Cult.fit, the Indian fitness startup founded in 2016 by Mukesh Bansal and Ankit Nagori, has significantly expanded its retail business, with products now contributing around 30% of its overall revenue. CEO Naresh Krishnaswamy revealed that product sales revenue grew from ₹64.2 crore in FY22 to ₹326.4 crore in FY25, while total operating revenue increased from ₹215.7 crore to ₹1,215.5 crore during the same period, according to inc42.com.
The company’s retail push is part of a broader strategy to diversify revenue streams and improve profitability. Cult.fit has expanded its offline retail presence, launched an affordable gym format called Cult Neo, and entered niche segments such as Pilates. While gym memberships remain the core business, the product segment—which includes apparel, footwear, athleisure, gym equipment, and bicycles—is emerging as the startup’s next growth engine. The company began building this product business around five years ago, entering the apparel segment in 2020.
Cult.fit’s move to become the Decathlon of India places it in a competitive market where fitness startups are increasingly focusing on retail and lifestyle products to supplement membership revenues. The growth in product sales reflects a shift in consumer behavior, with gym-goers converting into shoppers. This diversification aligns with broader trends in the fitness sector, where companies aim to capture more value from their customer base beyond traditional gym services.
As of FY25, Cult.fit’s product revenue accounts for nearly a third of its total income, marking a significant milestone in its profitability journey. The company’s continued expansion into retail and niche fitness segments underscores its evolving business model. CEO Naresh Krishnaswamy’s disclosures provide a clear snapshot of the startup’s financial progress and strategic direction.