Cure.fit acquires Fitternity; to build a fitness network
Mukesh Bansal and Ankit Nagori's fitness startuphas announced the acquisition of Bengaluru-based fitness aggregator platform, . The details of the deal were undisclosed, but post this acquisition, Fitternity will continue to operate independently.
A press statement shared by Cure.fit stated, with a collective user base of three million users, Cure.fit and Fitternity will together empower more than 5000 fitness centres spread across top 20 cities in India.
In a conversation with YourStory, Naresh Krishnaswamy, Business Head and Head of Growth and Marketing, Cure.fit, said, "With this acquisition we hope to build a stronger ecosystem of fitness centres and gyms. The focus will remain to bring in high-quality standards and experience across the entire gym network and ecosystem."
The team added that with this acquisition, gyms will benefit from a larger consumer base, and expect 50 to 100 percent increase in its footfalls. They can also get high-quality experience as standard across the gym network along with a personalised fitness plan and guidance on the Cure.fit app.
"Our main focus is to ensure that there is a stronger and better recovery of the fitness sector," added Naresh. Cure.fit also aims to help offline gyms upgrade their technology, operating procedures and aid them in increasing their visibility for better utilisation.
Talking about the acquisition, Mukesh Bansal, Co-Founder, Cure.fit, said: “Fitness in India is still in initial stages at sub one percent penetration. Over the next 10-20 years, this will increase to 15-20 percent 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.”
With this acquisition, Fitternity will continue to work separately and also allow Cure.fit to scale its Cult Pass product. The product was recently launched.
Cult Pass also marked Cure.fit’s foray into gym and equipment-based workouts. This acquisition seeks to further build on that offering, and establish Cure.fit as a market leader across all fitness formats.
Neha Motwani, Co-Founder and CEO, Fitternity, said: “We are delighted to join Cure.fit. At Fitternity, we have always focused on creating innovative solutions to make fitness easy and accessible for Indians - this vision will be further extended with our partnership. While Fitternity will continue to run as it always has, with Cure.fit, we will be able to create a formidable force to grow and drive scale for our partners.”
Naresh explains that the first 30 gyms using the Cult pass have seen close to a 3x increase in revenue. They are hoping to further expand this growth.
Jayam Vora, Co-founder and COO, Fitternity added: “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.”