Saturday, July 20, 2024

Cult.fit’s Latest Funding: A Closer Look at the Series F Investment

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Cult.fit, the health and wellness platform previously known as Cure.fit, has garnered $10.2 million in an extended Series F funding round. The Cult.fit’s latest funding, led by existing investor Valecha Investments, marks a significant milestone for the Bengaluru-based company after nearly two years without new investment.

The board has approved Cult.fit latest funding special resolutions to issue equity shares and convertible preference shares, raising a total of Rs 84.5 crore. Valecha Investments spearheaded the round with Rs 36.36 crore, followed by an investment of Rs 28.26 crore from Gul Advani.

Other contributors include Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life), and individual investors such as Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe.

This funding comes on the heels of Cult.fit raising nearly Rs 300 crore in the last quarter of FY22 from Accel, IIFL, Valecha Investments, and other individuals, though it flew under the radar at the time. With this round, Cult.fit has amassed over $670 million in total funding from investors like Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons.

Post-allotment of the latest round, Accel Partners emerges as the largest stakeholder in Cult.fit with 17.25% shares, while founder and CEO Mukesh Bansal holds a 10.5% stake in the company. Cult.fit’s valuation post-funding stands at Rs 12,400 crore, according to startup intelligence platform TheKredible.

Coins in the bottle jar

Cult.fit’s journey to unicorn status began in November 2021 when Zomato acquired a 6.4% stake in the company for $100 million. Despite recent layoffs of around 150 employees aimed at improving productivity and achieving profitability by FY25, Cult.fit’s revenue from operations surged to Rs 694 crore in FY23 from Rs 216 crore in FY22, marking a 3.2X increase.

Additionally, the company managed to reduce losses by 20% to Rs 551 crore (excluding exceptional items or non-cash expenses) in FY23 from Rs 688 crore in FY22.

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