Veda advises FITKIT’s house of brands on its acquisition by Cult.fit
FITKIT
Mumbai : The combined scale of the brands is about $20 million ARR with 1,00,000 units of annual sales
Fitness and wellness start-up Cult.fit has acquired at-home cardio equipment brands — RPM Fitness, Fitkit and Onefitplus — along with outdoor bicycles brand, Urban Terrain.
The brands were built and scaled by Mohit Mathur and his team at Shoora Retail, and they will join Cult to further expand the business. The combined scale of the brands is about $20 million ARR with 1,00,000 units of annual sales. The company did not share the deal value of the transaction.
Cult.fit will also get the manufacturing capability for bicycles and service network that extends to over 19,000 pincodes in the country. This is the second acquisition in the space by Cult.fit after Tread, a Bengaluru-based smart fitness-bike start-up last year. Cult.fit recently completed a $150-million Series F fundraise and entered the unicorn club.
Talking about the acquisition, Shamik Sharma, Head of Digital Health, Cult.fit, said: “The acquisition enhances our product portfolio of at-home smart exercise equipment. We now have a range of options at all price points, starting from simple air bikes for ₹5,000-7,000 to premium Cult bike for ₹50,000. The fitness hardware market is expanding around the world, and we strive to bring the best innovation to our customers. Cult.fit is building the largest house of fitness D2C brands in the country, having the largest community of fitness enthusiasts.”
Mohit Mathur, founder, Shoora Retail, said: “We are excited to join hands with Cult. With their captive fitness user base, tech know-how, brand and capital, we should be able to double our business within the next year. Additionally, given Cult’s unmatched ability to build fitness communities, we can also rapidly grow our bicycles portfolio to emerge as India’s premier tech-led community bicycle brand.”
Cult is also expanding its manufacturing capacity to have full control over the end-to-end supply chains. With Cultsport, Tread and Onefitplus portfolio brands, Cult now offers a range of offerings across sportswear/athleisure, accessories, footwear, at-home, and outdoor fitness equipment.