Cult.fit promotes Naresh Krishnaswamy as CEO & Mukesh Bansal as Chairman

By Team Startupcity  |  Thursday, 11 April 2024, 11:41 IST

Cult.fit promotes Naresh Krishnaswamy as CEO & Mukesh Bansal as Chairman
Technology based Wellness & fitness tech company Cult.fit has raised its Head Naresh Krishnaswamy as the CEO. He will replace the prime investor and long-term Chief Mukesh Bansal, who presently assumes control over the organization's leader executive as Chairman.
Krishnaswamy previously supposed control over the place of the Chief in October last year, as per his LinkedIn profile. The organization, nonetheless, didn't report it officially then, at that point. A Cult.fit representative affirmed the turn of events. Prior to moving to the top position, Krishnaswamy was the head of Finance of Cult.fit for over three years and furthermore dealt with development and business division of the firm for more than two-and-half years. 
Before Cult.fit, he was related with web based shopping business firm Myntra for almost six years. Following the most memorable speculation of $75 million in Cult.fit in June 2021, Bansal joined the previous as president. However, he kept on holding the top job at the Cult.fit. Cult.fit as of late brought around $10.2 million up in a drawn out Series F round directed by existing supporter Valecha Ventures. 
According to start up information platform, TheKredible, Bansal holds a 10.5 percent stake in the organization. In January, Cult.fit reported laying off around 150 workers. According to the organization, the move was a piece of a normal yearly working arranging process. 
During Coronavirus pandemic, it had terminated around 800 representatives and for all time shut a large number of its wellness places the nation over. Cult.fit turned unicorn in November 2021 when Deepinder Goyal-drove Zomato gained a 6.4 percent stake in the organization. 
In FY23, Cult.fit's income from operational tasks flooded 3.2X to 694 crore from 216 crore in the past financial year. While it figured out how to lessen the financial troubles by 20 percent to 551 crore in FY23 from 688 crore in FY22. The organization is yet to unveil its FY24 revenue numbers.

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