Ever since the pandemic forced them to stay in their homes, people from all walks of life have realised different things. While some say they would have spent more time with their friends and acquaintances had they known that they would not be able to do so for well over a year, others are re-looking at their lifestyle in the pre-pandemic world, realising that it was not anywhere near an adequately ‘fit’ one.
Now, the things that many people despised earlier, like exercising, meditating and eating healthy, have become necessary as life-saving activities amidst the chaos of the pandemic. But, the realisation of ‘self-care’ has come at an odd time for many as the traditional hubs for fitness – gyms, parks or dietary clinics – are out of reach and closed down under COVID-restrictions.
While there is not much that people can do at home to stay entertained (except perhaps for ‘Netflix and chill’), one thing that certainly can be done is adopting a healthy and fit lifestyle, a lifestyle to stay healthy – physically, mentally and spiritually. And this is where CureFit comes into play.
CureFit: The Genesis
When Mukesh Bansal and Ankit Nagori decided to quit Flipkart, they did so with the aim of starting a ‘holistic healthcare company’. They wanted to start a company that would make health and fitness important parts of daily life. It was evident to them from the beginning that their healthcare start-up had to be an innovative, never-before-seen company that could revolutionise the healthcare stream in India.
But first, they had to see if such a theory had a possible audience or not; they began slowly yet passionately. They started with a small place in Bangalore’s Hosur-Sarjapur Layout, a famous hub for start-ups. Their journey began in 2016 by occupying Rishabh Telang and Deepak Poduval’s (co-founders of CultFit ) workout studio, with no equipment to test the minimal yet dedicated workout theory. They mastered the approach of group classes which was rare and unorganised back then.
Bansal and Nagori looked into three aspects of health – preventive, curative and diagnostic. The preventive aspect at CureFit included fitness via Cult.Fit, food via Eat.Fit and mental well being through Mind.Fit. Under the curative and diagnostic wing, they had Care.Fit, which provided personalised healthcare solutions.
Receiving a positive response from the audience, they started setting up centres or workout stations. After they successfully started three workout stations, they launched the website first, followed by the app, a massive gamechanger for the company. They began with just three workout stations in Bangalore in 2016, but after receiving a lot of positive feedback and with impressive marketing strategies, they have since expanded into over 200 Cult.Fit centres in areas like Delhi NCR, Hyderabad, Jaipur and many more. CureFit aims to reach 100 million users in the next ten years.
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CureFit's aim is not just to exercise at home. It is oriented towards a holistic approach to overall mental, physical and spiritual health within one's home.
What is CureFit’s Aim?
Curefit is a health tech and fitness start-up founded by Mukesh Bansal and Ankit Nagori on July 1, 2016. It offers digital as well as offline lessons on health, nutrition, fitness and mental well-being. The idea behind launching this start-up was to provide all kinds of facilities to live a healthy life on a single platform. It is intelligently designed with innovative technology that gives a satisfying experience to the customers and handles the daily tasks of algorithmic programming with much ease.
As per the founders, CureFit is about fitness and more of an approach to building a healthcare ecosystem. Well-being does not only mean physical health, but it also consists of mental and spiritual health – a person is not fit if s/he is not growing in any of these aspects. They all hold their own importance, and none of them can be neglected.
CureFit has four wings under it, namely, Mind.Fit, Cult.Fit, Eat.Fit and Care.Fit.
CureFit, as a platform, aims to help take care of people’s well being in all these aspects from the comfort of their homes while providing a rounded experience at not even half the price that is gnarly charged by gyms and other traditional channels.
The Business Model: Four Pillars of CureFit
CureFit’s business model is based on the subscription model. Its four top verticals are listed below:
CureFit Philosophy
This aspect of the platform is about ‘fitness fun’ with the finest trainers and group workouts that can be done at the Cult.Fit centres as group classes and at home with Do-it-yourself (DIY) workout routines. The exercise focuses on fitness elements that improve the body’s strength, flexibility and endurance. This is to provide a workout with fun that helps to energise the body and remove all the mental problems simultaneously.
MindFit: Fitness Solution
MindFit includes yoga, therapy and mediation. The offerings are designed with a scientific approach that mixes traditional practices with modern advancements. It focuses on exercising the body-mind, improving sleep, focus and stress reduction. It offers a format as per individual user’s needs to help them stay mentally fit. MindFit sessions can be accessed in both online and offline formats.
EatFit: Super Healthy
This branch of the CureFit platform is restricted only towards nutritious and preservative-free meals. It offers various cuisines from a menu that keeps changing regularly. The dishes comprise quality ingredients packed with flavours. Each meal has its nutritional information jotted down for the consumer.
CareFit: Providing Doctor
Consultation
CareFit’s doctor consultation is essentially a personal doctor service where the best paediatricians, general physicians and lifestyle coaches provide all-inclusive care. With zero wait time, it gives customers access to health centres with an in-house pharmacy and diagnostic facility, with a wide range of services like health checkups, diagnostic screening packs, etc. It provides a one-stop fitness destination for those who want to take steps towards better health and pure nutrition.
Curefit: Carving out Space in the Market
CureFit, as a start-up, had a very exceptional journey in terms of investment. It was very well funded during both the early opening and the expansion stage, unlike many other start-ups in the country. With all their experiments to find an audience, CureFit founders had already created a market even before they officially launched the platform.
Of course, being a second-time entrepreneur after successfully launching Myntra had its own perks and benefits.
During their early stages in 2016 and 2017, CureFit was backed by Accel and Kalaari Capital, with a $35 million funding. When the app was launched, it penetrated the market with a whole new kickstart and gained many new investors and profits.
In 2018 alone, they were provided with over $130 Million that helped them open the workout centres in different cities. The platform was valued at a whopping $10 Million in 2018 itself when they entered the series C funding round, which was a huge milestone.
By the end of 2019, they already entered the Series D funding round with the financing of over $120 Million, and their revenue grew around five times. CureFit raised $110 Million in its second Series D funding round, which Temasek Holdings led in 2020. The existing investors like Accel Partners invested $14.2 million, while Chiratae Ventures and Unilever Swiss Holdings invested $1.8 million and $2.8 million, respectively.
Its valuation is set to cross $800 million by the year-end. With all the hype and the support, they have set a very high aim to tenfold their annual revenue to $1 Billion by 2022. They also recently acquired the US-based fitness company Onyx as a part of their international expansion plans. Some other companies acquired by them previously are Fritternity, Rejoov, Tribe Fitness Club etc. Fair to say, in terms of competition, CureFit is crushing the market.
CureFit’s Approach to Success
One of the significant reasons CureFIt entered the market quickly was its previous offline presence and brilliant marketing strategy. Brand awareness shows the result of delivering messages to the right audience. CureFit makes use of a new fitness wave in the country that identifies its target audience among those working within millennials and corporates and provides unique workout formats made by fitness idols like Prowl (Tiger Shroff) and HRX (designed by Hritik Roshan). CureFit is also capitalising on social media to improve its reach, making it a truly modern and current platform.
Every class at Cult.Fit ends with a huddle where the trainer provides an inspirational speech, and all members shout out loud – WE ARE CULT! The noise of the roar of 25 odds is so intense that it inspires individuals throughout the day and motivates them to come strong the following days.
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CureFit as a concept has become a modern necessity with the pandemic raging on, which puts this brand on the path to success.
How CureFit Is Outshining the Competition
Ideas can not be stolen but can be taken reference from. Many start-ups and companies have come out with similar schemes like CireFit’s in the market, which forms competition. Some of these companies are HealthifyMe which also offers fitness training, daily diets and calls with dieticians. Myflixipass is another company that focuses more on the physical aspects like gym, yoga and dance, while other companies like Frowfit and Foodgasm trail more on healthy eating habits.
Despite such aggressive competition, CureFit maintains its uniqueness. It has different physical exercise choices like dance, yoga, cardio, etc., from which the audience can choose. The same goes for the Eat.Fit and Mind.Fit category. People can select various options from their taste which makes it more user friendly. They have a well-working customer service system and the changes are implemented according to customer reviews. The use of minimal requirements remains one of its best features due to which the customers are attracted towards it.
Despite similar strategies, brands have not been able to reach up to the mark that Cure.Fit has made for itself. For example, HealthifyMe crossed a revenue of $25 million in 2021, while Curefit has crossed $42 Million over time. The gains of Growfit remain at $1.13 million as of 2021. CureFit has the highest audience base with the most significant ownership of gyms and workout centres, while the others are yet to open their offline branches. Due to its unique and innovative strategies, CureFit remains one of India’s best health tech companies and with its ownership of Onyx, it might leave a mark in the US too.
Integrated Healthcare: CureFit’s Future
Today, the Indian healthcare industry is one of the fastest-growing sectors in the country. Earlier, the health industry was only limited to the physical aspect; if a person can carry weight or work for longer hours, they were considered healthy. But with the times changing, the definition of health changed as well. It now includes mental and spiritual health aspects, which were new concepts just a few years ago.
Since we are keeping up with the trends of the time, we need to update ourselves with new healthcare ways. Instead of going to meditation classes for an hour followed by working out in the gym, many people prefer to be a part of an integrated program that keeps them healthy but takes care of their well-being as well. This is especially the case now that the world is ridden with a pandemic that has pushed health to the forefront of everyone’s minds.
So, for all the beginners out there and even the healthcare obsessives, this platform perfectly bridges the gap between fitness and healthcare in a holistic way. For the future, CureFit is shaping up to be a much-needed entity in modern India’s lifestyle segment.
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