Zomato-Backed Cult.fit Bags $10 Mn In Funding From Valecha Investments, Others

Zomato-Backed Cult.fit Bags $10 Mn Funding In A Round Led By Valecha Investments

SUMMARY

Besides existing investor Valecha Investments, the funding round saw participation from Extreme Brands LLP, L&K Wellness Services Private Limited, among others

Founded in 2016, Cult.fit offers a range of fitness services including offline group workouts at Cult.fit centres and other gym- or equipment-based workouts at partner gyms across the country

Cult.fit’s operating revenue more than tripled year-on-year to INR 694 Cr in FY23 while loss narrowed to INR 551 Cr

Fitness unicorn Cult.fit has raised INR 84.5 Cr (about $10.2 Mn) in its series F funding round, led by existing backer Valecha Investments. The round also saw participation from Extreme Brands LLP, L&K Wellness Services Private Limited, among several others.

As per Cult.fit’s regulatory filings with the Registrar of Companies, the startup allotted over 7.5 Lakh Series F compulsory convertible preference shares (CCPS) to Valecha Investments in October last year, raising INR 26.4 Cr. This was followed by allotment of 5.8 Lakh CCPS to Gul Advani, who invested INR 28.3 Cr in the company.

Besides, as per the Tata Digital-backed startup’s regulatory filings seen by Inc42, it proposed to raise INR 7.50 Cr by issuing and alloting 1.55 Lakh equity shares to Extreme Brands LLP in November last year.

In another resolution passed by the shareholders of Cult.fit’s parent Curefit Healthcare Private Limited at its extra-ordinary general meeting held last month, the startup further allotted 1.65 Lakh Series F CCPS to L&K Wellness Services and Surendra Kedia, raising INR 8 Cr.

The development was first reported by Entrackr.

Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit offers a range of fitness services including offline group workouts at Cult.fit centres and other gym- or equipment-based workouts at partner gyms and fitness centres across the country.

With the latest fundraising, the startup has raised over $670 Mn across multiple rounds till date. It counts the likes of Zomato, Temasek, and Kalaari Capital among its marquee investors.

Last month, Inc42 exclusively reported that CureFit laid off about 120 employees in a restructuring exercise, which impacted workforce across its sub-brands such as Sugar.fit, Carefit, and Cult.fit.

Cult.fit’s operating revenue more than tripled year-on-year to INR 694 Cr in FY23 and loss narrowed to INR 551 Cr.