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The $1.5 Billion Fitness Revolution
Inside Cultfit's journey to becoming India's fitness powerhouse.
Think Tank
April 22, 2025
In partnership with
Introduction
In 2016, Cultfit emerged as a game-changer in India’s fragmented fitness landscape. Founded by Mukesh Bansal (co-founder of Myntra) and Ankit Nagori (former Flipkart executive), Cultfit set out with a mission to revolutionize how Indians approach health and fitness. What started as a single fitness center in Bangalore has quickly scaled to become India’s first fitness unicorn, valued at $1.5 billion in 2024.
At the heart of Cultfit’s success lies its holistic approach to health—combining physical fitness, mental wellness, and nutrition into a single seamless platform. From unique workout programs and tech-powered fitness apps to expanding into wellness food and healthcare sectors, Cultfit is not just a fitness brand—it’s a lifestyle that’s reshaping health and wellness in India.
Let’s dive in now and explore the business strategies that’s driving a meteoric rise of Cult Fit.
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Table of Contents
The Beginning of Cultfit
Cultfit's journey began in 2015 when two fitness enthusiasts, Deepak Puruhan and D Tang, started a fitness brand in Bangalore. Their concept was revolutionary: they aimed to promote machine-free fitness, focusing on unconventional workout methods like boxing, resistance bands, and rings, instead of the typical treadmill-based routines. With a passion for fitness and an understanding of the emerging health consciousness in India, they attracted an early customer base through word-of-mouth and the unique appeal of their training methods.
In 2016, Mukesh Bansal, who had recently exited Myntra after its acquisition by Flipkart, and Ankit Nagori, the former Chief Business Officer of Flipkart, saw potential in the emerging fitness space and identified a gap in the market. Recognizing the growing intersection between health awareness and technology, Mukesh and Ankit decided to invest in and acquire Cultfit for ₹20 crore (approximately $3 million).
With this acquisition, Cultfit merged its innovative fitness model with Mukesh and Ankit’s expertise in e-commerce and tech. This marked the beginning of Curefit, which later rebranded as Cultfit—expanding its services to include fitness classes, health and wellness food, mental wellness (Mindfit), and preventive healthcare (Carefit).
From its humble beginnings with a single center, Cultfit's vision has consistently evolved to create a comprehensive health platform. Today, it’s not just a gym; it’s a lifestyle brand that blends fitness, technology, and wellness to offer a holistic approach to healthy living.
Business Model
Cultfit’s business model is a comprehensive ecosystem that seamlessly integrates physical fitness, mental wellness, nutrition, and digital services. By combining these elements into a single, unified platform, Cultfit has created a holistic health experience that goes beyond traditional fitness. Here’s a closer look at the core components driving its success:
1. Fitness & Physical Health
Cultfit started by offering fitness centers that focused on group classes and machine-free workouts. The model emphasized a fun, community-driven approach to fitness rather than the traditional solitary gym experience.
Unique Offering: Machine-free fitness focused on unconventional equipment such as rings, boxing bags, and resistance bands, setting it apart from traditional gyms.
Variety of Classes: The offerings include strength training, boxing, HRX (fitness programs co-created with Hrithik Roshan), yoga, and dance classes.
Subscription Model: Members can subscribe to monthly or annual fitness plans, which offer access to various workouts at any of Cultfit's centers. They also have the flexibility to attend different types of classes to maintain interest and variety.
Community-Centric: Cultfit’s group classes foster a sense of belonging, where members cheer each other on, creating a highly engaging and supportive environment. This social aspect of fitness has been crucial in Cultfit’s appeal to a wider audience.
2. Digital & Tech-Driven Fitness
Cultfit was quick to integrate technology into its offerings, making it one of the most tech-savvy fitness platforms in India.
Cultfit App: The mobile app became the cornerstone of its digital transformation, allowing users to book classes, track workouts, and receive personalized health insights.
Digital Classes: During the pandemic, Cultfit expanded its services to offer virtual classes, catering to users unable to visit physical centers. The platform also provided on-demand sessions, enabling users to work out from home.
Fitness Integration: The app integrates with devices like Apple Health and Google Fit, tracking every move and offering detailed metrics to users.
AI Features: The app features AI-powered posture correction, ensuring users are performing exercises correctly, even while working out remotely.
Source:
https://www.powermove.app/
3. Holistic Wellness Approach
Cultfit believes that fitness goes beyond just physical health, which led to its expansion into mental wellness and nutrition.
Mindfit: Focuses on mental health, providing services like therapy sessions and guided mindfulness programs. This vertical was added to Cultfit’s offerings to ensure a comprehensive wellness experience.
Eatfit: Launched in 2017, Eatfit is a healthy food delivery service that provides nutrition-based meal options, complementing Cultfit’s fitness model. This service allows customers to access fitness-oriented nutrition alongside their workout routine.
4. Acquisitions & Strategic Partnerships
Cultfit’s rapid growth has been bolstered by a strategic acquisition strategy. The company has acquired over 20 companies across various verticals to expand its offerings and build a competitive advantage.
Gold’s Gym (India): In 2021, Cultfit acquired the franchise rights for Gold’s Gym in India. This acquisition helped Cultfit quickly expand into Tier-2 and Tier-3 cities where Gold's Gym already had a strong presence.
Franchise Model: Currently, 35% of Cultfit’s centers are owned directly by the company, while the rest are managed through franchise and marketplace models. This has allowed them to expand rapidly with a much lower capital investment.
Fitness First & Urban Terrain: Cultfit also acquired companies like Fitness First and Urban Terrain to improve its product offerings and increase the variety of fitness equipment available for users.
5. Marketplace and Franchise Models
Cultfit employs a hybrid scaling model through marketplace and franchise models to reduce upfront capital costs and accelerate expansion:
Franchise Model: This allows Cultfit to rapidly expand without taking on the entire operational burden themselves. It enables entrepreneurs to open new centers with the Cultfit brand, ensuring scalability.
Marketplace Model: Cultfit has partnered with existing fitness centers and gyms to co-brand them as Cultfit centers, providing them with a platform, marketing, and customer base while taking a commission on memberships. This significantly increases their distribution without the need for building new centers.
6. Financial Performance
Cultfit achieved remarkable financial growth, reaching ₹927 crores in revenue in 2024. This is a testament to the effectiveness of its model, which combines physical centers with strong digital infrastructure and a diversified service offering.
Revenue Streams: Major revenue comes from gym memberships, online subscriptions, healthy meal services (Eatfit), and mental wellness services (Mindfit).
Valuation: Cultfit is valued at $1.5 billion, making it India’s first fitness unicorn. This valuation reflects the company’s strong market position and its ability to scale across multiple verticals in the wellness space.
Challenges Faced
Even with its impressive growth, Cultfit has faced its share of challenges in a highly competitive and ever-evolving market. As a leader in India’s fitness space, the company has had to navigate both intense competition and operational hurdles while striving to maintain its rapid expansion. From global fitness giants to local startups, the fitness industry in India is crowded, making it difficult to maintain a competitive edge.
Competition: The fitness sector is saturated with established international brands like Gold’s Gym and Fitness First, as well as emerging domestic players such as HealthifyMe and Fitter, all vying for market share. Cultfit has had to constantly innovate and differentiate itself to stay ahead.
Operational Costs: Running fitness centers involves significant fixed costs, including rent, utilities, equipment, and staff salaries. To address this challenge, Cultfit has successfully employed franchise and marketplace models, allowing it to share the operational burden with franchisees and third-party gym owners while expanding its footprint rapidly.
Marketing Strategy
Cultfit’s success can be largely attributed to its innovative marketing strategy that seamlessly combines community engagement, celebrity partnerships, and bold branding. These elements have enabled the brand to build a strong connection with its audience and stand out in the crowded fitness market.
Community-Driven Approach: Cultfit has created a fitness community that goes beyond just workouts. By fostering a sense of belonging through group classes and social workouts, the brand has made fitness a shared experience. This community-driven culture not only keeps members engaged but also encourages consistent participation and camaraderie.
Celebrity Endorsements: Recognizing the power of influence, Cultfit has effectively partnered with Hrithik Roshan, one of India’s biggest fitness icons, to boost its visibility. The brand’s collaboration with well-known fitness influencers has also helped to rapidly build credibility, making Cultfit synonymous with fitness for the masses.
Vibrant and Bold Branding: Cultfit’s visual identity is dynamic and full of energy. The brand’s colorful, bold aesthetics resonate strongly with young, urban customers who are looking for more than just a fitness program—they want an experience. This branding has helped Cultfit position itself as a lifestyle choice, not just a gym.
Future Outlook
As Cultfit continues its journey, the brand is primed for sustained growth through an aggressive expansion strategy:
International Expansion: Leveraging its digital infrastructure, Cultfit is setting its sights on global markets. In 2021, the company successfully expanded its digital offerings to the USA, tapping into the global fitness market and continuing to scale its brand internationally.
New Verticals and Diversification: Cultfit is likely to diversify further, exploring new health and wellness services to complement its core offerings. This could include innovations in preventive healthcare, sports tech, and nutrition, reinforcing its position as a comprehensive wellness platform for its growing customer base.
While Cultfit looks ahead to international expansion and further diversification into wellness services, challenges such as fierce competition, rising operational costs, and the need for consistent innovation will continue to shape its future. Navigating these obstacles effectively will determine if Cultfit can maintain its leadership position in the growing global fitness market.What Entrepreneurs Can Learn from CultFit
Lessons For Entrepreneurs
Here’s what the journey of the fitness teaches us:
1. Adaptability in the Face of Adversity
When the COVID-19 pandemic forced fitness centers to shut down, Cultfit quickly pivoted to digital fitness offerings. Its swift transition to online classes, one-on-one coaching, and virtual wellness programs allowed it to continue engaging with customers, even during the lockdown. This agility highlights the importance of being flexible and adaptable, especially in unpredictable situations. Businesses that can quickly adjust their offerings to meet new customer demands will thrive in the face of adversity.
2. Optimize Unit Economics with Scalable Models
By combining franchise and marketplace models, Cultfit has been able to scale its presence without assuming the full financial burden of running each fitness center. This asset-light model has allowed Cultfit to expand rapidly while minimizing fixed costs. The lesson here is that businesses should explore scalable models that allow for rapid expansion while maintaining profitability, especially in capital-intensive industries.
3. Know Your Strengths—Don’t Mimic Cultfit’s Approach
Cultfit’s aggressive acquisition strategy worked because its co-founders had extensive experience and significant investor backing. If you don't have the same resources, it's important to forge your own path that aligns with your strengths, rather than blindly copying someone else’s model.
Since Cultfit's rapid rise in India’s fitness industry, its aggressive expansion strategy and acquisitions have garnered significant attention. However, as the company looks to expand internationally and diversify its offerings, challenges such as intense competition, rising operational costs, and market saturation could test its resilience. How Cultfit navigates these hurdles will be crucial in determining its long-term success. Let’s see what the future holds. If you found this case study insightful, share it with someone interested in how innovation and strategy shape a company's journey.
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