Health and wellness platform Cult.fit (formerly Cure.fit) has scooped Rs 84.5 crore or $10.2 million in an extended Series F round led by existing backer Valecha Investments. The funding comes after a gap of nearly two years for the Bengaluru-based company.
The board at Cult.fit has passed special resolutions to issue 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 to raise Rs 84.5 crore, as per the company’s regulatory filings with the Registrar of Companies.
Valecha Investments spearheaded the round with Rs 36.36 crore followed by Gul Advani who invested Rs 28.26 crore. Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life) and individuals namely Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe joined the round with the remaining sum.
The company also raised nearly Rs 300 crore in the last quarter of FY22 (Jan-Mar 2022) from Accel, IIFL, Valecha Investments, and other individuals, as per TheKredible. The fundraise, however, missed the headlines.
Overall, Cult.fit has raised over $670 million to date from the likes of Zomato, Tata Digital, Temasek, Kalaari Capital and South Park Commons among others.
As per startup intelligence platform TheKredible, Cult.fit has been valued at Rs 12,400 crore (post-money).
Post-allotment of the round, Accel Partners stands as the largest stakeholder in the company with 17.25% shares whereas its founder & CEO Mukesh Bansal owns a 10.5% stake. For more information, visit here.
Cult.fit turned unicorn in November 2021 when Deepinder Goyal-led Zomato acquired a 6.4% stake in the company in a $100 million deal.
Last month, the Tata Digital-backed company laid off around 150 employees to improve productivity and achieve profitability by FY25.
Cult.fit’s revenue from operations surged 3.2X to Rs 694 crore in FY23 from Rs 216 crore in FY22. While it managed to reduce losses by 20% to Rs 551 crore (excluding the exceptional items or non-cash expenses) in FY23 from Rs 688 crore in FY22.
