Naresh Krishnaswamy becomes CEO of Cultfit while Mukesh Bansal chairs and launches new venture By Elets News Network - 12 April 2024

Naresh Krishnaswamy

Cultfit, a fitness business, has announced Naresh Krishnaswamy as its new CEO. The company’s Co-Founder, Mukesh Bansal, will transition to the role of chairman. This strategic change comes as Mukesh takes on a new role as president at Tata Digital, where he has been managing significant responsibilities.

Naresh, who previously managed Cultfit’s fitness services, took over key operations when Mukesh shifted his focus to Tata Digital. His appointment as CEO was confirmed internally in October, following discussions that had been ongoing for several months. “The transition has been planned for a while, and Mukesh continues to engage in major strategic decisions and board meetings,” a source revealed.

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Additionally, Mukesh Bansal is reportedly venturing into the premium fashion sector targeting Generation Z, alongside Mohit Gupta, Co-Founder of Zomato. They are in talks with investors like Accel and Peak XV Partners to raise around $50 million for this new initiative.

Meanwhile, Cure.fit™, the parent company of Cultfit, Sugarfit, and Carefit, is restructuring to enhance its profitability. As part of its cost-cutting measures, the company made several staff reductions in January. “These changes are aimed at boosting productivity and achieving full profitability by FY25,” stated a company spokesperson.

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