Cult fit (cult.fit) secures $10.2 million in Series F funding round

Health and wellness platform Cult Fit (Cult.fit), formerly called Cure. fit, has recently secured Rs 84.5 crore (approximately $10.2 million) in an extended Series F funding round. This round was led by existing investor Valecha Investments, marking the company’s first funding activity in nearly two years since its previous raise.

Valecha Investments led the funding round with a contribution of Rs 36.36 crore, followed by Gul Advani with an investment of Rs 28.26 crore. Other participants included 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.

The total amount raised includes approximately Rs 300 crore secured by Cult.fit in the last quarter of FY22 from investors, including Accel, IIFL, Valecha Investments, and others. However, this fundraising activity attracted little attention then.

Cumulatively, Cult.fit has raised over $670 million in funding from diverse investors, including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons.

Following the latest funding round, Accel Partners emerges as the largest stakeholder in Cult.fit holds 17.25% of the company’s shares, while the founder and CEO, Mukesh Bansal, retains a 10.5% stake.

Cult.fit attained unicorn status in November 2021 when Zomato, led by Deepinder Goyal, acquired a 6.4% stake in the company through a $100 million transaction. However, the company recently undertook measures to enhance productivity and achieve profitability by the fiscal year 2025, including a workforce reduction of approximately 150 employees, as backed by Tata Digital.

Despite facing challenges, Cult.fit demonstrated significant growth in its financial performance. Its operations revenue surged 3.2 times to reach Rs 694 crore in FY23, compared to Rs 216 crore in FY22. Moreover, the company reduced its losses by 20% to Rs 551 crore (excluding exceptional items or non-cash expenses) in FY23, down from Rs 688 crore in FY22. These figures reflect Cult.fit’s commitment to improving its financial health while expanding its footprint in the health and wellness sector.