Cure.Fit, the Bangalore-based fitness and healthcare startup, has announced the merger of its operations with Oaktree Capital Management’s Fitness First. The transaction is expected to close in the coming weeks.
Fitness First has over 10 fitness clubs in prime locations in Delhi-NCR and Mumbai. All the fitness clubs of the company will now be a part of Cult.Fit. The consolidated business will have close to over 50 fitness centres in the country and states that it will be adding close to five fitness centres every month.
Commenting on this development, Mukesh Bansal, Co-founder Cure.Fit said, “We have significant synergies in our business model and the combined entity will offer a compelling health 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 well-being.”
Oaktree Senior Vice President, Federico Alvarez-Demalde said, “Fitness First India is a leading premium fitness business. In Cult we saw a future ready business, solid management, quality sponsors and ability to bring better fitness and health services to more Indians. We look forward to a mutually beneficial partnership with Mukesh and team.”
Since its inception, Cure.Fit has been looking for acquisitions of startups. In July last year, Cure.fit had acquired a1000yoga. Prior to that, the company had acquired CULT and Tribe Fitness Centres, thereby complementing the brand’s philosophy of providing complete fitness through a combination of unique workouts without equipments.
Cure.Fit was founded by former Flipkart executives Mukesh Bansal and Ankit Nagori. Since starting out in April 2016, the company has raised $55 million in equity and debt funding. The company has 50,000 customers in Bengaluru and the National Capital Region and is also planning to launch in Hyderabad and Mumbai this year.