Tata Digital-backed Cult.fit Secures Additional $10.2 Million in Series F Funding Round
- ByStartupStory | February 26, 2024
Bengaluru-based health and wellness platform Cult.fit, backed by Tata Digital, has successfully raised Rs 84.5 crore (approximately $10.2 million) in an extended Series F funding round. Valecha Investments led the round with Rs 36.36 crore, followed by a substantial investment from Gul Advani at Rs 28.26 crore. Other contributors include Extreme Brands LLP, L&K Wellness Services, and individual investors such as Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe.
The company, formerly known as Cure.fit, issued 1,55,080 equity shares to Extreme Brands LLP and 15,92,157 Series C compulsory convertible preference shares to various investors at an issue price of Rs 483.62 per share. This funding marks a significant milestone for Cult.fit, as it comes after a nearly two-year gap in fundraising.
Accel Partners retains the largest stake in Cult.fit post-allotment, holding 17.25% shares, while the founder & CEO Mukesh Bansal maintains a 10.5% stake. The startup’s valuation, according to TheKredible, stands at Rs 12,400 crore post-money.
In November 2021, Cult.fit achieved unicorn status when Zomato, led by Deepinder Goyal, acquired a 6.4% stake in a $100 million deal. The company has raised over $670 million to date from investors including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons.
This development was first reported by Entrackr
Last month, Cult.fit, in a strategic move, streamlined its operations by laying off around 150 employees. This measure aims to enhance productivity and achieve profitability by the fiscal year 2025.
In FY23, Cult.fit witnessed a remarkable 3.2X surge in revenue from operations, reaching Rs 694 crore compared to Rs 216 crore in FY22. Simultaneously, the company managed to reduce losses by 20%, reporting Rs 551 crore (excluding exceptional items or non-cash expenses) in FY23, down from Rs 688 crore in FY22.
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