Tata Digital’s Cult.fit Secures 10 Million Dollars in Series F Funding Round

Cult.fit, previously known as cure.fit or Curefit is a health and fitness company that provides online and offline experiences in the areas of fitness management, nutrition, and mental well-being. Mukesh Bansal and Ankit established a company in Nagori 2016, which is now located in Bangalore, Karnataka. The goal of cult. fit is to make exercising enjoyable and effortless, by offering a variety of group workouts led by physiotherapists. This makes workouts enjoyable, daily meals wholesome and tasty, yoga and meditation easy on the mind plus hassle free medical/lifestyle care.

Cult.fit, previously known as Cure.fit, recently secured a substantial funding of Rs 84.5 crore (equivalent to $10.2 million) in a prolonged Series F financing round, prominently led by longstanding supporter Valecha Investments. This financial boost marks Cult.fit’s return to fundraising after an interval of almost two years, reaffirming its position in the Bengaluru health and wellness scene.

Related: Health and fitness startup Cure.Fit acquires cold-pressed juice brand Rejoov

In accordance with regulatory filings lodged with the Registrar of Companies, the board of Cult.fit has sanctioned special resolutions to allot 1,55,080 equity shares to Extreme Brands LLP, alongside issuing 15,92,157 Series C compulsory convertible preference shares (CCPS) to various investors at a rate of Rs 483.62 per share, thereby garnering the total funding of Rs 84.5 crore.

Valecha Investments took the lead in this funding round, contributing Rs 36.36 crore, closely followed by Gul Advani with an investment of Rs 28.26 crore. Other participants in the round included Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life), and notable individuals such as Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe, pooling in the remaining amount.

In the final quarter of FY22 (January-March 2022), Cult.fit secured an impressive sum of nearly Rs 300 crore from notable investors such as Accel, IIFL, Valecha Investments, and various individuals, according to TheKredible. Despite this substantial fundraising effort, it didn’t quite make waves in the news.

In total, Cult.fit has amassed a significant funding amount, surpassing $670 million thus far. This backing comes from renowned entities like Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others.

After the latest round of allotment, Accel Partners emerges as the top shareholder in the company, holding a commanding 17.25% stake, while the founder & CEO, Mukesh Bansal, maintains a significant ownership with 10.5% shares. For further details, feel free to explore here.

Cult.fit soared to unicorn status in November 2021 following a substantial investment from Zomato, led by Deepinder Goyal, acquiring a noteworthy 6.4% stake valued at $100 million.

Just last month, the company, supported by Tata Digital, initiated a strategic move to enhance productivity and pave the path to profitability by the fiscal year 2025, resulting in the streamlining of approximately 150 positions.

In the financial year 2023, Cult.fit witnessed a remarkable surge in operational revenue, scaling up by a staggering 3.2 times to reach Rs 694 crore from Rs 216 crore in FY22. Furthermore, it successfully curtailed losses by 20% to Rs 551 crore (excluding exceptional items or non-cash expenses) in FY23 compared to Rs 688 crore in the preceding fiscal year.

Cult.fit’s recent Rs 84.5 crore Series F funding, led by Valecha Investments, marks its return to fundraising after nearly two years, underscoring its presence in Bengaluru’s health and wellness sector. The company also secured a substantial sum in the final quarter of FY22 and has amassed over $670 million in funding. Following this, Accel Partners emerged as the top shareholder, and the founder & CEO, Mukesh Bansal, retained significant ownership. In FY23, Cult.fit experienced a remarkable 3.2x surge in operational revenue to Rs 694 crore and curtailed losses by 20% to Rs 551 crore, excluding exceptional items or non-cash expenses.