Fitness and wellness platform Cult.fit has acquired at-home cardio-equipment brands RPM fitness, Fitkit, Onefitplus and outdoor bicycles brand, Urban Terrain, the company said in a statement.
The financial details of the transaction were not disclosed.
The brands are operated by Shoora Retail, which was founded by Mohit Mathur. Mathur, an alumnus of IIM Ahmedabad, previously served as Director at iLogistics. For the last decade, he has held the position of Product Head with various consumer technology brands, including Amazon and Apptronics, according to his LinkedIn profile.
Post-acquisition, Mathur will be joining Cult.fit to further expand the business, the statement said.
“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 bikes 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 is building the largest house of fitness D2C brands in the country, having the biggest community of fitness enthusiasts,” said Shamik Sharma, Head Digital Health, Cult.fit.
This is the second acquisition in this space by Cult.fit. It had acquired Tread, a Bengaluru-based fitness-bike startup in June this year.
Cult also recently closed $150 million in Series F funding, thereby entering the unicorn club.
The company said that together, the acquired brands will bring in $20 million (around Rs 150 crore) in annual recurring revenue, with annual sales of 100,000 units.
Cult is also expanding the manufacturing facilities of all these brands, which will ensure its control over the end-to-end supply chain, thus ensuring greater profitability and superior control on margins. It is also extending the service network to over 19,000 pin codes in the country, the statement said.
In May, Bengaluru-based Cure.fit Healthcare rebranded itself to Cult.fit after its flagship fitness vertical.