CureFit, startup floated by ex-Myntra cofounder Mukesh Bansal and former Flipkart chief business officer Ankit Nagori, has funded Bangalore-based company Cult. CureFit has made a mammoth investment of US $3 million in the startup hence, acquiring a major stake in the startup.
Earlier, Cult had received an undisclosed amount of funding from Bansal and now, it manages to allure the interest of CureFit. Incepted last year, Cult is a venture of fitness trainer Rishabh Telang and it aims at providing fitness programmes without traditional gym equipment. Currently, it operates from two centres and now, it is planning to setup the third centre in Bangalore.
Both Bansal and Nagori had quit Flipkart this year in February in what was among the most high profile exits in India's largest ecommerce company Speaking about the investment, Mukesh Bansal, Co-Founder, CureFit stated that the traditional fitness formats are a thing of the past and trainer led group classes are something which will change the face of the fitness industry.
In spite of company owning a controlling stake, Cult will continue to run as an independent company, the officials said. 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, informed Telang, Founder of the company.
