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Bengaluru-based health and wellness start-up CureFit Healthcare has through its subsidiary Cult.Fit acquired the India business of Fitness First from Oaktree Capital Management. As part of this transaction, which involves both cash and equity, OakTree Capital Management will get some equity in Cult.Fit.
Founded in 2016, by Myntra co-Founder Mukesh Bansal and former Flipkart executive Ankit Nagori, the CureFit platform integrates physical fitness under brand ‘Cult.Fit’, healthy food under brand ‘Eat.Fit’, mental wellness centres under brand Mind.Fit and soon-to-be launched primary healthcare services under brand ‘Care.Fit’ in one app.
Talking about the transaction, Nagori said: “We have bought out the Fitness First business in India from Oaktree Capital Management. As a result, they will own some equity in Cult.Fit. Fitness First will become a wholly-owned subsidiary of Cult.Fit and Oaktree will invest additional capital in the consolidated business.”
He did not disclose financials, but said that both Cure.Fit and Fitness First are cash-flow positive businesses.
“We are very strong in the fitness centres space in Bengaluru, this deal will help us strengthen our position in Delhi-NCR and fast forward our expansion in Mumbai. With this merger, we will have 50 fitness centres across both brands in Bengaluru, Delhi, Gurugram and Mumbai. We are also launching Cult.Fit in Hyderabad in June,” he added.
Talking about its healthy meals offering under Eat.Fit, he said, “We operate five kitchens in Bengaluru. We are expanding it to ten kitchens and we are opening a kitchen in Gurguram in the next few days. We follow a subscription model .”
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