Fitness and wellness startup Cult.fit on Monday said it has acquired cardio equipment brands RPM fitness, Fitkit and Onefitplus in a single transaction and is foraying into outdoor bicycles business with Urban Terrain brand.
Aiming at $50 million revenue by December 2022 from home equipment and outdoor bicycles business, Cult.fit now has the largest share in the online cardio equipment market with new acquisitions and Cultsport and Tread brands, the startup said in a statement.
This is the second acquisition in the space by Cult.fit after earlier acquiring Tread, a Bengaluru-based smart fitness bike startup last year. The startup did not disclose the acquisition sum.
"We now have a range of options at all price points, starting from simple air bikes for Rs 5,000-Rs 7,000 to premium Cult bike for Rs 50,000. Cult.fit is building the largest house of fitness D2C brands in the country, having the largest community of fitness enthusiasts," said Shamik Sharma, Head of Digital Health, Cult.fit.
Cult.fit recently completed a $150 million 'Series F' fundraise and entered the unicorn club.
The brands -- RPM fitness, Fitkit, Onefitplus and Urban Terrain -- were built and scaled by Mohit Mathur and his team at Shoora Retail, who will join Cult.fit to further expand the business.
"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," said Mohit Mathur, Founder, Shoora Retail.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult is also expanding manufacturing capability to ensure control over the end-to-end supply chain.
Cult.fit is an app-based service provider and is available on Android and iOS.
(With inputs from IANS)
