By Mr. Abhay Ray 
Introduction to Cult.fit
Cult.fit is Online platform offering multiple fitness and wellness services. It includes video based live and on demand fitness, yoga, and meditation sessions based on membership. It also offers healthy meals, an online store, and allow users to track performance in real time and compete with other users. It also allows users to participate in multiple variety of sports such as swimming, badminton, table tennis and other sports.
Incorporation – Cult.fit was founded in Bangalore, India in 2016 by Mukesh Bansal and Ankit Nagori.
Mission and Vision of Cult.fit
Cult.fit is a pioneering health and fitness platform with a mission to redefine wellness for all. Our vision is to inspire and empower individuals to lead healthier lifestyles by providing accessible and personalized fitness solutions.
Founder Details of Cult.fit
Cult.fit was founded by Mukesh Bansal and Ankit Nagori, both former executives at Flipkart, India’s leading e-commerce platform. Mukesh Bansal is an Indian entrepreneur and author known for his contributions to digital commerce, wellness, and technology.
- Mukesh Bansal was born in Haridwar, India. He completed his early education in Haridwar before pursuing a degree in Computer Science and Engineering at the Indian Institute of Technology Kanpur (IIT Kanpur). His early interest in technology and entrepreneurship guided his career path in the tech industry.
Mukesh has worked at Deloitte as a system analyst and a few other Silicon Valley companies like eWanted, Centrata, NexTag, and newScale. He also worked as the Head of Commerce and Advertising Business at Flipkart, after acquiring Myntra. He is the man behind Myntra’s foundation, an e-commerce platform.
Mukesh is a member of Olympics Gold Quest, a non-profit organization promoting games and sports. He has also been featured in the Best 40 under 40 Entrepreneurs by Fortune Magazine.
- Ankit Nagori is currently the co-founder of Cure.fit. Besides this, he is currently the CEO and founder of Curefoods. A graduate from IIT, Guwahati, Ankit had started a social media startup ‘Youthpad’ which went on for three years.
After working at Flipkart for six years, he came up with Cure.fit with Mukesh Bansal. But later, Ankit shifted his time investing in Curefoods (part of Eat.fit) in 2020 to provide healthy diets and a cloud-based kitchen. However, he still has a stake in Cult.fit or curefit. In 2019 he was chosen by the Entrepreneur Magazine in the Entrepreneur 35 under 35 business leaders list.
Product And Services of Cult.fit
Cult Gyms – The first three Cult Gym locations has opened in Bengaluru, according to Cult.fit, which announced that its chain of fitness centers would debut on September 7, 2021. It is anticipated that the company’s introduction of its own gym network will enable it to offer comprehensive fitness services to all of its clients.
Evolve Yoga – On September 12, 2023, Cult.fit introduced Evolve Yoga, a brand-new, revolutionary yoga style based on science that aims to improve mobility and flexibility.
Founding Rounds of Cult.fit
Cult.fit has raised funds around $634.8 million in 12 rounds of funding.
|
Date |
Funding Round | Amount | Company Name |
| February 26, 2024 | Series F | $10 million |
Valecha Investments |
|
November 10, 2021 |
Series F | $145 million | Zomato |
| November 03, 2021 | – | $50 million |
– |
|
March 23, 2020 |
Series E | $75 million | Tata Digital |
| June 25, 2019 | Series D | $120 million |
Accel, Chiratae Ventures, Kalaari Capital, Oaktree Capital Management |
|
July 30, 2018 |
Series C | $120 million | Accel, Chiratae Ventures, Kalaari Capital |
| July 04, 2016 | Series A | $15 million |
– |
|
January 30, 2018 |
Debt Financing | $10 million | Axis Bank, HDFC Bank |
| December 22, 2017 | – | $60 million |
Brun Raschle, Endiya Partners |
|
August 28, 2017 |
Series B | $25 million | – |
| May 08, 2017 | Series A | $3 million |
RNT Capital |
|
July 04, 2016 |
Series A | $15 million |
– |
Cult.fit – Acquistions
Cult.fit has acquired 14 companies
|
Company Name |
Amount | Date |
| Gold’s Gym | – |
Feb 14, 2022 |
|
OneFitPlus |
– | Dec 20, 2021 |
|
RPM Fitness |
– |
Dec 20, 2021 |
| Urban Terrain | – |
Dec 20, 2021 |
|
FITSO |
$50 Million | Nov 11, 2021 |
| TREAD | – |
Jun 10, 2021 |
|
Fitternity |
– | Feb 9, 2021 |
| Onyx | – |
Jan 18, 2021 |
|
Rejoov |
– | Apr 12, 2019 |
| Seraniti | – |
Nov 20, 2018 |
Cult.fit – Growth and Revenue
|
Financials |
FY24 | FY23 |
|
Operating Revenue |
₹ 927 crore | ₹ 694crore |
| Total Expenses | ₹ 1,563 crore |
₹ 1,493crore |
| Profit/Loss | Loss ₹ 535 crore |
Loss ₹ 551crore |
Cult.fit reported a 33.6% increase in its operating revenue of ₹ 927 crore in FY24 compared to ₹ 694 crore in FY23. Revenue from fitness subscriptions, including flagship services like Cultpass and Cult.fit centers and platform services, accounted for 72.3% of the total revenue which increased by 46.6% to 670 crore.
Cult.fit – Awards and Recognitions
- The company has won the award for the Best Tech Startup to Work for 2021.
- The Cult.Fit Elite Gym Dwarka in New Delhi was awarded the National Award for Best Cult.Fit Gym in 2022.
- Mukesh Bansal, co-founder of Cult.fit, received “ IIT Kanpur’s Distinguished Alumnus Award”.
- Mukesh Bansal was also featured on “Fortune’s 40 Under 40 list”.
Cult.fit – Partnerships
- HRX Gyms – India’s top fitness chain, cult.fit, and top sportswear and accessory brand, HRX, announced a strategic partnership on June 17, 2023, to open HRX Gyms.
- Mirchi 95 – TRAFFIT is a new project by mirchi and cult.fit in partnership on December, 15, 2022 that attempts to keep Bangaloreans moving and healthy even when they’re delayed in traffic.
Competitors of Cult.fit
- BurnAlong
- PurpleBasil Lifestyle Solutions
- Breathe Well-Being
- Anytime Fitness
- MyFitnessPal
- FITTR
- EICoach
- Shyft
Conclusion
Cult.fit improved fitness apps by focusing on you. They offer personalized workouts, nutrition plans, progress tracking, and a friendly community. In a busy market, they grabbed attention and kept users interested, showing their approach works for those serious about fitness. It’s more than just an app, it’s your fitness buddy, making healthy living feel personal and doable.
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