Cult.fit acquires Gold's Gym fitness chain in India, value of deal unknown

Health and wellness start-up Cult.fit has picked up a majority stake in F2 Fun & Fitness India, thereby becoming the master franchise partner for Gold’s Gym in India. The companies did not disclose the value of the deal.

In December, food delivery company Zomato invested $100 million in Cult.fit, as part of a Series F fundraise of $150 million, making the health start-up a unicorn with a valuation of around $1.5 billion. Zomato has a 6.4 per cent stake in the company after the deal.

Cult.fit said its endeavour is to continue scaling its business nationally, across non-metro cities and towns, as well as house brands like Gold’s Gym into its network to further propel their growth in the coming years.

According to the company, Gold’s Gym is the second largest player in fitness in India with more than 140 outlets in over 90 cities. As part of this strategic partnership, Cult.fit will be investing in scaling the revenue of existing Gold’s Gym centres through top-of-the-line marketing efforts, and facilitating centre expansion via franchisees in the coming years. Cult.fit will also be enabling all the Gold’s Gym centres with its industry leading centre-tech suite and customer app.

Cult.fit will also look to expand the Gold’s Gym brand across key geographies such as Sri Lanka, Bangladesh, Maldives, Nepal and Bhutan. This investment will additionally help augment Cult’s single access pass – cultpass – further making access to its premium fitness services easier and affordable, said the company.

Naresh Krishnaswamy, growth and marketing head, Cult.fit, said, “Gold’s Gym’s significant experience and sizeable footprint via multiple franchise partnerships paired with our deep-tech expertise and process innovation creates a winning formula for our customers and potential franchise partners.”

“Together, we aim to build immense value into the fitness ecosystem generating top-notch tech advancement, great business opportunities, and better returns for our partners in the long run,” he added.

Nikhil Kakkar, chief operating officer, Gold’s Gym, said, “ We have a mission to touch 200 clubs in 24 months. Over the last 19 years, we have been privileged to work with the best partners in the fitness industry to successfully build the Gold’s Gym brand in India.”

Cult.fit is a health and fitness platform by Cure.fit Healthcare Pvt Ltd and is headquartered in Bangalore, India. Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit caters to living a healthy life through its critical dimensions — physical fitness & wellness.