Bengaluru: The fitness and wellness startup Cult.fit announced on Monday that it has taken over the cardio equipment brands RPM Fitness, Fitkit and Onefitplus in a single transaction and is entering the outdoor bicycle business with the Urban Terrain brand.
Cult.fit is targeting sales of US $ 50 million from its home equipment and outdoor bicycle business by December 2022 and now has the largest share of the online cardio equipment market with new acquisitions and the Cultsport and Tread brands, the startup said in a statement with.
This is Cult.fit’s second acquisition in this space after its previous acquisition of Tread, a Bengaluru-based smart fitness bike startup, last year. The startup did not provide any information about the acquisition amount.
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“We now have a range of options in all price ranges, from basic airbikes for 5,000 to 7,000 rupees to premium iconic bikes for 50,000 rupees. Cult.fit is building the largest house of fitness D2C brands in the country with the largest community of fitness enthusiasts, ”said Shamik Sharma, Head of Digital Health, Cult.fit.
Cult.fit recently completed a $ 150 million Series F fundraiser and joined the Unicorn Club.
The brands – RPM Fitness, Fitkit, Onefitplus and Urban Terrain – were built and scaled by Mohit Mathur and his team at Shoora Retail, who will move to Cult.fit to continue growing the business.
“Given Cult’s unmatched ability to build fitness communities, we can also rapidly expand our bicycle portfolio to become India’s leading technology-driven community bicycle brand,” said Mohit Mathur, founder of Shoora Retail.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult is also expanding manufacturing capabilities to ensure control of the end-to-end supply chain. Cult.fit is an app-based service provider and is available for Android and iOS.
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