Thursday, July 20, 2017

Health-tech startup CureFit acquires yoga brand a1000 yoga

Healthtech startup Curefit Healthcare Pvt. Ltd has acquired Bengaluru-based yoga chain a1000yoga for an undisclosed amount, the company said.

CureFit will rebrand two of the three centres of a1000yoga, which was founded by yoga teacher Pradeep Sattwamaya, as Mind.Fit, while the third will be associated with the company’s Cult.Fit brand.

a1000yoga was CureFit’s third acquisition. In March, the company had acquired Bengaluru-based premium online food delivery startup Kristys Kitchen in a cash and equity deal. In February, it had picked up a majority stake in fitness centre chain The Tribe. Earlier, it had invested in mental health and wellness platform Seraniti.

“Yoga is emerging as one of the favoured wellness choices among our key target group. The once traditional practice is now being embraced quickly as a contemporary form of wellness. a1000yoga’s depth of yoga offerings and quality trainers will accentuate Cult’s offerings,” said Ankit Nagori, co-founder, CureFit.

Available on the iOS and Android marketplaces, it offers three different types of fitness services – Cult.Fit focuses on physical fitness, Eat.Fit deals with healthy and nutritious food, and Mind.Fit offers mental wellness training.

In August 2016, CureFit had invested Rs 20 crore ($3 million) in Bengaluru-based Cult Fitness Pvt. Ltd for a controlling stake in the startup, which offers training programmes without equipment such as strength and conditioning, spinning, boxing, mixed martial arts, zumba and yoga.

The Eat.Fit platform is currently available only to the corporate community, where employees can get healthy food delivered to their offices. However, Bansal had earlier said that the services will soon be expanded to the masses at large.

CureFit was registered in May 2016 and launched in early 2017 by former Flipkart executives Nagori and Mukesh Bansal, who had quit as the e-commerce firm’s chief business officer and head of marketplace, respectively, in February 2016.

In May 2016, CureFit had secured $3 million in a round of funding from the UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and the University of California.

Three months later, it had raised $15 million in a Series A round from Accel Partners, IDG Ventures and Kalaari Capital.

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