Naresh Krishnaswamy, a co-founder of Cult.fit, has been appointed as the new CEO of the fitness tech startup, marking a significant shift in leadership. The move comes as co-founder and long-time CEO Mukesh Bansal transitions to the role of executive chairman within the company.
Krishnaswamy, an alumnus of IIT Madras and IIM Calcutta, brings a wealth of experience to his new role. Having previously served as the chief revenue officer at Myntra, he joined Curefit in 2018 to spearhead growth initiatives. Despite assuming the CEO position last October, the formal announcement was only made recently.
Meanwhile, the departure of the company’s top executive, Shamik Sharma, who oversaw both business and technology divisions, adds another layer to the leadership reshuffle. Sharma’s move to become SVP of engineering at Nasdaq-listed software firm Atlassian follows his appointment to Curefit’s board by Bansal in March 2021.
Media reports suggest that Bansal is currently focused on raising funds for his new venture in collaboration with Zomato Co-founder Mohit Gupta, targeting the Gen Z-focused premium fashion space. Talks with investors, including Accel and Peak XV Partners, are reportedly underway to secure USD 50 million for the venture.
Bansal’s entrepreneurial journey began with the founding of Curefit, formerly known as Cultfit, in 2016. The company recently closed an expanded Series F round led by Valecha Investments, reaffirming its position in the market. Bansal retains a significant 10.5% equity stake in the company.
Alongside Ankit Nagori, another former executive at Flipkart, Bansal has also ventured into Cultfit’s sister company, Curefoods. This venture saw Nagori spearheading the cloud-kitchen firm, which was spun off from Cultfit.
In a notable milestone, Cult.fit achieved unicorn status in November 2021 following Zomato’s acquisition of a 6.4% stake in a USD 100 million deal. However, the company also faced challenges, including layoffs of around 150 employees in January, along with the closure of numerous fitness centers nationwide during the COVID-19 pandemic.
The leadership changes and strategic developments at Cult.fit signal a pivotal moment for the company as it navigates through both opportunities and challenges in the dynamic fitness and technology landscape.
