Cult.fit gears up for IPO🏋🏻; Oyo to add 400 properties🏡; India to become high-growth Web3 market: Nasscom🌐
Cult.fit gears up to float IPO, Oyo to add 400 properties in leisure markets, High-growth Web3 market, Funding Deals and more.
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Tata-backed fitness chain Cult.fit gears up to float IPO in 12-18 months🏋🏻
Cult.fit is aiming for an IPO in 12-18 months as its core gym business has made an operating profit, its business head Naresh Krishnaswamy told. He added that Cultfit’s revenue had grown more than 50% from pre-Covid levels.
Cult.fit’s operating revenue was around Rs 161 crore in FY21. It was valued at $1.5 billion following Zomato-led $145 million funding round in December 2021.
Cult.fit, which was earlier known as Cure.fit, has made 14 acquisitions over the past few years, including in-home fitness equipment businesses like RPM fitness and Fitkit.
Oyo plans to add around 400 properties in leisure markets🏡
Sensing the growing demand for leisure travel, Oyo is planning to add around 400 properties in the leisure segment by the end of this calender year.
The company has added around 600 properties in leisure destinations so far this year. It will focus on 19 leisure markets such as Goa, Shimla, Amritsar, Puri, Tirupati, Udaipur, Mysore and Gangtok.
OYO’s leisure brands include 4ByOyo, 5ByOyo, Oyo Townhouse, Townhouse OAK, Capital O and Collection O.
Hot Shorts⚡
Financial modelling software provider for businesses Drivetrain AI has raised $15 million as part of a fresh funding round led by Elevation Capital, Jungle Ventures and Venture Highway.
Online two-wheeler marketplace Beepkart has raised $9 million in a funding round led by Vertex Ventures.
Document infrastructure firm Leegality has raised $5 million in an investment round led by IIFL Fintech Fund along with the participation of existing investor Mumbai Angels.
Signal-based trading platform Investmint has raised $2 million in a seed round led by Nexus Venture Partners, with participation from other angel investors.
Home interior materials platform Mistry.Store has raised $2 million in its seed round led by Omidyar Network India.
India well placed to become high-growth Web3 market: Nasscom🌐
India’s rapid adoption of new technologies, its growing startup ecosystem, and the potential of its huge, digitally skilled talent pool is the right building blocks for it to emerge as a key player in Web3, according to a report by the IT industry association Nasscom.
Web3 leverages blockchain technology to decentralise the web and deliver the use cases that were centrally controlled – with opaque execution – in Web2.
While Web3 is still nascent, India’s economic, demographic, and technology-adoption factors leave it well-positioned to become a high-growth Web3 market, the report said.
There were over 450 Web3 startups in India as of the first half of the calendar year, with over $1.3 billion invested in Web3 since 2020, according to the report, titled The India Web3 Startup Landscape: An Emerging Technology Leadership Frontier.
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