Bengaluru based healthcare and fitness start-up, Cure.fit has bought Fitness First in an all-stock deal. Cure.fit, run by Myntras founder Mukesh Bansal and ex-Flipster Ankit Nagori, has acquired Oaktree Capital-backed fitness chain, Fitness First, with the strategy to expand its base in Delhi and to foray into the Mumbai market.
As per the terms and conditions of the deal, Oaktree Capital will be minority stakeholder in the Cure.Fit, which has many verticals including Cult.fit, Mind.fit and Eat.fit.
Cure.fit co-founder Mukesh Bansal was quoted as saying, This acquisition is different because the earlier deals were much smaller to acquire the right talent or template, but this is a full fledged business which is running well. This is our first acquisition from that growth perspective and by combining Fitness First and Cult, we are now the second largest fitness chain in India.
Established in 2016, Cure.fit aims to add 10 fitness centres to bring its overall centre count to 50 fitness outlets. It is also planning to launch a whole range of merchandise under its Cult.Fit platform by the end of this year.
We see significant synergies in our business models and the combined entity will offer a compelling health and fitness offering to customers across the cities. Fitness First customers will get additional access to all Cult centres and will get superior experience through the Cure.fit platform which enables holistic health and well being, he further stated.
With this latest deal, the total count of acquisitions by Cure.fit has gone upto five. Cure.fit Healthcare, which is funded by Accel Partners, IDG, Kalaari, Ratan Tata and UC RNT, recently acquired Cult, Tribe Fitness, a1000Yoga and Kristys Kitchen in Bengaluru.