Cult Fit is an online platform for wellness and fitness services that announced a 33.6 percent increase in operational revenue to Rs 927 crore in FY24. The startup provides fitness and health management services to its users. The application offers video-based lives for yoga, meditation, and fitness sessions based on membership. The fitness subscription, flagship items, and platform services account for 72.3 percent of the total revenue and are the company’s primary source of income.
The firm also earns its income through fitness equipment, sportswear, and operating services which stood at Rs 257 crore in FY24. Flagship and subscription services contributed Rs 670 crore to the total revenue for this financial year. This cost brought the overall revenue to Rs 1,027 crore in FY24. This fitness and wellness platform has secured over 670 million USD across multiple funding rounds since its inception, including $22.3 million raised during its series F funding round led by Sun N sand hotels, Valecha Investment, and others at a post-money valuation of $1.47 billion.
Cult Fit provides an online store and healthy meals through its website and mobile applications. The company also offers a platform to track real-time performance while competing with other users. The firm also allows users to participate in several sports like badminton, swimming, and more. The online platform uses advanced and cutting-edge technologies for the best user experience. This fitness management startup also earns its income through its flagship stores like Cult Fit centers and Cultpass.
The Bengaluru-based company plans to improve its business model while offering innovative fitness solutions, positioning it well in the fitness tech market. The startup intends to control its losses by reducing employee benefits and miscellaneous expenses. The firm posted a 19.6 percent increase in its cost of materials which stood at Rs 396 crore in FY24. The employee benefits were around 324 crore. This includes Rs 236 crore in salaries and Rs 57 crore ESOP. The company’s loss saw a 0.2 percent increase and stood at Rs 535 crore in the same duration.
The legal expenses increased by 57 percent and stood at Rs 124 crore while the advertisement cum promotional costs were around Rs 188 crore in FY24. Traveling, IT, and other expenses increased in this financial year. The total expenditure increased by 4.7 percent and crossed Rs 1,563 crore in FY24. The EBITDA margin stood at -22.88 percent while the ROCE was around -21.5 percent in this fiscal year. The company faces competition from other fitness tech platforms such as HealthifyMe and Lark Health.
Conclusion :
Cult Fit announced a 33.6 percent increase in its revenue from operations to Rs 927 crore in this financial year. The fitness tech startup offers an online platform for wellness and fitness-related services. The income from fitness subscriptions, and flagship services is the company’s major source of revenue. The startup posted a 0.2 percent growth in its losses and crossed Rs 535 crore in FY24. The employee benefits also contributed Rs 324 crore in the same duration.
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