Mukesh Bansal wanted to revolutionize the Indian health and fitness industry after the success of Myntra. In cooperation with Ankit Nagori, the former chief business officer of Flipkart, he founded his second company, a fitness startup called CureFit. To start the business, the founders pooled $5 million together.
Cure.Fit provides primary care, nutritious meals, yoga, and exercise activities. Cult gyms and health food websites Platforms for mental health and Eat.Fit Mind.Fit.
Cure.Fit also offers a variety of trainer-led, group exercise classes with the goal of making fitness enjoyable and simple. It makes exercise enjoyable, everyday eating delicious and healthy, mental fitness simple with yoga and meditation, and medical and lifestyle care hassle-free.
The company is located in Bangalore, Karnataka, and was co-founded by Mukesh Bansal and Ankit in Nagori in 2016.
Ideation
The 2016-founded health tech start-up provided both online and offline experiences for physical training, healthy eating, and mental well-being.
Ankit Nagori and Mukesh Bansal left Flipkart hunting for the next big opportunity because they were born entrepreneurs. They saw a glaring gap in the health and wellness industry after exploring a variety of potential areas to enter. Since it had not been significantly affected by technology as a whole, the health industry stood out to them. After taking a closer look at various business models and market solutions, they discovered that people don’t like to have separate apps for different solutions. Cure.Fit was created to bridge the substantial market gap for a comprehensive approach to treatment.
With its brand strength and funding, Cult.Fit (the parent company) has been able to challenge established franchises like Gold’s Gym and Snap Fitness in India’s booming fitness market, according to Jayanth Kolla, the chief analyst at consulting firm Convergence Catalyst.
Services
The Founders wanted to provide a more comprehensive approach to health and fitness by combining a range of services on a single platform rather than having several apps on a phone.
The several services offered by Cure.Fit, such as food delivery. According to Kolla, Eat.Fit introduced and hooked millennials to nutritious eating and lifestyle choices.
With the use of both technology and human expertise, Cure.fit has set out to improve customer experience. Now, users can do things like organize a workout or get food online.
Funding
Cure.Fit raised US$110 million in its second Series D fundraising round, with Temasek Holdings of Singapore taking the lead with $71.8 million. Cure.Fit transferred 2,06,10,687 cumulative convertible preference shares (CCPS) valued at INR 539 Cr to Temasek (MacRitchie Investments Pte Ltd), according to regulatory filings dated March 2020. Accel Partners invested $14.2 million, with $1.8 million coming from Chiratae Ventures and $2.8 million from Unilever Swiss Holdings.
Business Model
Effectively combining coaching, engagement, and delivery through a variety of online and offline platforms, Cure.Fit’s business model is what sets it apart from competitors.
Cult and Tribe, two Bengaluru-based workout facilities, merged to form Cure.Fit. Cult.Fit studios provided a variety of group exercise routines centered on Boxing, Zumba, Kettlebell exercises, Dancing and Yoga, and Strength & Conditioning to make working out joyful and interesting. During group sessions led by trainers, Cult.Fit participants were encouraged to interact with one another.
With a hybrid business model that incorporates offline Cult centers, Cure.Fit aims to be the market leader in the fitness and wellness market, which is predicted to expand at a 20% annual rate and reach $12 billion by 2025.
Mukesh Bansal’s life has undoubtedly come full circle; after selling his e-commerce site Myntra to Flipkart, he is now developing a platform for consumers that might compete with Amazon and Flipkart. Indian entrepreneurs are demonstrating that lightning can strike twice when it comes to developing profitable startups.
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