BENGALURU: The fitness startup Cure.fit announced on Tuesday that it had acquired the fitness facility aggregator Fitternity, which will give it access to a larger number of offline fitness centers in the country. The value of the deal was not disclosed.
After the acquisition, Fitternity will continue to exist as a separate platform, helping Cure.fit scale its Cult Pass – the company’s all-access pass for offline gyms and cult centers across the country.
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The Cult Pass, launched in December, was Cure.fit’s entry into the fitness and training sector, as all fitness formats were to be added to its platform.
This is the second acquisition for Cure.fit this year after purchasing California-based fitness company Onyx in January to improve its home fitness offering and strengthen its international business.
“Fitness in India is still in its early stages with penetration below 1%. In the next 10 to 20 years this will increase to 15 to 20%, as in the west. With increasing health awareness, the demand increases and we have to build a high quality supply. With Fitternity on board, Cure.fit will improve existing offline gyms, bring them up to date with better technology and focus on enabling them to adapt to the post-Covid scenario while expectations of the Consumers are changing, “said Mukesh Bansal, co-founder. Cure.fit.
The acquisition will include more than 5,000 fitness centers in India’s 20 largest cities and 3 million customers led by Cure.fit and Fitternity.
Cure.fit also plans to assist offline gyms with operating procedures and help them improve their visibility to better utilize them through the acquisition.
“… At Fitternity we have always focused on developing innovative solutions to make fitness easy and accessible for Indians. This vision is further expanded through our partnership. Fitternity will continue to operate as before, “said Neha Motwani, Co-Founder and CEO of Fitternity.
Cure.fit added that Fitternity’s combined infrastructure will nearly double the revenue from the Cult Pass offering.
In May, the company raised nearly $ 75 million in equity, led by existing investor Accel, who valued the startup at around $ 550 million. As a result, it had borrowed from Innoven Capital and others.
It had outsourced its food tech industry, Eatfit, into a separate entity to function independently and raise funds for it.
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