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Cult.fit picks bankers for Rs 2,500 Cr IPO

EntrackrEntrackr ยท 5m ago
Cult.fit picks bankers for Rs 2,500 Cr IPO
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 companyโ€™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.

Cult.fit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal becomes chairman

EntrackrEntrackr ยท 1y ago
Cult.fit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal becomes chairman
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 companyโ€™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 Digitalโ€™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.fitโ€™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.

Exclusive: Tata Digital-backed Cult.fit tops up Series F with $10 Mn funding

EntrackrEntrackr ยท 1y ago
Exclusive: Tata Digital-backed Cult.fit tops up Series F with $10 Mn funding
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 companyโ€™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.fitโ€™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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