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

EntrackrEntrackr · 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 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.

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

EntrackrEntrackr · 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 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.

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

EntrackrEntrackr · 9m 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 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.

Exfinity Ventures leads $6.7 Mn Series A round in Aarna.ml

EntrackrEntrackr · 1y ago
Exfinity Ventures leads $6.7 Mn Series A round in Aarna.ml
Medial

Aarna.ml, an open-source GPU-as-a-Service (GPUaaS) AI Cloud software, has raised $1.25 million in Series A funding round from Exfinity Venture Partners. The company had previously raised $6.5 million co-led by NVIDIA, LDV Partners, 3Lines, CARAT Venture Partners, and others back in October 2023. The proceeds will be used to extend its platform to the GPU reference architectures that include high-speed networks and storage, Aarna said in a press release. Co-founded in 2018 by Amar Kapadia and Sriram Rupanagunta, Aarna.ml enables GPU-as-a-service providers and NVIDIA Cloud Partners (NCP) to offer hyper scaler-grade multi-tenant GPU instances with full isolation while leveraging a common underlying GPU pool. It aims to empower the AI Cloud landscape. Aarna claims to have served companies like Tigo, LGE, Equinix, Keysight, CableLabs, and CapGemini Engineering. Exfinity Venture Partners focuses on early-stage B2B investments in deep tech and SaaS. It has backed startups like Autoverse, CloudSek, Cult.fit, Kinara.ai, Locus, Log9, MoEngage, Pixis, Skit.Ai, among others.

Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25

EntrackrEntrackr · 15d ago
Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25
Medial

Fintrackr All Stories Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25 Fitness tech company Cult.fit reported over 31% year-on-year growth in operating revenue for the fiscal year ended March 2025, while its losses narrowed by 10% to Rs 481 crore during the period. Mukul Manchanda 15 Dec 2025 16:06 IST Fitness tech company Cult.fit reported over 31% year-on-year growth in operating revenue for the fiscal year ended March 2025, while its losses narrowed by 10% to Rs 481 crore during the period, as the company gears up for an initial public offering (IPO). Cult.fit reported an operating revenue of Rs 1,215.5 crore in FY25 compared to Rs 926.6 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Revenue from fitness subscriptions, including flagship offerings such as Cultpass, Cult.fit centres, and platform services, accounted for 73% of total revenue which increased by 32.7% year-on-year to Rs 889 crore in FY25. The sale of products, including sportswear for men and women as well as other gym and fitness products, contributed Rs 326.4 crore to total revenue, with the segment’s revenue rising 27% compared to FY24. Cult.fit also earned Rs 56.5 crore from other income, including interest on current investments and miscellaneous non-operating sources, taking its total revenue to Rs 1,272 crore in FY25. Coming to expenses, employee benefit costs remained largely flat at Rs 347.4 crore in the last fiscal, including Rs 99.5 crore ESOP expenses. Meanwhile, Cult.fit’s cost of materials rose 31% year-on-year to Rs 521.5 crore in FY25, accounting for nearly 30% of the company’s overall expenses and remaining its largest cost centre. Spending on advertising and promotional expenses remained flat at Rs 202.9 crore in FY25, while depreciation and amortisation costs increased 12% year-on-year to Rs 237.6 crore. Legal and professional expenses, along with finance costs, added another Rs 120.9 crore and Rs 109.5 crore, respectively, to the company’s total expenses. Information technology, travel and other miscellaneous expenses pushed overall costs up by 12% year-on-year to Rs 1,751.6 crore in FY25. In the end, the Bengaluru-based firm’s losses declined by 10% to Rs 480.8 crore in FY25. Its ROCE and EBITDA margins stood at -24.02% and -15.54% respectively whereas its EBITDA (loss) stands at Rs 189 crore in the period. Cult.fit managed to improve its expense-to-earning ratio to Rs 1.44 in the previous fiscal. Its current assets stood at Rs 1,029.5 crore with a cash and bank balance of Rs 240.7 crore in FY25. According to startup data intelligence platform TheKredible, Cult.fit has raised over $675 million to date from investors including Accel, Temasek, Eternal (Zomato), Tata Digital and several others. The Tata Digital-backed company is reportedly aiming to raise Rs 2,500 crore through an initial public offering (IPO) at a valuation of around $2 billion, and has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as its bankers.

FarMart bags $10 Mn through equity and debt funding

EntrackrEntrackr · 8m ago
FarMart bags $10 Mn through equity and debt funding
Medial

FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore. SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding. FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Besides equity funding, FarMart has issued non-convertible debentures to Stride and Trifecta Venture, totaling Rs 40 crore, the filing shows. The company will use the funds for growth, expansion, and general corporate purposes, as per filings. Entrackr estimates that FarMart has been valued at around Rs 1,800 crore (around $210 million) post-allotment in the latest funding round. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce, connecting nearby buyers and sellers to reduce logistics costs associated with long-distance transportation. The company has a strong retailer network across central and northern India, though its presence remains limited in southern states and Jammu & Kashmir. The company has raised over $60 million to date, including its $32 million Series B round led by General Catalyst, with participation from existing investors, Z47, and Omidyar Network India. According to TheKredible, FarMart’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it reported a net loss of Rs 68 crore for the same period. GC India Investment Holdings Group, Z47, and ON Mauritius are among the company’s lead investors. Farmart directly competes with Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, and others.

DVARA KGFS bags $10 Mn in debt round

EntrackrEntrackr · 1y ago
DVARA KGFS bags $10 Mn in debt round
Medial

Dvara Kshetriya Gramin Financials, an NBFC operating in remote rural parts of India, has raised debt of $10 million from BlueOrchard Microfinance Fund. The firm will use the fund for expansion plans and strengthen its efforts to empower underserved communities across the country. Earlier to this round, the NBFC had raised $14.4 million through listed non-convertible debentures (NCDs) from Impact Investment Exchange (IIX) in March this year. Led by LVLN Murty, Dvara KGFS focuses on the well-being of individuals and nano and micro-businesses in rural India. It leverages an omni-channel approach, offering a wide range of loans and third-party products to cater to the diverse financial needs of its clientele It has over 400 branches across 10 states including Tamil Nadu, Uttarakhand, Uttar Pradesh, Chhattisgarh, Jharkhand, and Bihar, among others. Dvara KGFS recorded 33% growth in its scale to Rs 380.5 crore in FY23 as compared to Rs 285.9 crore in FY22. As per the company’s consolidated financial statements, it also turned profitable during the year with Rs 12.6 crore profits against loss in FY22. In February this year, the firm also surpassed Rs 2,000 crore in Assets Under Management (AMU).

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