BENGALURU: CureFit, a healthcare and fitness startup founded by former Flipkart executives Mukesh Bansal and Ankit Nagori, has invested $3 million for a controlling stake in Cult, a company that provides training without using machines.
Cult will continue to run as an independent company, officials said. Bansal had invested an undisclosed amount in Bengaluru-based Cult in a personal capacity five months ago. “The potential in this healthcare space is huge as none of the players is today tapping into the cure part of fitness,” said Nagori. “We aim to provide an end-to-end solution and build brands under CureFit.” Founded by fitness trainer Rishabh Telang last year, Cult is focussed on training fitness enthusiasts without using traditional gymnasium equipment.
It has two centers and plans to open 25 more in Bengaluru, Hyderabad, and Mumbai in the next few years. CureFit raised $15 million from IDG Ventures, Kalaari Capital and Accel Partners in July. The startup competes with Tencent-backed Practo and Accel-backed Portea and plans to launch a range of services in early 2017. Bansal and Nagori quit Flipkart as head of commerce and chief business officer, respectively, in February.
According to Deloitte Touche Tohmatsu India, increased digital adoption in the country will trigger the healthcare market, which is expected to grow to $280 billion by 2020 from $100 billion this year. The CureFit app, which is set to launch next year, will allow customers to book a range of services and products online. “The traditional fitness formats are a thing of the past,” said Bansal, co-founder of CureFit Healthcare. Customers will be able to order a calorie and nutrition-counted meal, get healthy packaged food delivered, apply for home diagnosis or order fitness devices.
Experts said the easy flow of grants by the government and the entry of venture capital funds are boosting the healthcare startup ecosystem.
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Source: Economic Times