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Cult.Fit’s fitness business, which accounted for more than 60% of its revenue, has had to hit pause during the pandemic lockdowns last year and now. Meanwhile in the US, Peloton, which sells connected spin cycles and treadmills mainly for use at home, saw its fourth-quarter sales nearly triple and share price double in a year.
With little clarity on when the pandemic will ease, Cult.Fit founder Mukesh Bansal is taking a jab at the domestic workout-from-home market. The company, valued at over $800 million, recently acquired Tread for $32 million in a cash and stock deal.
Tread makes spin bikes and has a business model similar to Peloton, which is valued at $30 billion. “The company doubled the money secured from investors and returned cash in less than a year of raising,” said an investor in Tread.
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