Zomato-backed Cultfit appoints Naresh Krishnaswamy as its new CEO; Bansal becomes chairman

Zomato-backed fitness tech startup Cultfit has appointed Naresh Krishnaswamy as the new Chief Executive Officer (CEO). The move comes as co-founder Mukesh Bansal transitions to the role of Executive Chairman.

Krishnaswamy previous role  

Krishnaswamy, who previously directed Cultfit's fitness services and has been at the forefront of its key operations, officially stepped into his CEO role in October, although the announcement was made internally and not disclosed to the public until now.

His promotion underscores a well-planned transition, ensuring continuity and strategic focus under new leadership.

Bansal, in his new capacity, will concentrate on broader strategic matters and continue to play a pivotal role in board meetings, steering the company towards its ambitious goals.

Who is Naresh Krishnaswamy?

Naresh Krishnaswamy, a graduate of IIM Calcutta and IIT Madras, began his career as an intern at McKinsey & Company. In April 2010, he joined UBS Investment Bank as a Senior Analyst. Notably, he has held several senior leadership roles, including Chief Revenue Officer at Myntra, a company founded by Mukesh Bansal and now owned by Flipkart.

Bansal's new ventures and strategic moves

Mukesh Bansal, having briefly served as President at Tata Digital, is channelling his entrepreneurial spirit into founding a new startup in the premium fashion space targeted at Gen Z alongside Zomato co-founder Mohit Gupta.

The venture is currently in the fundraising stage, seeking to secure capital to fuel its growth. Meanwhile, Bansal's transition to the role of Executive Chairman at Cultfit allows him to maintain strategic involvement while dedicating energy to his new entrepreneurial project.

Cultfit's strategic restructuring  

Cultfit has been undergoing restructuring and optimization to streamline operations and achieve profitability. The company announced layoffs earlier in the year as part of these cost-cutting measures, with an aim to reach full profitability by FY25. 

The company's financial performance has shown significant improvement, with operating revenue more than tripling to Rs 694 crore in FY23 and losses narrowing considerably. These measures are part of Cultfit's broader strategy to prepare for a potential IPO in the coming years, signalling confidence in its future growth and profitability.