Mukesh Bansal’s Cultfit Appoints New CEO; Google Introduces Arm-based Processor

Cultfit has officially named Naresh Krishnaswamy as CEO, while founder Mukesh Bansal transitions to the role of chairman. This announcement headlines today’s ETtech Top 5.Cultfit Promotes Naresh Krishnaswamy to CEO, Mukesh Bansal Assumes Executive Chairman RoleZomato and Tata Digital-backed fitness startup Cultfit has appointed Naresh Krishnaswamy as its new chief executive officer, with co-founder and former CEO Mukesh Bansal stepping into the chairman position.

Key Points: Krishnaswamy, previously leading fitness services at Cultfit, has been overseeing crucial operations since Bansal’s move to Tata Digital as its president, according to informed sources.

The company spokesperson verified this transition.Krishnaswamy assumed the CEO role internally in October, though it was not publicly announced. Before this, he served as the chief revenue officer at Myntra, an online fashion retailer under Flipkart’s ownership, also co-founded by Bansal.

Bansal’s Next Move: Following his brief tenure at Tata Digital, Bansal is finalizing plans for a new fashion venture with Zomato co-founder Mohit Gupta. Discussions are underway with various investors for additional funding.Recent Staffing Changes: In January, Cultfit underwent a workforce reduction of 100-120 employees as part of cost-saving measures. The company aims for profitability as it eyes a public listing within the next two years.In its latest funding round, Cultfit raised Rs 84.5 crore (approximately $10.2 million), primarily led by existing investor Valecha Investments, which contributed over Rs 36 crore.Financial Highlights: In the fiscal year 2023, Cultfit’s operating revenue surged to Rs 694 crore, more than tripling from the previous year, while its losses narrowed to Rs 551 crore from Rs 688 crore.