Cult.fit, a health and wellness startup, reported 34 per cent y-o-y rise in revenue at ₹216 crore in FY22. However, the losses reported were marginally higher at ₹681 crore from ₹671 crore in the previous year, according to its annual financial statement filed with the Registrar of Companies.
The 34 per cent revenue growth comes from a comparatively lower base as the start-up had posted ₹496 crore in revenues in FY 20, the pre-pandemic period. Covid -19 had negatively impacted the company which largely manages fitness centers.
Its fitness vertical contributed to the majority of its revenues at 65.3 per cent of total revenues. The revenues from Care.fit and Mind.fit, its D2C, and healthcare services stood at ₹63 crore in FY22. However, its sale of sports apparel was 60 per cent lower at 12 crore in FY22.
In November last year, Cult.fit, with a fundraise of $50 million from Zomato turned into a unicorn. It was valued at $1.5 billion. Earlier in 2020, the startup had raised ₹832 crore from Singapore government-backed Temasek, GableHorn Investments and Ascent Capital, among others.
Stake acquisition
In FY22, Cult.fit became franchise partner for Gold’s Gym as it acquired a majority stake in F2 Fun & Fitness. Earlier, the startup had acquired various fitness companies - sports discovery platform Fitso, gym aggregator Fitternity, San Francisco-based fitness firm Onyx, and Bengaluru-based a1000yoga and integrated mental wellness platform Seraniti.
Cult.fit is a health and fitness platform by Cure.fit Healthcare Pvt Ltd is headquartered in Bangalore, India. Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit caters to living a healthy life through its physical fitness & wellness dimensions The platform provides fitness-related services through a mix of online and offline channels.