11 April 2024 – Cofounder and former CEO Mukesh Bansal has been named executive chairman of the fitness startup Cult. Fit, marking a significant internal reorganization at the company. Naresh Krishnaswamy, the company’s head of fitness services, has been promoted to the position of chief executive officer (CEO).
Without providing a statement, a startup representative verified the news with Inc42. According to the Economic Times, although the appointment was private, Krishnaswamy was internally appointed CEO in October of last year.
Fit on strategic issues, though. Cult. Fit, which was founded in 2016 by Myntra cofounders Ankit Nagori and Bansal, provides a variety of fitness services, such as exercises at the company’s physical locations and other related services at its affiliated gyms and fitness centers around the nation.
Conclusion
Remarkably, the reorganization occurred within two months after the fitness unicorn, led by current investor Valecha Investments, secured INR 84.5 Cr in its Series F fundraising round. L&K Wellness Services and Extreme Brands were among the other participants in the round. Under Krishnaswamy’s leadership, Cult. Fit implemented a significant reorganization to reduce expenses and optimize operations. As a result, the business laid off about 120 workers earlier this year. Employees at all of its sub-brands, including Sugar. Fit, Carefit, and Cult. Fit was affected by the mass layoffs.
