Homegrown healthtech platform Cult.fit raises $10.2 mn

Prameyanews English

Published By : Prameya News Bureau | February 26, 2024 IST

Homegrown healthtech platform Cult.fit raises $10.2 mn

New Delhi, Feb 26: Tata Digital-bached healthtech platform Cult.fit (formerly Cure.fit) has raised $10.2 million in its Series F round led by Valecha Investments.

According to the company’s regulatory filings with the Registrar of Companies (RoC), the board has issued 1,55,080 equity shares to Extreme Brands LLP and 15,92,157 Series C 'compulsory convertible preference shares' (CCPS) to other investors.

The shares have been issued at Rs 483.62 per share to raise Rs 84.5 crore or $10.2 million (Valecha Investments led the round with Rs 36.36 crore).

Start-up news portal Entrackr was first to report about the funding.

To date, the homegrown health and wellness platform has raised over $670 million from companies like Tata Digital, Zomato, Temasek and Kalaari Capital, among other investment firms.

Last month, the company laid off nearly 150 employees to achieve profitability by FY25.

In 2022, Cult.fit acquired the India business of international fitness chain Gold's Gym for an undisclosed sum.

Meanwhile, Indian startups raised $732.7 million across 107 deals in January this year amid layoffs, shutdowns and top-level exits.

(IANS)

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