In order to accelerate its path to profitability, Cure.fitTM, the company that owns the Cultfit, Sugarfit, and Carefit brands, has been reorganizing its company.
The fitness business Cultfit has selected Naresh Krishnaswamy as its new CEO. Mukesh Bansal, who was a co-founder, will now serve as chairman, according to a report.
Since Bansal moved to Tata Digital to assume his new post as president, Krishnaswamy had assumed control of key activities. According to a report, which quoted persons with knowledge, he was chosen CEO internally in October.
Prior to this, Krishnaswamy led Cultfit’s fitness services department.
A source was quotes saying, “It’s been in the works for some time and (the elevation) was announced internally a few months back. Mukesh gets involved for broad strategic matters and attends board meetings.”
A business official was cited in the report as having verified the development.
Several reports claim that Bansal is now raising funds for his new business, which he is launching with Zomato co-founder Mohit Gupta, in the premium fashion market with a focus on Generation Z.
Bansal allegedly spoke with Accel and Peak XV Partners about raising $50 million for the project.
In order to accelerate its path to profitability, Cure.fitTM, the company that owns the Cultfit, Sugarfit, and Carefit brands, has been reorganizing its company.
It reduced expenses and streamlined operations by letting rid of a few staff in January of this year.
“This is aimed at improving productivity and setting us up for full profitability in FY25,” a company spokesperson said.
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