Cure.Fit on Wednesday announced that it has merged Cult.Fit with Oaktree Capital Management LP’s India entity - Fitness First. The latter is a majority shareholder of Fitness First India. The transaction is expected to be completed in the next few weeks.
Fitness First has over 10 fitness clubs in prime locations in Delhi-NCR and Mumbai. This now will be a part of Cult.Fit. The consolidated business will have close to over 50 fitness centres in the country and states that it will be adding close to five fitness centres every month.
The consolidated platform now has a presence in Bengaluru, Delhi-NCR and Mumbai and has 40,000 members. Mukesh Bansal, Co-founder Cure.Fit said
"We have significant synergies in our business model and the combined entity will offer a compelling health fitness offering to customers across the cities. Fitness First customers will get additional access to all Cult centres and will get superior experience through the Cure.Fit platform which enables holistic health well-being.”
Fitness First is one of the best known premium fitness businesses in the country with 10 fitness clubs in prime locations in Delhi-NCR and Mumbai.
“This partnership will put Cult on track to become the largest fitness service provider in the country, by end of this year”, added Cure.fit co-founder Ankit Nagori.
Oaktree was advised by Maple Capital Advisors, a New Delhi based boutique investment bank. Induslaw Delhi and Bengaluru were legal advisors to the transaction.
On the occasion, Oaktree Senior Vice President, Federico Alvarez-Demalde said, “Fitness First India is a leading premium fitness business. In Cult we saw a future ready business, solid management, quality sponsors and ability to bring better fitness and health services to more Indians. We look forward to a mutually beneficial partnership with Mukesh and team.”
Since its launch, Cure.Fit has been on an acquisition spree. Before it has launched its integrated app, the venture had acquired fitness centres Cult and Tribe, food delivery startup Kristy Kitchens, had launched an HRX workout with Hrithik Roshan, and had Series-A funding of $15 million in a round led by Kalaari Capital, Accel and IDG Ventures. Since then Cure.Fit has raised funds several times. Currently, there are close to 120 fitness startups in India, which have together raised close to $21.2 million as of 2016.