Health and fitness business Cult.fit has raised a total of Rs 84.5 crore in its latest funding round. The investment round was led by Valecha Investments, which contributed more than Rs 36 crore, and is the business’ first in the past two years.
Other investors which participated in the funding round included Sun-n-Sand Hotels’ Gul Advani who invested Rs 28.26 crore as well as Extreme Brands LLP, and L&K Wellness Services among others, ET Tech reported, citing documents from the Registrar of Companies. In January this year, Cult.fit had run a cost cutting initiative and laid off approximately 100 of its employees to streamline operations.
The 2023 financial year saw Cult.fit’s operating revenue increase by over three times to reach Rs 694 crore, compared to Rs 216 crore in the 2022 financial year. The business is eyeing an initial public offering and is focusing on profitability as it gets ready to go public.
Mukesh Bansal and Ankit Nagori launched Cult.fit in 2016 to promote fitness and health in India and make it more accessible. The business was valued at $1.5 billion in 2021 following a $145 million funding round which was led by Zomato.
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