.jpeg?resize=218%2C150&ssl=1 "Nicole Kidman Accepts Her Lifetime Achievement Award—Trying Like a Trophy")
Other participants in the round include Gul Advani of Sun-n-Sand Hotels, who has infused Rs 28.26 crore, Extreme Brands LLP, L&K Wellness Services, and a clutch of other individual investors, according to documents sourced from the Registrar of Companies (RoC).
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This funding round follows the Bengaluru-based fitness startup’s cost-cutting exercise in January 2024 that saw around 100 employees being laid off. Cult.fit is backed by the likes of Tata Digital and Zomato.
Also, this funding marks Cult.fit’s return to fundraising after a nearly two-year gap with previous investments totalling over $650 million from notable backers like Accel, Temasek, Chiratae, and Kalaari Capital.
The startup was ascribed a valuation of over $1.5 billion after a $145 million funding round led by Zomato in 2021.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit offers fitness services both online and offline. Its offerings include group workouts at Cult.fit centres, gym- and equipment-based workouts at partner facilities, and online training.
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In 2022, ET reported the company’s intent for a public listing after its core gym business achieved operating profitability.The company’s operating revenue more than tripled to Rs 694 crore in FY23, up from Rs 216 crore in FY22, with a narrowed loss of Rs 551 crore compared to Rs 688 crore the previous year.
