Cult.fit - How Does This India’s Leading Health and Fitness Company Make Money?

Shalini Rath Shalini Rath
Jul 22, 2022 7 min read
Cult.fit - How Does This India’s Leading Health and Fitness Company Make Money?

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Cult.fit.

Keeping fit should be the motto of every individual because that's how one will have a healthy life. It is the most important thing for all of us not only to look better but also to feel better that will keep us away from illness and sickness.

As people are growing conscious about their health, so is the health and fitness industry. Many fitness professionals are promoting their fitness goals through online marketing to promote their fitness journey. As a result of this, there is the birth of many such health and fitness companies that are helping to live healthy lives.

Imagine you don't want to go to the gym because of busy schedules or simply you want to have a health strategy that can help you guide you as per your body type and health requirement. Yes, it is possible to have this from the comforts of your house also. Cult.fit is one such online and offline based platform that offers preventive healthcare techniques.

Discover all about Cult.fit's startup story, founders and team, business and revenue, funding and investors, acquisitions, and much more in this article.

Cult.fit - About
Cult.fit - Industry
Cult.fit - Founders and Team
Cult.fit - Startup Story
Cult.fit - Name, Logo, and Tagline
Cult.fit - Business Model
Cult.fit - Revenue Model
Cult.fit - Funding and Investors
Cult.fit - Advertisements and Social Media Campaigns
Cult.fit - Awards and Achievements
Cult.fit - Acquisitions and Mergers
Cult.fit - Competitors
Cult.fit - Future plans

Cult.fit - Company Highlights

Startup Name Cult.fit
Headquarters Bangalore, India
Sector Health and fitness
Founder Mukesh Bansal and Ankit Nagori (Cure.fit)
Founded 2016
Total Funding Raised $689 million
Parent company Curefit healthcare
Website www.cult.fit

Cult.fit - About

Formerly known as Cure.fit or Curefit, Cult.fit is a health service provider both online and offline. The online mode offers video-based live classes on on-demand fitness, yoga, and meditation sessions as per the membership plans. Other than online mode, they also have Gyms located in various cities across many states in India.

The platform gives training on arm workouts, core exercises, aerobics, yoga, meditation, home workouts, kids exercises, and various other fitness programmes.

Cult.fit has an app that the users have to download to get access to many programs, or they can join the gym with multiple membership plans as per their requirements.

Cult.fit - Industry

The Cult.fit comes under the health and fitness industry. The most interesting thing about this industry is that the total market size of the global health and fitness industry is over $87 billion.

In India especially, the number of health app downloads have been increased. According to some reports, India topped the list of having the maximum number of health app downloads about 157%.

The covid-19 pandemic has made more conscious about health than ever before. This is giving now opening people's eyes to a more holistic approach. It is expected that this industry will have a CAGR of 17.6% from 2022 to 2030.

Cult.fit - Founders and Team

The company was founded by two businessmen - Mukesh Bansal and Ankit Nagori.

Mukesh Bansal

Mukesh Bansal, CEO of cult.fit
Mukesh Bansal, CEO of Cult.fit

Mukesh Bansal is an alumnus of IIT, Kanpur. Born in Uttarakhand, Mukesh started his journey before starting Cult.fit. He is the man behind Myntra's foundation, an e-commerce platform.

Mukesh has worked at Deloitte as a system analyst and a few other Silicon Valley companies like eWanted, Centrata, NexTag, and newScale. He also worked as the Head of Commerce and Advertising Business at Flipkart, after acquiring Myntra.

Mukesh is a member of Olympics Gold Quest, a non-profit organisation promoting games and sports. He has also been featured in the Best 40 under 40 Entrepreneurs by Fortune Magazine.

Ankit Nagori

Ankit Nagori, Founder & CEO at Curefoods
Ankit Nagori, Founder & CEO at Curefoods

Born in Bihar, Ankit Nagori is currently the co-founder of Cure.fit. Besides this, he is currently the CEO and founder of Curefoods. A graduate from IIT, Guwahati, Ankit had started a social media startup 'Youthpad' which went on for three years.

After working at Flipkart for six years, he came up with Cure.fit with Mukesh Bansal. But later, Ankit shifted his time investing in Curefoods (part of Eat.fit) in 2020 to provide healthy diets and a cloud-based kitchen. However, he still has a stake in Cult.fit or curefit. In 2019 he was chosen by the Entrepreneur Magazine in the Entrepreneur 35 under 35 business leaders list.

Cult.fit - Name, logo, and Tagline

Cult.fit Logo
Cult.fit Logo

Before Cult.fit, the company's name was Cure.fit. The reason for rebranding was the brand's massive growth in the fitness industry which has evolved them into a new brand and a new leader in the market.

The brand's goal was to start various online programmes with several other membership passes known as the 'cultpass'. Under the new name, the brand aims to expand its services to the eatfit marketplace, therapy, and teleconsultations. Cult.fit goes by the tagline, "Fitness is not an option".

Cult.fit - Startup Story

Started in 2016 by two entrepreneurs, Cult.fit is now winning the hearts of many fitness enthusiasts. When Mukesh and Ankit set out to build the company there were no other health and fitness industry.

After quitting Flipkart, the duo who are both fitness freaks started to gather information and concluded that no one is paying attention to their health in a proactive manner.

They found that people are not at all serious about fitness and visit doctors only when an emergency happens. In India, chronic diseases are among the top leading causes of death. This is what pushed Mukesh and Ankit in launching a holistic approach toward health and create a platform for people where they can train and stay fit.

By applying their engineering knowledge they came up with a solution that would let people train as per their Body mass index (BMI), how much sleep per day they need, water levels, and overall activity daily.

This is how they started Cure.fit now Cult.fit. The duo managed to get some capital without an app.

In the initial days, Cult.fit used to have studios where they held Zumba classes, boxing, dancing, Yoga, and Strength and conditioning to make workouts a fun session. After having a successful offline mode, the company launched its app in 2017. Since they were in the industry first as a digital platform, a lot of customers onboarded quickly. That's how the brand picked up and is continuing to grow.

Cult.fit - Business Model

The brand mainly operates through its online and offline modes. Their business model basically involves interactive coaching, and engagement through these two modes.

They operate by providing solutions that are seamless and end-to-end proactive health management to anyone interested to stay fit.

The brand has now restructured its business model after the Covid-19. During the pandemic, many of their centers were shut down, but that resulted in online home workouts, mental health, and well-being.

This turned the tables for them and Culf.fit started many live sessions and increased its library content. The company bought in various celebrity influencers like Yasmin Karachi Wala, Mandira Bedi, and Jonty Rodes.

The brand's live sessions used to be free of cost but they started charging in May 2020.

Its key other business operations are

Eat.fit

The brand acquired ‘Kristy’s Kitchen’, which was a food-delivery startup. After acquiring the brand offered a subscription-based health diet to its customers.

Mind.fit

An initiative for Yoga and mental health, Cult.fit acquired the yoga studio ‘1000 yoga’ in 2017 and gave the name ‘Mind.fit’.

Care.fit

Launched Its first healthcare clinic in Bangalore in 2018.

Cult.fit - Revenue Model

The brand mostly gets its revenue from the fitness vertical, which contributed about 62.4% followed by food services which accounted for 34.5%. Its other services contributed about 3.06%.

Cult.fit - Funding and Investors

Cult.fit has raised funds around $689M.

Date Series Funding amount Investors
July 04, 2016 Series A $15 million -
May 08, 2017 Series A $3 million RNT Capital
August 28, 2017 Series B $25 million -
December 22, 2017 - $60 million Brun Raschle, Endiya Partners
January 30, 2018 Debt Financing $10 million Axis Bank, HDFC Bank
July 30, 2018 Series C $120 million Accel, Chiratae Ventures, Kalaari Capital
June 25, 2019 Series D $120 million Accel, Chiratae Ventures, Kalaari Capital, Oaktree Capital Management
March 23, 2020 Series E $75 million Tata Digital
November 03, 2021 - $50 million -
November 10, 2021 Series F $145 million Zomato

Cult.fit - Advertisements and Social Media Campaigns

The brand has three major marketing strategies through which they advertise and create brand awareness.

Social media marketing by using Facebook, and Instagram keep its customers informed on everything about health.

Influencer marketing by signing influencers and celebrities. The brand has bought in influential people like Hrithik Roshan, Milind Soman, Tiger Shroff, Mandira Bedi, and Sindhu as well as other famous athletes.

Campaigns and other advertisements by using #fortheloveoffit and #cultlive to promote fitness and health.

The brand came up with a campaign in 2021 with the tagline “Fitness is not an option”

The brand cleverly sets the ad in the context of two Bollywood movies ‘Om Shanti Om’ and ‘Karan and Arjun’ to highlight their message about fitness and health across all walks of life. The brand wanted to attract its audience by entertainingly spreading its message.

Cult.fit - Awards and Achievements

The company has won the award for the Best Tech Startup to Work for 2021

Cult.fit - Acquisitions and Mergers

Recently the brand announced to acquire F2 Fund & Fitness India, which is the chain of India’s Gold Gym. With this investment, Cult.fit plans to expand Gold Gym outlets in Sri Lanka, Bangladesh, Bhutan, Maldives, and others.

The brand has also acquired home cardio equipment companies like RPM fitness, Fitkit, Onefitplus, and outdoor bicycles business with Urban Terrain Brand.

Cult.fit - Competitors

The fitness and health industry is growing, which gives a rise to many other brands indulging in offering fitness programmes. Here’s the list of some of the top competitors of Cult.fit:

  • BurnAlong
  • Shyft
  • Breathe Well-Being
  • Anytime Fitness
  • MyFitnessPal
  • FITTR
  • PurpleBasil Lifestyle Solutions
  • EICoach

Cult.fit - Future plans

The company’s recent acquisition of India’s Gold Gym has given them a wide spectrum to expand their fitness programmes outside India. The company plans to always stick to its three major goals of providing best-in-class health and fitness services, that is – fitness both online and offline, diet, and mental health.

FAQs

Who is the founder of Cult.fit?

Mukesh Bansal and Ankit Nagori are the founders of Cult.fit.

When was Cult.fit founded?

Cult.fit was founded in 2016.

What is the revenue of Cult.fit?

The revenue of Cult.fit was around 3 billion INR as of 2021.

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