Cult.fit's product sales now contribute 30% of its total revenue, up from ₹64.2 Cr in FY22 to ₹326.4 Cr in FY25. The fitness chain, primarily known for gym memberships, now aims to become India's Decathlon, selling everything from apparel to bicycles. This retail push is crucial for its long-promised profitability amidst rising operational expenses.
How We Got Here
Cult.fit, founded in 2016 by former Flipkart executives Mukesh Bansal and Ankit Nagori, spent five years building its product business. It first entered the apparel segment in 2020, gradually expanding into footwear and home fitness equipment.
The Numbers
- Cult.fit's overall operating revenue grew from ₹215.7 Cr in FY22 to ₹1,215.5 Cr in FY25.
- CEO Naresh Krishnaswamy confirmed the product portfolio now includes spin bikes, recovery massagers, and gym accessories.
- Product design and material selection are handled in-house, while manufacturing is entirely outsourced.
- Cult Neo is the startup's affordable gym format, designed to deepen presence beyond major metros.
What Happens Next
🇮🇳 Why This Matters for India
For D2C founders building in the activewear space, Cult.fit’s aggressive retail expansion beyond metros presents a formidable new competitor in Tier-2 and Tier-3 cities.
The Take
The challenge for Cult.fit isn't proving product-market fit—they've done that. It’s replicating their digital brand equity into physical retail profits across non-metro markets, where supply chain and real estate costs hit harder.
Source:
Inc42 ↗