Homegrown health and wellness platform Cure.fit has acquired fitness facilities aggregator Fitternity.
Post this acquisition, Fitternity will continue operating independently and exist as a separate platform. Cure.fit says that this move will allow the brand to scale its 'Cult Pass' which is the company's recently launched all-access pass to the best gyms and cult centres in India.
The two companies claim to have a collective user base of 3 million users with over 5,000 fitness centres spread across top 20 cities in India. To discuss the road ahead, Startup Street spoke to Mukesh Bansal, co-founder & CEO of Cure.fit and Naresh Krishnaswamy, head of growth & marketing at Cure.fit.
Also watch Startup Street - in conversation with Ashish Singhal, CEO of CoinSwitch Kuber who shared his views on India's plan to regulate cryptocurrencies.
Moreover, Sanjot Malhi of Matrix Partners India spoke about increased attention on India's direct to consumer sector.
Talking about the acquisition, Mukesh Bansal, Co-Founder, Cure.fit, said: "Fitness in India is still in initial stages at sub 1% penetration. Over the next 10-20 years, this will increase to 15-20% like in the west. With increasing health awareness, demand is increasing, and we need to put up quality supply. With Fitternity on board, Cure.fit will improve existing offline gyms, bring them up to speed with better technology, and focus on empowering them to adjust to the post-Covid scenario amid changing consumer expectations."
Co-founder and COO of Fitternity, Jayam Vora, said: “For Fitternity, this transaction enables a significant evolution of our user proposition, while driving growth for our partner network beyond just recovery to achieving the true potential of the fitness retail business in India. The integrated mix of technology, progressive business models and the neighbourhood gyms and fitness classes will be the secret sauce to empower a Fit India."
The two companies claim to have a collective user base of 3 million users with over 5,000 fitness centres spread across top 20 cities in India. To discuss the road ahead, Startup Street spoke to Mukesh Bansal, co-founder & CEO of Cure.fit and Naresh Krishnaswamy, head of growth & marketing at Cure.fit.
Also watch Startup Street - in conversation with Ashish Singhal, CEO of CoinSwitch Kuber who shared his views on India's plan to regulate cryptocurrencies.
Moreover, Sanjot Malhi of Matrix Partners India spoke about increased attention on India's direct to consumer sector.
Talking about the acquisition, Mukesh Bansal, Co-Founder, Cure.fit, said: "Fitness in India is still in initial stages at sub 1% penetration. Over the next 10-20 years, this will increase to 15-20% like in the west. With increasing health awareness, demand is increasing, and we need to put up quality supply. With Fitternity on board, Cure.fit will improve existing offline gyms, bring them up to speed with better technology, and focus on empowering them to adjust to the post-Covid scenario amid changing consumer expectations."
Co-founder and COO of Fitternity, Jayam Vora, said: “For Fitternity, this transaction enables a significant evolution of our user proposition, while driving growth for our partner network beyond just recovery to achieving the true potential of the fitness retail business in India. The integrated mix of technology, progressive business models and the neighbourhood gyms and fitness classes will be the secret sauce to empower a Fit India."
Sources - CNBCTV18 | The News Minute |
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