugs, then they become irrelevant.

He gave the example of Weight Watchers, claiming that it failed because it was late to the GLP1 game. But companies like Hymns and Hers or Roe, on the other hand, they seem to be thriving. Dr. Kieran put it a little more bluntly. She said that in some ways, clinics like these have no choice but to incorporate GLP1 drugs into their program. Basically, because the world has moved on,

they need to keep up. Stay tuned. The world may have moved on, but India is still catching up. In the US, a recent poll by the RAND research group indicated that more than one in 10 adults have used GLP1 drugs. Of the around 9,000 Americans surveyed, more than 10% said they had tried the drugs. Another 14% said they were interested in trying them, while more than 70% said they don't plan on trying them at all.

There's also been a 40-fold increase in OZAMPIC and Mojaro users between 2017 and 2021. Meanwhile, awareness of GLP-1 drugs is quite less among Indians. About 15% based on the Ipsos Health Service report in 2025. The Carlisle executive quoted before said that the boom in GLP-1 medications is yet to come to India. While Carlisle is hoping that it does come, it doesn't believe it's quite there yet. None of that has faced VLCC though. A VLCC manager shared that the majority of its revenue, nearly 60%, currently comes from weight loss clinics, where it's a market leader.

Another 15% comes from its beauty institutes. Of course, the Kalal Executive is even more optimistic about the company's prospects. He told us that there's been an underlying growth in disposable incomes. This has supported the growth of weight loss clinics. It happened to be the case in 2003 and the rise of GLP1 drugs is only bound to accelerate this growth. So

the implication is basically that far from being a threat, the expected GLP1 drugs explosion is just an opportunity for VLCC. The Kalal executive then said that people who are considering using the pill should just take it because at the end of the day

all it will do is create one more long-term customer for them. And what that means is that whether or not Shreya chooses cool sculpting or Zempec doesn't really matter. Either way, she'll likely continue to be a VLCC customer. And that is exactly

Kala's biggest win. Daybreak is produced from the newsroom of the Ken, India's first subscriber focus business news platform. What you're listening to is just a small sample of our subscriber-only offerings. A full subscription offers daily long-form feature stories,

newsletters and a whole bunch of premium podcasts. To subscribe, head to the ken.com and click on the red subscribe button on the top of the Ken website. Today's episode was hosted and produced by my colleague Rachel Vargis and edited by Rajiv Sien.