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Cure.fit acquires Fitternity in second acquisition in 2021
February 9, 2021Cure.fit acquires Fitternity in second acquisition in 2021
Fitness startup Cure.fit on Tuesday said it has acquired fitness facilities aggregator Fitternity, a move that will give it access to a higher number of offline fitness centres in the country. The value of the deal was not disclosed.
After the acquisition, Fitternity will continue to exist as a separate platform and will help Cure.fit to scale its Cult Pass – the company’s all-access pass to offline gyms and Cult centres in the country, the company said.
Cult Pass, launched in December, marked Cure.fit’s entry into the gym and equipment-workout space as it looked to add all fitness formats on its platform.
This is the second acquisition for Cure.fit this year after it bought out California-based fitness company Onyx in January to boost its at-home fitness offerings and to bolster its international business.
“Fitness in India is still in initial stages at sub 1% penetration. Over the next 10-20 years, this will increase to 15-20% 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.
The acquisition will bring in more than 5,000 fitness centres across top 20 cities in India, and 3 million customers under the purview of Cure.fit and Fitternity.
Cure.fit is also planning to help offline gyms with operating procedures and aid them in increasing their visibility for better utilisation through the acquisition.
“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. Fitternity will continue to run as it always has,” said Neha Motwani, co-founder and CEO, Fitternity.
Cure.fit added that the combined infrastructure of Fitternity will result in almost doubling of revenues from the Cult Pass offering.
In May, the had company raised close to $75 million in equity funding led by existing investor Accel, which valued the startup at roughly $550 million. It had subsequently raised debt from Innoven Capital, as well as others.
It had spun off its food tech vertical Eatfit into a separate entity to function and raise funds for it independently.