Tata-backed Cult.fit looking at IPO in coming Year
Fitness incipiency Cult.fit is aiming for an original Public Offering (IPO) in 12- 18 months as its core spa business has turned in an operating profit, an elderly superintendent said. Cultfit’s profit had also grown further than 50% compared topre-Covid-19 situations, Naresh Krishnaswamy, business head.
“The two businesses- our fitness and fitness products business- will lead the charge for Cult.fit over the coming 12- 18 months as we look towards turning fully profitable at an Ebitda position and as we look towards our IPO event in the coming 12- 18 months,” Krishnaswamy said. Ebitda refers to a company’s earnings before interest, taxation, depreciation and amortization.
The company- which counts Tata Digital and Zomato as investors is doubling down on its core fitness and fitness products business for now, he added. “Other businesses like Mind.fit and some of our heartiness orders like diagnostics have been put on the backburner; we’re a lot further riveted on these two businesses and we want to get these two businesses near to profitability before we invest in any third or fourth business,” he said.
The company has also spun off its Care. Fit business into Sugar. Fit, which he said was doing “extremely well” in the diabetic care space. Cult.fit’s operating profit was around Rs 161 crore in FY21. The company’s CFO, Bishnu Hazari, told ET that FY22 profit would be in an analogous range on account of the epidemic. still, the company is vaticinating advanced profit in the ongoing fiscal time with business adding 50 compared to pre-pandemic situations. It was valued at $1.5 billion following Zomato- led $145 million backing round in December 2021.
Cult.fit, which was before known as Cure.fit, has made 14 accessions over the last many times, including in- home fitness outfit businesses like RPM fitness and Fit kit. It acquired a maturity stake in F2 Fun & Fitness, getting the master ballot mate for Gold’s Gym in India. The company said the integration with Gold’s Gym is complete and 40 of gymnasiums are part of the company’s fidelity programme called Cultpass.
“All of the businesses have been integrated into our core business,” he said. “They’ve all added different flavour and capabilities to our overall business. For illustration, Futurity kick- started our business and it was in the business of listing gymnasiums.” Cult.fit has begun expanding again in non-metro requests after withdrawing from these during the epidemic. It presently operates in about 40 metropolises compared to 25 metropolises pre-pandemic.
In total, Cult. Fit has further than 600 installations, of which further than 200 centers are operated by the company. The company – innovated by Mukesh Bansal and Ankit Nagori- fired a significant knob of its workers amid the two main Covid- 19 swells and moved to a ballot- possessed model for its offline centers. In May 2020, it laid off over 800 workers, or about 10% of its pool. Bansal and Nagori shouldered a significant restructuring of the establishment in 2020, making its pall kitchen business an independent reality. Nagori now runs this business as Cure foods.
About Cult.fit
At Cult, we make fitness fun and easy. We have best-in-class trainers & offer group workouts ranging from yoga to Boxing. Our workouts can be done both at a cult center and at home with the help of do it yourself (DIY) workout videos. Cult.fit uses the best in technology to give you a world-class experience.
At cult centers, you’ll find a wide variety of workout formats, such as – Boxing, Dance Fitness, Yoga, S&C, and HRX. These workouts focus on strength, muscle endurance, flexibility, stamina & balance. So, mix it up, pick formats that help you achieve your personal fitness goals. You’ll also find unique workout formats designed by Bollywood stars like Hrithik Roshan!
We can assure you that your sessions will be more fun, interesting, and less monotonous. You can find more info about all our workout formats here. If you prefer to workout at home, we’ve got you covered! You can follow DIY and LIVE videos that are meant for both beginner & advanced levels and focus on building strength, stamina & mobility.