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Tata Digital-Backed Cult.fit Raises $10.2 Million Led by Valecha Investments

Valecha Investments led the round with an investment of Rs 36.36 crore, followed by Gul Advani, who contributed Rs 28.26 crore.

Tata Digital-Backed Cult.fit Raises $10.2 Million Led by Valecha Investments

Outlook Start-Up Desk

POSTED ON February 26, 2024 5:16 PM

Healthtech platform, Cult. fit which was earlier called Cure. fit has secured $10.2 million in its Series F round led by Valecha Investments. The company is backed by Tata Digital.

The company's board has approved to issue 1,55,080 equity shares to Extreme Brands LLP and 15,92,157 Series C 'compulsory convertible preference shares' (CCPS) to other investors participating the in round, according to the filing it made with the Registrar of Companies (RoC).

Start-up and tech news platform which was the first to report added that Valecha Investments spearheaded the round with Rs 36.36 crore followed by Gul Advani who made an investment of Rs 28.26 crore in the company.

Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life), and others also participated in the round.
The company has secured over $670 million to date from Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons among others.

Entrackr reported that the company joined the unicorn club in November 2021 following a $100 million deal in which Zomato founder Deepinder Goyal acquired a 6.4 percent stake in the company. 

In FY23, Cult.fit witnessed a 3.2X increase in revenue from operations, reaching Rs 694 crore compared to Rs 216 crore in FY22. Additionally, the company successfully reduced losses by 20 per cent to Rs 551 crore (excluding exceptional items or non-cash expenses) from Rs 688 crore in FY22.

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