Hrithik Roshan invests $878,200 in fitness start-up Cure.Fit
Bengaluru-based fitness start-up Cure.Fit has raised $878,200 (Rs. 6cr) from Bollywood heart-throb Hrithik Roshan. According to Ministry of Corporate Affairs (MCA) filings, Hrithik Roshan invested in Cure.Fit both in his personal capacity, and through his entity, Extreme Brands. Since being founded in 2016, Cure.Fit has already raised in excess of $50mn. Here's what the start-up is all about.
Cure.Fit was founded by former Flipkart executives
Cure.Fit, established in 2016 by former Flipkart executives Mukesh Bansal and Ankit Nagori, serves as a holistic fitness platform. The platform seamlessly integrates physical fitness (Cult.fit), mental health (Mind.fit), nutrition (Eat.fit), and the soon-to-be-launched primary care feature (Care.fit), all within one app, thereby allowing users to order healthy meals, book classes, work out at home etc. Cure.Fit currently operates in the NCR, Bengaluru, Mumbai.
Incidentally, Hrithik Roshan happens to be Cure.Fit's brand ambassador
In August 2017, Cure.Fit had entered into a contract with Hrithik Roshan, making the actor the start-up's brand ambassador. The five-year-long contract is worth $14.63mn (Rs. 100cr).
Cure.Fit has acquired multiple start-ups with its generous funding
Cure.Fit's $50mn+ funding comes from several investors like Accel Partners, IDG Ventures, Kalaari Capital, and UC-RNT Fund, among others. Meanwhile, just days back, Cure.Fit acquired premium fitness business Fitness First, and merged its subsidiary Cult Fitness with it. Cure.Fit had also acquired several other start-ups like Tribe Fitness, Seraniti, Kristys Kitchen, and a1000yoga earlier. The start-up is now planning to expand its operations.
The colossal size of the sports, fitness, and wellness industry
The sports, fitness, and wellness industry in India, growing at a compounded annual growth rate of 17%, is poised to touch a colossal $90bn by 2022.
Cure.Fit looking to expand in new geographies
In addition to the Android and iOS app, Cure.Fit already has several 34 Cult.fit centres, and seven Mind.fit centres in Bengaluru. It also has a handful of centres in the NCR and Mumbai, and its acquisition of Fitness First will help it expand in these two geographies. Cure.Fit's consolidated business will have 50 centres across India, and five new ones would be added monthly.
