Cult.fit acquires RPM Fitness, three other equipment brands
Fitness and wellness startup Cult.fit on Monday said it has acquired at-home cardio equipment brands – RPM fitness, Fitkit and Onefitplus. The deal size was not disclosed. Cult is also making a foray into outdoor bicycles business with acquisition of brand Urban Terrain.
“The brands were built and scaled by Mohit Mathur and his team at Shoora Retail, who are all joining Cult to further expand the business…Combined scale is about USD 20 million annual recurring revenue (ARR) with 100,000 units of annual sales. These smart equipment connect with smartphones which users can use to track their performance…in a virtual game environment,” a statement said.
Cult is also getting the manufacturing capability for bicycles and service network that extends to over 19,000 pin codes in the country, it added. This is the second acquisition in the space by Cult.fit after the acquisition of Tread, a Bengaluru-based smart fitness-bike startup last year.
Cult also recently completed a USD 150 million series F fundraise and had entered the unicorn club.
This 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 Rs 5,000-7,000 to premium Cult bike for Rs 50,000. The fitness hardware market is expanding around the world, and we strive to bring the best innovation to our customers,” Cult.fit Head of Digital Health Shamik Sharma said.
He added that Cult.fit is building the largest house of fitness D2C (direct to consumer) brands in the country, having the largest community of fitness enthusiasts.
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, Shoora Retail founder Mohit Mathur said.
Cult.fit said it is also expanding the manufacturing capability which will ensure control over the end-to-end supply chain, thus ensuring greater profitability and superior control on margins.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
