Total amount raised
$634.8 Millions
Latest funding date
Location
Cult.fit has successfully raised significant funding through multiple rounds, with the latest being a Series F round. The company is backed by a diverse group of 48 investors, including Valecha Investments and Reset India.
Keep reading to explore the intricacies of Cult.fit's fundraising journey and the investors backing this innovative platform.
What Is Cult.fit?
Cult.fit, founded on July 1, 2016, by Ankit Nagori and Mukesh Bansal, is a prominent player in the fitness and wellness industry. Headquartered in Bangalore, Karnataka, India, the company employs between 501 and 1000 people.
Specializing in fitness, health care, and wellness, Cult.fit offers a blend of digital and offline experiences. Their services include trainer-led group workout classes, healthy food options, mindfulness sessions, and access to sports facilities, all aimed at making fitness enjoyable and accessible.
How Much Funding Has Cult.fit Raised?
- Series B
- Amount Raised: $25M
- Date: August 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their fitness and wellness services.
- Venture Round
- Amount Raised: ₹60M
- Date: December 2017
- Lead Investors: Brun Raschle, Endiya Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their digital and offline offerings.
- Debt Financing
- Amount Raised: $10M
- Date: January 2018
- Lead Investors: Axis Bank, HDFC Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and growth.
- Venture Round
- Amount Raised: ₹41.8M
- Date: April 2018
- Lead Investors: Ananth Narayanan, Binny Bansal
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and services.
- Series C
- Amount Raised: $120M
- Date: July 2018
- Lead Investors: Accel, Chiratae Ventures, Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Series D
- Amount Raised: $120M
- Date: June 2019
- Lead Investors: Accel, Chiratae Ventures, Kalaari Capital, Oaktree Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their fitness centers and digital platforms.
- Series D
- Amount Raised: $110M
- Date: March 2020
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their digital fitness offerings and expand market presence.
- Series E
- Amount Raised: $75M
- Date: June 2021
- Lead Investors: Tata Digital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their digital and offline fitness services.
- Series F
- Amount Raised: $145M
- Date: November 2021
- Lead Investors: Zomato
- Valuation at Round: Over $1.5 billion
- Motivation Behind the Round: To achieve unicorn status and solidify market position.
- Series F
- Amount Raised: ₹845M
- Date: February 2024
- Lead Investors: Valecha Investments
- Valuation at Round: ₹12,400 crore
- Motivation Behind the Round: To support growth and operational needs.
Total Amount Raised: $670 million
Current Valuation: ₹12,400 crore
Key Investors
- Valecha Investments
- Details: Valecha Investments is a prominent investment firm that led the recent Series F funding round for Cult.fit with an investment of Rs 36.36 crore. The firm is known for its strategic investments in high-growth potential companies.
- Investment Focus Areas: Health and wellness, technology, startups.
- Notable Investments: Cult.fit (specific other investments not mentioned).
- Zomato
- Details: Zomato is a global food delivery and restaurant discovery platform that acquired a 6.4% stake in Cult.fit for $100 million in November 2021. The investment helped Cult.fit achieve unicorn status.
- Investment Focus Areas: Food tech, dining, related tech services.
- Notable Investments: Blinkit (formerly Grofers), Cult.fit.
- Tata Digital
- Details: Tata Digital is a subsidiary of Tata Sons, focusing on digital and technology-driven businesses. It has been a significant backer of Cult.fit, supporting its strategic growth and development.
- Investment Focus Areas: Digital businesses, technology, e-commerce.
- Notable Investments: BigBasket, 1mg, Cult.fit.
- Temasek Holdings
- Details: Temasek Holdings is a global investment company headquartered in Singapore. It has a diverse portfolio and has been a notable investor in Cult.fit.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Alibaba, Airbnb, Gojek.
- Accel
- Details: Accel is a venture capital firm that focuses on early-stage and growth-stage technology companies. It is the largest shareholder in Cult.fit with a 17.25% stake.
- Investment Focus Areas: Technology, health, startups.
- Notable Investments: Facebook, Dropbox, Flipkart.
What's Next for Cult.fit?
As Cult.fit looks to the future, the opportunities for growth are vast. With recent funding of Rs 84.5 crore, the company is well-positioned to expand its online and offline fitness services. The health and wellness industry is booming, and Cult.fit's comprehensive approach to fitness, nutrition, and mental well-being places it at the forefront of this trend. The potential for further investment from high-profile backers like Zomato, Tata Digital, and Temasek underscores the significant market confidence in Cult.fit's business model.
Future fundraising opportunities appear promising, with the company likely to attract additional investments to support its ambitious expansion plans. Cult.fit's strong financial performance, including a tripling of operational revenue to Rs 694 crore in FY23, makes it an attractive candidate for further funding rounds. Strategic partnerships and potential acquisitions could also play a crucial role in enhancing its service offerings and market reach.
However, challenges remain. Managing operational costs and reducing losses will be critical as Cult.fit scales its operations. The competitive landscape of the fitness industry requires continuous innovation to meet changing consumer preferences. Despite these hurdles, Cult.fit's robust investor backing and strategic vision position it well for sustained growth and success in the coming years.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Cult.fit and gather other critical business insights.
Sign up for free to start exploring the wealth of information available at your fingertips.
