Health & wellness platform Cult.fit raised additional Rs 84.5 Cr Series F funding
With the help of current backer Valecha Investments, the health and wellness platform Cult.fit (formerly Cure.fit) has raised an additional Rs 84.5 crore, or $10.2 million, in an extended Series F round. The funding for the Bengaluru-based company comes after a lapse of almost two years.
According to the company’s regulatory filings with the Registrar of Companies, the board of Cult.fit has passed special resolutions to issue 15,92,157 Series C compulsory convertible preference shares (CCPS) to other investors at an issue price of Rs 483.62 per share, raising Rs 84.5 crore. The board also decided to issue 1,55,080 equity shares to Extreme Brands LLP.
With an investment of Rs 36.36 crore, Valecha Investments led the round, followed by Gul Advani with Rs 28.26 crore. With the remaining funds, Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe joined the round alongside Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life), and individuals.
According to TheKredible, the company also raised close to Rs 300 crore from Accel, IIFL, Valecha Investments, and other individuals during the final quarter of FY22 (Jan-Mar 2022). But the fund-raiser escaped the front pages.
With contributions from companies including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others, Cult.fit has raised over $670 million in total to date.
TheKredible, a startup intelligence platform, estimates Cult.fit’s post-money valuation at Rs 12,400 crore.
Following the round’s allocation, Mukesh Bansal, the company’s founder and CEO, owns 10.5% of the company’s shares, making Accel Partners the largest shareholder at 17.25%. Go here for additional details.
In November 2021, Cult.fit achieved unicorn status when Zomato, led by Deepinder Goyal, paid $100 million to purchase a 6.4% share in the business.
About 150 workers were let go by the Tata Digital-backed business last month in an effort to increase output and turn a profit by FY25.
From Rs 216 crore in FY22 to Rs 694 crore in FY23, Cult.fit’s operating revenue increased 3.2X. Despite this, it was still able to cut losses from Rs 688 crore in FY22 to Rs 551 crore (excluding exceptional items and non-cash expenses) in FY23, a 20% decrease.
