Health and wellness startup Cult.fit has acquired an entire part of F2 Fun and Fitness India and is now the sole franchise partner of Gold’s Gym in India. The businesses did not reveal the amount of the transaction.
In December, food delivery firm Zomato made a $100-million investment into Cult.fit in the course of the Series F fundraise of $150 million, which makes the health startup an undisputed unicorn with a value of $1.5 billion. Zomato owns acquired a 6.4 percent stake in Cult.fit following the acquisition.
Cult.fit declared that it’s goal to expand its operations across the nation, including towns and cities outside of metros in addition to house brands such as Gold’s Gyminto its network, to accelerate their growth in the years ahead.
According to Gold’s Gymis the second-largest player on the market for the fitness industryin India with over 140 locations across more than 90 cities. In this partnership strategic, Cult.fit will be investing in increasing the income of Gold’s Gym centers through cutting-edge marketing strategies, as well as facilitating franchisee expansion through franchisees in the near future. Cult.fit will also enable all Gold’s Gyms by providing a world-class center-tech suite as well as its customer app.
Cult.fit will also seek to grow the Gold’s Gym brand to other key regions like Sri Lanka, Bangladesh, Maldives, Nepal and Bhutan. The investment will also help to expand Cult’s single access pass , cultpass, which will make accessing its top fitnessservices more affordable and accessible according to the company.
Naresh Krishnaswamy, Cult.fit’s growth and marketing manager, Cult.fit, said, “Gold’s Gym’s extensive experience and vast footprint through numerous franchise partnerships coupled with our extensive knowledge of technology and process innovation makes an ideal formula for our clients and prospective franchisees.”
“Together we are working to create immense value in the fitness industry, resulting in top-quality technological advancement, excellent business opportunities, and higher returns for our partners over the long-term,” he added.
Nikhil Kakkar, chief operating officer of Gold’s Gym, said, ” We are on a mission to connect 200 clubs in 24 months. In the past 19 years, we’ve had the privilege of working with the most reliable fitness industry partners to build our Gold’s Gym brand in India.”
Cult.fit is an exercise and health platform operated by Cure.fit Healthcare Pvt Ltd and is located at Bangalore, India. In 2016, the company was founded with the help of Mukesh Bansal as well as Ankit Nagori. Cult.fit provides a way to live the best life possible by focusing on its key aspects -fitness and wellness.