Cult.fit, a fitness technology company, has promoted Naresh Krishnaswamy to the Chief Executive Officer (CEO), taking the place of co-founder and long-time CEO, who has now become the executive chairman of the company.
Interestingly, Krishnaswamy took over the CEO position in October 2023, as per his LinkedIn profile. Cult.fit, however, did not make a formal announcement then.
The news of Krishnaswamy and Mukesh Bansal moving up to CEO and Executive Chairman, respectively, is confirmed by a spokesperson of Cult.fit.
Krishnaswamy worked as Head of Finance at Cult.fit for over three years as well as handled the company's growth and business division for over two-and-half years before moving to the top position. Before joining Cult.fit, he worked at Myntra, a renowned e-commerce marketplace, for around 6 years.
Mukesh Bansal, while continuing as the CEO at Cult.fit, was a president at Tata Digital when it invested $75 million in June 2021.
Recently, Cult.fit scooped up nearly $10.2 million in a Valecha Investments-led extended Series F round. According to Startup News India on TheKredible, which provides data insights on startups, Mukesh Bansal's stake in the company stands at 10.5%.
Cult.fit, in January 2024, announced its decision to fire nearly 150 employees. The company termed it as part of its regular annual operating planning process. The COVID-19 pandemic saw the company laying off nearly 800 employees and shutting down its various fitness centres across India.
Following the Deepinder Goyal-led Zomato acquiring a 6.4% stake, valued at $100 million, in the company, Cult.fit became Unicorn in November 2021.
Cult.fit saw its operational revenue rise 3.2 times to INR 694 crore in FY23 from INR 215 crore in FY22. It further curtailed its losses by 20% to INR 551 crore in FY23 (The amount does not include exceptional items or non-cash expenses) from INR 688 crore in the previous financial year. However, the company has not yet disclosed its FY24 results.
YFS Shares Views on the Latest Developments at Cult.fit
The promotion of Krishnaswamy and Mukesh Bansal to CEO and Executive Chairman, respectively, will further steer Cult.fit to make gains. Their immense expertise holds the company in good stead, opines Your First Startup (YFS).