Cult.fit, the health and wellness platform previously known as Cure.fit, has raised Rs 84.5 crore (approximately $10.2 million) in an extended Series F funding round. The funding, led by existing investor Valecha Investments, marks a significant milestone for the Bengaluru-based company, coming after nearly two years since its last funding round.
The funding round involved the issuance of 1,55,080 equity shares to Extreme Brands LLP and 15,92,157 Series C compulsory convertible preference shares (CCPS) to other investors, at an issue price of Rs 483.62 per share. Valecha Investments led the round with Rs 36.36 crore, followed by Gul Advani with Rs 28.26 crore. Other participants included Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life), and individuals like Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe.
In addition to this funding, Cult.fit raised nearly Rs 300 crore in the last quarter of FY22 (January-March 2022) from investors such as Accel, IIFL, Valecha Investments, and other individuals, as reported by TheKredible. This fundraising, however, did not receive much attention in the media.
Overall, Cult.fit has raised over $670 million to date from investors like Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others. According to TheKredible, Cult.fit is currently valued at Rs 12,400 crore (post-money valuation).
After the completion of this latest funding round, Accel Partners emerged as the largest stakeholder in the company with 17.25% shares, while its founder and CEO Mukesh Bansal owns a 10.5% stake.
Cult.fit achieved unicorn status in November 2021 when Zomato acquired a 6.4% stake in the company in a $100 million deal. Last month, the Tata Digital-backed company made headlines by laying off around 150 employees as part of its efforts to improve productivity and achieve profitability by FY25.
In terms of financial performance, Cult.fit saw its revenue from operations increase by 3.2 times to Rs 694 crore in FY23 from Rs 216 crore in FY22. The company also managed to reduce its losses by 20% to Rs 551 crore (excluding exceptional items or non-cash expenses) in FY23 from Rs 688 crore in FY22
