Co-founder Naresh Krishnaswamy was elevated to CEO of fitness tech startup Cult.fit in FY24, marking a significant shift in the organization's leadership. He takes over from co-founder Mukesh Bansal, who became executive chairman.

Under the new leadership, the company's scale increased by over 30%, but its losses from the previous fiscal year did not change.

Compared to 694 crores in FY23, Cult.fit reported a 33.6% increase in operating revenue to 927 crore in FY24. Fitness subscription income, which included platform services and flagship offerings like Cultpass and Cult.fit centers, made up 72.3% of the total revenue, which climbed by 46.6% to 670 crores. Contributions totaling 257 crores came from the sportswear and fitness equipment segment, which is run under Cultsport and other operating services.

Because of a sharp decline in miscellaneous income, which the company has not disclosed, Cult.fit reported a 62% decline in other income to 100.45 crore in FY24 from 265.36 crore in FY23. But in FY24, Cultfit brought in a total of 1,027 crore.

Cult.fit uses a hybrid fitness model that combines physical fitness facilities located in 300 Indian cities with digital services provided through its app. It offers membership-based fitness programs (Cultpass) that provide access to fitness centers, group exercise sessions, and online instruction.

Employee benefit expenses accounted for 324 crores of expenditures, of which 236 crores came from salaries and 57 crore from employee share-based payments. In FY24, Cult.fit's material costs increased by 19.6% to 396 crore.

Read More News :

New initiative aims to improve sleep health for millions of people in India & Australia

Australian fintech Enteruptors launches DxEVP for Indian Financial Services