The startup eyes consolidating its position in the fitness D2C space with these acquisitions
In June 2021, cult.fit acquired Tread, a Bengaluru-based connected fitness startup, for an undisclosed amount
Founded in 2016, the recently minted unicorn uses an online-offline model to offer services ranging from physical fitness, nutrition to mental fitness
Fitness and wellness unicorn Cult.fit has acquired cardio equipment brands, RPM fitness, Fitkit, and Onefitplus and the bicycle brand Urban Terrain, in a bid to consolidate its position in the fitness D2C space.
With the acquisition of Urban Terrain, Cult.fit has forayed in the bicycle business.
The brands were built and scaled by Mohit Mathur (CEO) and his team at Shoora Retail. The entire team of Shoora will be joining Cult to expand the business further.
Shoora offers a wide range of treadmills, exercise bikes and bicycles with smart features such as connectivity with any smartphone or tab. These smart equipment connect with smartphones which users can use to track their performance and walk or run in a virtual game environment.
With the acquisition, Cult.fit is also getting the manufacturing capability for bicycles and service network that extends to over 19,000 pin codes in the country. The acquisition will help Cult.fit expand its manufacturing capability and help it ensure control over the end-to-end supply chain, thus ensuring profitability and control on margins, the company said.
Speaking on the acquisition, Shamik Sharma, Head of Digital Health, Cult.fit said, “This acquisition enhances our product portfolio of at-home smart exercise equipment. We now have a range of options at all price points, starting from simple air bikes for INR 5,000 – INR 7,000 to premium Cult bike for INR 50,000.”
The development comes nearly three weeks after Cult.fit raised around $145 Mn (INR 1,088) Cr in a funding round led by Zomato along with San Francisco-based South Park Commons at a valuation of $1.4 Bn.
In June this year, cult.fit acquired Tread, a Bengaluru-based connected fitness startup, for an undisclosed amount. In February, it had acquired Fitternity, a corporate fitness and gym aggregator platform.
In September, the Bengaluru-based health and fitness startup announced the launch of its own physical gym chain called Cult Gym.
Founded in 2016, Mukesh Bansal and Ankit Nagori’s startup Cult.Fit uses an online-offline model to offer physical fitness, mental fitness (Mind.fit), nutrition (Eat.fit), with a primary care vertical (Care.fit), diabetic care and prevention with investment in Sugar.fit.
With Cultsport, Tread and Onefitplus portfolio brands,Cult.fit now offers a range of offerings across sportswear/athleisure, accessories, footwear, at-home and outdoor fitness equipment, it said.