Who could think that India’s two E-commerce gurus would come together and start something in an entirely different sector, i.e., fitness? But Mukesh Bansal and Ankit Nagori did the unbelievable by launching India’s one of the most famous fitness brand Cure Fit. Mukesh Bansal, the former CEO of Myntra and Ankit Nagori, Formed Chief business officer of Flipkart, had one thing in common- their love of fitness. They observed the immense potential in this sector and decided to build a technology-powered healthcare and wellness platform Cure.Fit in July 2016.
What is Cure Fit App?
Cure Fit is known for guiding its users in developing healthy lifestyle choices and also provide an aid regarding health care and general well-being. The application’s operations are mainly divided into EatFit, CultFit, and MindFit. EatFit is a subscription-based healthy food delivery system whereas CultFit is a fitness center which provides training in martial arts, yoga, boxing, Zumba and other such workouts and finally MindFit is for mental fitness. With the fitness and health gaining popularity in India due to several factors such as fit and ripped film actors who serve as role models for many fans, a general increase in the awareness among people and many such similar factors.
Struggles Faced by Cure Fit Founders:
Being the first of its kind, there were many struggles the founders faced in deciding the direction of the app. With both Mukesh Bansal and Ankit Nagori not known for their endeavors in fitness, they had to take each step meticulously and carefully to reach their audience. The struggles that come with being a first of its kind also involves convincing investors in trusting the venture. Since fitness hasn’t gained much momentum in India until recently, it was a real uphill battle to initially get the investors on board. They also had struggles with setting up Eat.Fit as any food delivery on a daily basis to hundreds of customers requires a close-knit network with reliable servicing. They had to partner with many small firms in order to bring their dream to reality.
How Curefit is helping India get healthy?
With the fitness and health gaining popularity in India, Cure.fit has been an unprecedented success because of its no-nonsense and easy approach towards fitness. Usually, people are overwhelmed by the sheer complexity of workouts and diet; this is a primary cause for many people losing their interest and motivation in fitness. The app provides an easy gateway into fitness for those who are beginners. Another crucial factor behind its success is its visionary founders, Mukesh Bansal, and Ankit Nagori.
In fact, Mukesh Bansal was quoted as saying “Living a healthy lifestyle involves a lot of work, so people who are extremely motivated are able to pull it off as they know where to go and what to do next. But not everyone is that motivated. So, if we want to help people solve their health problems, we need to make it really easy for them. Cure.fit acts as one platform where everything is available. We want to be an end-to-end, healthcare-focused platform.” In an interview with yourstory. This is an example that shows that the vision of the founders is the reason why the app is maintaining its popularity and exceeding the public’s opinion on it.
Cure Fit Growth and Funding:
Ever since its inception, the app has only been taking strides forward and growing exponentially. It has raised a lot of funds in its lifetime and its first fundraising in April 2016, it amassed an amount of 55 million $ in the initial six rounds. Later that year in June the company raised another 15 million $ in the first venture round. In 2017 it was given another 3 million $ boost in funds in the second-round venture which was led by RNT Capital. In 2018 the company raised a total of around 120+ million $ of which 10 million $ is a debt financing from Axis Bank and HDFC, another 41 million rupees from a venture funding led by Ananth Narayanan and Binny Bansal.
Finally, in July of 2018, the company raised a further 120 million $ in a series C round of funding which was held by IDG Ventures, Accel Partners and Kalaari Capital with prominent participation from multiple companies such as Chiratae Ventures and Oaktree Capital. This brings the company to an eye-watering 170 million $ raised in funding. With Cure.fit acquiring more and more companies like Cult, Kristy Kitchen, The tribe and other such prominent fitness ventures, there is only one way for it to head towards and that is upwards.