Cult has received a funding of US $3 million from CureFit, a startup founded by former Myntra’s Cofounder, Mukesh Bansal and ex CEO of Flipkart, Ankit Nagori. The Bangalore based startup, Cult will be utlising the raised amount in expanding its reach and ramping up its operations.
Floated in the market last year, Cult is a brain child of fitness trainer Rishabh Telang. It focuses on providing fitness programmes to the users without traditional gym equipment. Earlier, it had received an undisclosed amount of funding from Bansal and now, it manages to allure the interest of CureFit. With two successfully running centres in Bangalore, now it is aiming to set another centre in the city of gardens.
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.