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Mukesh Bansal's Cult.fit raises $10.2M led by exiting investors
IndianStartupNews
·
1y ago
Medial
Indian health and fitness startup Cult.fit has raised INR 84.5 crore (approximately $10.2 million) in a funding round led by Valecha Investments. The startup, founded in 2016, is shifting towards an offline-focused model and plans to open more physical centers across India. Despite the COVID-19 pandemic, Cult.fit saw a substantial increase in operating revenue, reaching INR 694 crore in FY23. The startup also managed to narrow its losses to INR 551 crore in the same year. The funding will support Cult.fit's growth and expansion plans.
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Related News
Myntra co-founder Mukesh Bansal gets VC funding for new startup Nurix AI
VCCircle
·
10m ago
Medial
Mukesh Bansal, co-founder of Myntra and Cult.fit, has secured $27.5 million in funding for his new startup, Nurix AI. The funding round was led by venture capital firms Accel and General Catalyst, with participation from Bansal's early-stage incubator Meraki Labs. Nurix AI provides artificial intelligence-enabled customer engagement solutions to companies, focusing initially on the BPO industry. The funds will be used to expand the company's technology base, scale its operations, and further develop its research and development capabilities.
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Tata Digital-backed Cult.fit raises $10 million in funding round led by Valecha Investments
Economic Times
·
1y ago
Medial
Bengaluru-based health and fitness platform Cult.fit has raised Rs 84.5 crore ($10.2 million) in a funding round led by Valecha Investments. Other investors in the round include Gul Advani of Sun-n-Sand Hotels and Extreme Brands LLP. This funding comes after the company's cost-cutting measures in January 2024 that led to employee layoffs. Cult.fit offers online and offline fitness services, including group workouts at its centers and online training. The startup had previously raised over $650 million from investors like Accel and Temasek, and was valued at over $1.5 billion after a funding round led by Zomato in 2021.
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Reshuffle At Cult.fit: Naresh Krishnaswamy Elevated As CEO
Inc42
·
1y ago
Medial
Mukesh Bansal, co-founder of Cult.fit, has been appointed as the new executive chairman of the fitness unicorn, while Naresh Krishnaswamy, head of fitness services, has been promoted to the position of CEO. Krishnaswamy has been leading the company's operations since Bansal moved to Tata Digital as its president. The reshuffle follows Cult.fit raising $10.2 million in funding and laying off over 120 employees. Krishnaswamy's tenure has also seen the company undertake restructuring efforts to streamline operations and curb losses. Cult.fit has raised over $670 million in funding and offers various fitness services.
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Nuvie Raises $450K to Make Healthy Eating Tasty & Easy
StartupTalky
·
1m ago
Medial
Bengaluru-based startup Nuvie raised $450K in pre-seed funding led by PedalStart, with participation from notable investors. Nuvie aims to redefine healthy snacking in India by offering protein-rich, guilt-free snacks and drinks. The funds will support product innovation, brand-building, and market expansion. Founded by former Cult.fit leaders, Nuvie focuses on making healthy eating enjoyable and accessible. The startup is scaling its retail and online presence nationwide with innovative offerings like protein-infused shakes and snacks.
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Cult.fit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal becomes chairman
Entrackr
·
1y ago
Medial
Fitness tech company Cult.fit has elevated its co-founder Naresh Krishnaswamy as the chief executive officer. He will succeed co-founder and long-time CEO Mukesh Bansal, who now takes over the role of the company’s executive chairman. Krishnaswamy already took over the position of the CEO in October last year, according to his Linkedin profile. The company, however, did not announce it formally then. A Cult.fit spokesperson confirmed the development. Before moving to the top position, Krishnaswamy was the head of finance of Cult.fit for more than three years and also handled growth and business division of the firm for more than two-and-half years. Before Cult.fit, he was associated with e-commerce firm Myntra for nearly six years. Following Tata Digital’s first investment of $75 million in Cult.fit in June 2021, Bansal joined the former as president. Though, he continued to hold the top role at the Cult.fit. Cult.fit recently raised around $10.2 million in an extended Series F round led by existing backer Valecha Investments. As per startup data intelligence platform TheKredible, Bansal holds a 10.5% stake in the company. Entrackr exclusively reported the fundraise in February. In January, Cult.fit announced laying off around 150 employees. As per the company, the move was a part of a regular annual operating planning process. During Covid-19 pandemic, it had fired around 800 employees and permanently closed many of its fitness centres across the country. Cult.fit turned unicorn in November 2021 when Deepinder Goyal-led Zomato acquired a 6.4% stake in the company in a $100 million deal. In FY23, Cult.fit’s revenue from operations surged 3.2X to Rs 694 crore from Rs 216 crore in the previous fiscal year. While it managed to reduce losses by 20% to Rs 551 crore (excluding the exceptional items or non-cash expenses) in FY23 from Rs 688 crore in FY22. The company is yet to disclose its FY24 numbers.
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Cult.fit picks bankers for Rs 2,500 Cr IPO
Entrackr
·
4m ago
Medial
Fitness tech company Cult.fit has chosen banks to manage its upcoming IPO, according to a CNBC-TV18 report. The selected banks include Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial. As per the report, the company plans to raise Rs 2,500 crore (nearly $300 million) through the IPO, which would value it at nearly $2 billion. To date, Cult.fit has raised over $670 million from investors including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others. In November 2021, Zomato invested $100 million to acquire a 6.4% stake in Cult.fit, valuing it at $1.56 billion at the time. Founded by Myntra co-founder Mukesh Bansal and Ankit Nagori, Cult.fit operates over 500 gyms across multiple cities in India. Apart from gyms, the company also runs Eat.fit, a healthy meal delivery service that contributes 24.5% of its revenue. While Nagori has already left Cult.fit to lead its hived-off cloud kitchen vertical, Curefoods, Bansal took on the role of the company’s executive chairman last year. The company also elevated its co-founder Naresh Krishnaswamy to the position of chief executive officer. As per TheKredible, Cult.fit reported a 33.6% increase in its operating revenue to Rs 927 crore in FY24 compared to Rs 694 crore in FY23. It reported a steady loss of Rs 535 crore in FY24, slightly up from Rs 534 crore in FY23.
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Exclusive: Tata Digital-backed Cult.fit tops up Series F with $10 Mn funding
Entrackr
·
1y ago
Medial
Health and wellness platform Cult.fit (formerly Cure.fit) has scooped Rs 84.5 crore or $10.2 million in an extended Series F round led by existing backer Valecha Investments. The funding comes after a gap of nearly two years for the Bengaluru-based company. The board at Cult.fit has passed special resolutions to issue 1,55,080 equity shares to Extreme Brands LLP and 15,92,157 Series C compulsory convertible preference shares (CCPS) to other investors at an issue price of Rs 483.62 per share to raise Rs 84.5 crore, as per the company’s regulatory filings with the Registrar of Companies. Valecha Investments spearheaded the round with Rs 36.36 crore followed by Gul Advani who invested Rs 28.26 crore. Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life) and individuals namely Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe joined the round with the remaining sum. The company also raised nearly Rs 300 crore in the last quarter of FY22 (Jan-Mar 2022) from Accel, IIFL, Valecha Investments, and other individuals, as per TheKredible. The fundraise, however, missed the headlines. Overall, Cult.fit has raised over $670 million to date from the likes of Zomato, Tata Digital, Temasek, Kalaari Capital and South Park Commons among others. As per startup intelligence platform TheKredible, Cult.fit has been valued at Rs 12,400 crore (post-money). Post-allotment of the round, Accel Partners stands as the largest stakeholder in the company with 17.25% shares whereas its founder & CEO Mukesh Bansal owns a 10.5% stake. For more information, visit here. Cult.fit turned unicorn in November 2021 when Deepinder Goyal-led Zomato acquired a 6.4% stake in the company in a $100 million deal. Last month, the Tata Digital-backed company laid off around 150 employees to improve productivity and achieve profitability by FY25. Cult.fit’s revenue from operations surged 3.2X to Rs 694 crore in FY23 from Rs 216 crore in FY22. While it managed to reduce losses by 20% to Rs 551 crore (excluding the exceptional items or non-cash expenses) in FY23 from Rs 688 crore in FY22.
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Was extremely unhappy after exiting Flipkart as it was unplanned: Sachin Bansal
Economic Times
·
4m ago
Medial
Sachin Bansal, Flipkart cofounder, expressed his unhappiness after leaving the company in 2018, describing it as an unplanned exit. Despite being financially successful, Bansal felt discontent following the sale of his and his cofounder Binny Bansal's stakes to Walmart. This sentiment was noted by Paytm's Vijay Shekhar Sharma. After exiting Flipkart, Bansal founded Navi, a financial services company. He shared these reflections at Startup Mahakumbh 2025 in Delhi.
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How Ambani and Adani are attracting India’s retail investors into financial markets?
Livemint
·
11m ago
Medial
Indian billionaires Mukesh Ambani and Gautam Adani are targeting retail investors in India as they try to establish a stronger presence in the country's financial markets. Adani Enterprises, led by Gautam Adani, is offering bonds to individual investors for the first time and saw strong demand on the first day of the sale. Meanwhile, Reliance Industries, headed by Mukesh Ambani, approved a bonus issue of one additional share for every share held, increasing liquidity and affordability for small investors. These moves come as millions of Indians are turning to the stock market and away from traditional bank deposits.
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Grapevine: Vodafone Idea explores equity raise; Cult.fit raises fresh capital
VCCircle
·
1y ago
Medial
Vodafone Idea is reportedly considering a new equity raise from investors, which could lead to a dilution of existing shareholder stakes. The company's board of directors is set to meet to decide on the fundraising amount. In other news, Cult.fit has successfully raised fresh capital. Further details were not provided in the article.
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