Naresh Krishnaswamy has been named fitness startup Cultfit’s next chief executive officer, replacing co-founder Mukesh Bansal, who will move to the chairman position, according to a report by The Economic TImes.
Krishnaswamy had taken over key operations since Bansal moved to in his new role as president. He was internally appointed CEO in October, said the report, citing people in the know.
Krishnaswamy was earlier the head of fitness services at Cultfit.
“It’s been in the works for some time and (the elevation) was announced internally a few months back. Mukesh gets involved for broad strategic matters and attends board meetings,” The Economic Times quoted a source.
The report said a company spokesperson had confirmed the development. Cultfit did not immediately respond to YourStory’s request for a comment or to confirm the veracity of the story.
According to several media sources, Bansal is in the process of raising funds for his new venture with Zomato Co-founder Mohit Gupta, in the Gen Z-focussed premium fashion space.
Bansal has been reportedly talking to Peak XV Partners and Accel to raise $50 million for the venture.
, which houses the Cultfit, Sugarfit, and Carefit brands, has been in the process of restructuring its business to fast-track its route to profitability.
In January this year, it let go of some employees to cut costs and streamline operations.
“This is aimed at improving productivity and setting us up for full profitability in FY25,” a company spokesperson had told YourStory.
Edited by Swetha Kannan
