CureFit, the health and fitness start up owned by ex-Flipkart execs Mukesh Bansal and Ankit Nagori is putting its $15 million funding money to good use. It has today invested $3 million to acquire a controlling stake in Bengaluru-based fitness company Cult.
The two already have a fair acquaintance as Mukesh Bansal had invested an undisclosed amount into Cult, just weeks after quitting Flipkart. Both the companies have a common aim of making India fit again, where CureFit would provide state-of-the-art health and fitness solutions and Cult would focus on its ‘machine-free’ training regime.
Founded in May 2015 by Rishabh Telang and Deepak Poduval, Cult has two fitness centres in the suburbs of Bengaluru. Unlike other fitness centres, Cult differentiates itself by offering focused training programmes in which the traditional gym equipment are not required. It offers multiple activities, including martial arts, yoga and outdoor activities that have fitness in their core.
— Rishabh Telang (@rishabh_telang) August 24, 2016
Though CureFit now owns a majority stake in the company, Cult – The Workout Station will continue to exist and operate as an independent brand.
Using the freshly infused funds, Telang plans to expand its reach upto five new fitness centres by the end of this year and to over 25 centres by the end of the next one. The company will also be investing a part of it in technological development to provide a better experience to its customers.
Talking about his past experience of training at Cult and the unrealized potential it has, Bansal says,
Cult has a unique training model where the trainers mix and match various formats to deliver a holistic fitness regime. The traditional fitness formats are a thing of the past and trainer-led group classes are something which will change the face of the fitness industry.
In addition to him, Ankit Nagori, also adds that people are now adapting a differentiated approach towards their fitness and exercises. They are bored of the traditional ways of gymming and are, thus, moving away from it. People are now adopting functional ‘machine-free’ training routines and Cult is the best they can get.
After Mukesh Bansal and Ankit Nagori quit Flipkart, the duo pooled together resources and planned to tap the unrealized potential of the $280 billion healthcare industry. With the aim to provide state-of-the-art health and fitness solutions, they incorporated CureFit on 24 May 2016. The company currently comprises of a small team of twelve. Most of whom are tech engineers and analysts.
It has recently raised $15 million in a round led by Accel Partners, IDG Ventures and Kalaari Capital. Both the founding members have also put in their personal capital in this round. Following this, the firm is reported to start its services in the first quarter of 2017.