Cult.fit, now a unicorn, has acquired a majority stake in F2 Fun & Fitness India Pvt Ltd, becoming Gold’s Gym’s lead franchise partner in India.
Cult.fit now aims to expand the Gold’s Gym brand in key geographies such as Sri Lanka, Bangladesh, Maldives, Nepal and Bhutan.
The company, which currently has the Cult and Fitness First brands, said it will focus on independent growth of the Gold’s Gym brand, increasing revenue from existing Gold’s Gym centers and allowing for further expansion using the franchise model.
“Our goal is to create immense value in the fitness ecosystem by creating world-class technological advancements, great business opportunities and better returns for our long-term partners,” said Naresh Krishnaswamy, director of growth and marketing at Cult.fit.
Cult.fit currently operates more than 350 own and associated centers in more than 25 cities in the country.
Now he aims to scale his business in non-metropolitan cities and towns.
Gold’s Gym, the second largest player in fitness with more than 140 outlets in 90 cities, has multiple long-term franchise partnerships.
Cult.fit will also enable all Gold’s Gym centers with its industry leading suite of center technology and customer app.
“We are on a mission to play 200 clubs in 24 months. With this partnership, we can now leverage Cult.fit’s strong technology, operations and demand generation capabilities to further empower and enable our high-quality supply to grow.” , He said Nikhil KakkarCOO, Gold’s Gym.
Cult.fit recently acquired RPM fitness, Fitkit, Onefitplus, and Urban Terrain.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, it recently completed a $150 million Series F fundraiser to become a unicorn.
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