Cult is also making a foray into outdoor bicycles business with acquisition of brand Urban Terrain.
“The brands were built and scaled by Mohit Mathur and his team at Shoora Retail, who are all joining Cult to further expand the business…Combined scale is about USD 20 million annual recurring revenue (ARR) with 100,000 units of annual sales. These smart equipment connect with smartphones which users can use to track their performance…in a virtual game environment,” a statement said.
Cult is also getting the manufacturing capability for bicycles and service network that extends to over 19,000 pin codes in the country, it added. This is the second acquisition in the space by Cult.fit after the acquisition of Tread, a Bengaluru-based smart fitness-bike startup last year.
Cult also recently completed a USD 150 million series F fundraise and had entered the unicorn club.
“This acquisition enhances our product portfolio of at-home smart exercise equipment. We now have a range of options at all price points, starting from simple air bikes for Rs 5,000-7,000 to premium Cult bike for Rs 50,000. The fitness hardware market is expanding around the world, and we strive to bring the best innovation to our customers,” Cult.fit Head of Digital Health Shamik Sharma said.
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He added that Cult.fit is building the largest house of fitness D2C (direct to consumer) brands in the country, having the largest community of fitness enthusiasts.
“We are excited to join hands with Cult. With their captive fitness user base, tech know-how, brand and capital, we should be able to double our business within the next year. Additionally, given Cult’s unmatched ability to build fitness communities, we can also rapidly grow our bicycles portfolio to emerge as India’s premier tech-led community bicycle brand,” Shoora Retail founder Mohit Mathur said.
Cult.fit said it is also expanding the manufacturing capability which will ensure control over the end-to-end supply chain, thus ensuring greater profitability and superior control on margins.