Cult.fit Expands its Franchise Gym Business

The Bengaluru, India-based company – formerly known as Cure.fit – said it has successfully enlisted 100 franchisees to open fitness centres across the country.

Growth mode. Doubling down, Cult.fit expects franchising to increase revenue by 30% en route to 200 locations by 2025.

Empire building. Founded in 2016, Cult.fit has raised nearly $700M, reaching a valuation north of $1.4B.

Aspiring to be a holistic health platform, the company offers a digital app with workout and mindfulness content, 600 fitness centres, an activewear line, nutritional supplements, exercise equipment, at-home lab tests and a diabetes reversal program.

Of note, the brand’s cloud kitchen business Curefoods, operator of healthy meal delivery service EatFit, was spun off into a standalone entity that has raised $220M of its own.

Buying sprees. Over the years, acquisitions have played a key role in Cult.fit’s rise, with the company scooping up gym chains, fitness apps, at-home equipment makers, and more.

Most recently, the company bought the Gold’s Gym franchise business in India last year, adding 140 locations across 90 cities.

Looking ahead: Hit hard by the pandemic, last fall, Cult.fit said its revenue had rebounded, growing 50% and bolstering its intention of going public by mid-2024. Despite global economic headwinds, the company sees franchising and the DTC segment – apparel and equipment – as critical to driving profitability ahead of an IPO.