Fitness and wellness platform Cult.fit on Monday said it has picked up a majority stake in F2 Fun & Fitness India Pvt Ltd to become the master franchise partner for Gold’s Gym in India. However, the financial details of the pact were not disclosed.
Cult.fit said it will continue scaling its business nationally, across non-metro cities and towns, as well as house brands like Gold’s Gym into its network to further propel its growth in the coming years.
Gold’s Gym has over 140 outlets across 90 cities and as part of this deal, Cult will be investing in scaling the revenue of existing Gold’s Gym centres through marketing endeavours, and facilitating centre expansion via franchisees in coming years.
It will also be enabling all the Gold’s Gym centres with its tech suite and a customer app.
Cult with this acquisition will also look to expand the Gold’s Gym brand across Sri Lanka, Bangladesh, Maldives, Nepal and Bhutan
“We have a mission to touch 200 clubs in 24 months. Over the last 19 years, we have been privileged to work with the best partners in the fitness industry to successfully build the Gold’s Gym brand in India.
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 scale,” said Nikhil Kakkar, Chief Operating Officer of Gold’s Gym.
Bishnu Hazari, Chief Financial Officer at Cult.fit said, “Our transaction with Gold’s Gym in India comes at a critical juncture for the fitness ecosystem which is just gearing up for recovery following the pandemic.
This acquisition greatly reinforces Cult.fit's leadership position in the Indian fitness space. It also provides stronger impetus to our growth going into 2023, and enables us to seriously think about going public.”
In May, Bengaluru-based Cure.fit Healthcare rebranded itself to Cult.fit after its flagship fitness vertical.
This is the third acquisition in this space by Cult.fit, in December it acquired at-home cardio-equipment brands RPM fitness, Fitkit, Onefitplus and outdoor bicycles brand, Urban Terrain.
Earlier in June, It acquired Tread, a Bengaluru-based fitness-bike startup in June this year.
