Cult.fit, a Bengaluru-based health and wellness platform supported by Tata Digital, has successfully completed an expanded Series F investment round, raising Rs 84.5 crore.
Gul Advani and Valecha Investments led the round.
Individual investors like Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe are among the other contributors, along with Extreme Brands LLP and L&K Wellness Services.
The firm, which was earlier known as Cure.fit, issued 15,92,157 Series C compulsory convertible preference shares to different investors at an issue price of Rs 483.62 per share and 1,55,080 equity shares to Extreme Brands LLP.
After an almost two-year hiatus from fundraising, this investment represents a big milestone for Cult.fit.
After the allocation, Mukesh Bansal, the founder and CEO of Cult.fit, keeps a 10.5% ownership in the company, while Accel Partners holds the largest investment at 17.25%.
When Zomato, under the leadership of Deepinder Goyal, purchased a 6.4% share in Cult.fit in a $100 million deal in November 2021, the company became a unicorn. To date, investors including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons have contributed nearly $670 million to the company.
Entrackr was the first to report on this development.
Cult.fit reduced its workforce by about 150 last month in order to streamline its operations. By the fiscal year 2025, the goal of this measure is to increase productivity and achieve profitability.
