CureFit has announced that it will be investing $3 million in Bangalore based fitness company CULT. CULT was founded last year by a corporate professional turned fitness trainer Rishabh Telang. Currently CULT has two offline centres and has 3 more in pipeline which will open before the end of the year.
Mukesh Bansal, CoFounder, CureFit, said “CULT has a unique training model where the trainers mix and match various formats to deliver a holistic fitness regime. The traditional fitness formats are a thing of the past & trainer led group classes are something which will change the face of the fitness industry.”
Rishabh Telang, Founder, CULT, said “CULT’s vision is to create a fitness revolution in the country by inspiring people to take up a fitness regime and a healthier lifestyle in general. With this round of funding, we will be able to focus on expanding our footprint and use technology to provide better experience to our customers.”
CULT will continue to run as an independent company and will look to expand its reach to over 25 offline centres by end of 2017 and 200 centres in next 5 years. CureFit, founded by Mukesh Bansal & Ankit Nagori had earlier this year announced its Series A funding of $15 million. CureFit is expected to launch its service in Bangalore in early 2017.
The other players included in the space are BookYourGame raised an undisclosed amount of funding in June; CureJoy, secured $4.4 million in Series A led by its existing investor Accel Partners India; Play Your Sport received an undisclosed amount in pre-Series A funding from a bunch of investors led by Ashish Gupta, former chief operating officer of Evalueserve; and HealthifyMe, run by Caeruz Ventures Pvt. Ltd, raised $6 million in Series A funding from IDG Ventures India, Inventus Capital and Blume Ventures.