Cure.fit Acquires Fitternity To Build A Fitness Network
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Bengaluru-based health and wellness platform Cure.fit on Tuesday announced its acquisition of fitness facilities aggregator Fitternity.
With a collective user base of 3 million users, both establishments will together occupy greater market dominance in terms of empowering more than 5000 fitness centres spread across the top 20 cities in India.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cure.fit aims to address preventive healthcare through a combination of engagement, coaching, and delivery using a mix of online and offline channels.
“Fitness in India is still in initial stages at sub 1 percent penetration. Over the next 10-20 years, this will increase to 15-20 per cent 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,” said Mukesh Bansal, co-Founder, Cure.fit.
Cure.fit is also planning to help offline gyms upgrade their technology, operating procedures and aid them in increasing their visibility for better utilization, yielding a 50-100 per cent increase in footfalls and revenue.
Founded in 2014 by Neha Motwani and JayamVora, the marketplace and subscription platform for fitness services Fitternity has catered to over 11 million users on the platform, 500,000 paid consumers. The company also empowers a network of over 5,000 branded gyms, boutique fitness classes, and luxury hotel swimming pools in India across 17 fitness forms and 15 cities.
“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,” shared Neha Motwani, co-founder, and chief executive officer, Fitternity.
As gyms start bouncing back in the post-pandemic world, Cure.fit and Fitternity, together aim to play a pivotal role in helping with the recovery and scale of the industry to counter the impact of COVID-19.
“Fitternity has done a great job in aggregating, enabling discovery, and also helping create the right experiences for both partners and customers. This will help us give variety and choice to both B2C and B2B customers in their fitness pursuit,” stated Naresh Krishnaswamy, business head, Cure.fit.
While Fitternity will continue to exist as a separate platform, this move will allow Cure.fit to scale Cult Pass – the company’s recently launched all-access pass to the best gyms and Cult centres in India. Cult Pass also marked Cure.fit’s foray into the 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.
“The first 30 gyms on Cult pass have seen a threefold increase in revenue. We are confident that top 1000 gyms on the combined platform will be deeply tech-enabled and will realize 50-100 per cent more business from the existing infrastructure,” Krishnaswamy added.
“For Fitternity, this transaction enables a significant evolution of our user proposition, while driving growth for our partner network beyond just recovery to achieve the true potential of the fitness retail business in India. The integrated mix of technology, progressive business models, and the neighborhood gyms and fitness classes will be the secret sauce to empower a Fit India,” concluded JayamVora, co-founder and COO, Fitternity.