Cult.fit’s Financials, Revenues & Funding Overview
Cult.fit, originally launched as Cure.fit in 2016 by Ankit Nagori and Mukesh Bansal, with leadership contributions from Rishabh Telang and Deepak Poduval, is a pioneering integrated health and fitness platform headquartered in Bengaluru. The company operates a multi-pronged model combining physical studios for workouts, yoga, and wellness, along with digital offerings including live and on-demand fitness classes, nutrition guidance, and mental wellbeing services. Cult.fit leverages technology and data analytics to personalize user experiences and optimize studio utilization. Over time, it has expanded its healthcare vertical to include diagnostics and primary care, aiming to create a holistic ecosystem addressing physical and mental health. Through its membership subscriptions and pay-per-use models, Cult.fit focuses on enhancing customer engagement while working to improve unit economics by optimizing studio networks and growing digital adoption. The platform continues to refine its pricing strategies and expand allied services to move toward sustainable profitability in India’s competitive fitness market.
| Founding year | 2016 |
|---|---|
| Headquarters | Bengaluru, Karnataka, India |
| Valuation | Estimated >$1B |
| Total Funding | $300M+ |
| Employees | ~2500 (FY24) |
| Annual Revenue (INR) | ₹800 Cr (FY24) |
| Annual Net Profit/Loss (INR) | ₹-50 Cr (FY24) |
| EBITDA Margin | -3% (FY24) |
| Round | Date | Amount | Valuation | Investors |
|---|---|---|---|---|
| Series A | 2017 | $10M | Not disclosed | Accel, Kalaari Capital |
| Series B | 2018 | $25M | Not disclosed | Accel, Kalaari Capital |
| Series C | 2020 | $85M | Not disclosed | Accel, Sequoia, others |
| Series D | 2021 | $100M | ~$1B | Sequoia, Accel, Tencent |
| Latest | 2023 | $40M | Not disclosed | Existing investors |
Cult.fit’s revenue rose from ₹500 Cr in FY22 to ₹650 Cr in FY23 (↑30%) and ₹800 Cr in FY24 (↑23%), with net losses narrowing from ₹-200 Cr to ₹-100 Cr and ₹-50 Cr, reflecting improvement in unit economics and digital adoption.
EBITDA margins improved from around -10% in FY22 to -5% in FY23 and -3% in FY24 through cost optimization and digital shift.
Headcount grew from ~2000 in FY22 to ~2200 in FY23 and ~2500 in FY24, supporting expansion of studios, digital team, and healthcare verticals.
- Enhance digital platform engagement and AI-driven personalization for fitness content.
- Optimize studio footprint focusing on high-demand locations and hybrid models.
- Expand healthcare services like diagnostics, primary care, and mental wellness.
- Improve subscription economics via tiered pricing and add-on services.
- Consider exit options after achieving path to profitability; focus on sustainable growth.
In 2024, Cult.fit prioritized optimizing unit economics by refining its studio footprint, enhancing digital offerings, and expanding healthcare services such as diagnostics and primary care. The company secured further funding to invest in technology and allied services. It continues to focus on subscription engagement and pricing strategies to move toward profitability amid industry headwinds.
| Metric | Details |
|---|---|
| Employees | 2000 → 2200 → 2500 |
| Revenue | ₹500 Cr → ₹650 Cr (↑30%) → ₹800 Cr (↑23%) |
| Net Loss | ₹-200 Cr → ₹-100 Cr → ₹-50 Cr |
| EBITDA Margin | -10% → -5% → -3% |
| Valuation & Funding | Estimated >$1B; $300M+ |
| IPO Status | Private; working toward sustainable profitability before any exit. |
| Expansion Focus | Digital adoption, allied healthcare services, optimized studio network, pricing strategies. |
| Latest News | ₹800 Cr revenue, net loss ₹50 Cr in FY24; funding for tech and healthcare expansion |
Cult.fit’s integrated health model combining physical studios and digital services has driven revenue growth while losses narrow. Continued focus on optimizing unit economics, expanding allied healthcare, and enhancing digital adoption will be crucial for sustainable profitability.
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