India: CureFit acquires majority stake in The Tribe in bid to expand offline footprint

Mukesh Bansal, co-founder of CureFit. Photo: Hemant Mishra/Mint

Healthcare and fitness start-up CureFit (Healthcare Pvt. Ltd), on Tuesday said it acquired a majority stake in fitness centre chain The Tribe, in a bid to expand its offline footprint.

The companies didn’t disclose the terms of the deal. Shwetambari Shetty, co-founder of The Tribe fitness centres, will join CureFit’s management team.

CureFit had bought Bengaluru-based fitness centre brand Cult for $3 million last August.

Mint reported on 31 January that the start-up is also in talks to acquire a stake in mental wellness services provider Seraniti.

The company said on Tuesday it has closed the deal to buy Seraniti.

The addition of the three centres run by The Tribe will bring Curefit’s total centres to nine by March. It plans to open at least 20 centres in the city by the end of the year.

CureFit will concentrate on Bengaluru with its fitness centres, which operate without using traditional gym equipment, and also introduce services in mental wellness, health food and fitness through a mobile app it plans to launch later this year.

“We have invested in The Tribe because it follows a similar fitness philosophy of group training by using various no-machine formats. This investment will increase our reach in the key sought-after locations in South Bangalore that will allow a wider access to members and non-members,” CureFit co-founder Ankit Nagori said.

Nagori and Mukesh Bansal, CureFit’s other founder, were two of the senior-most executives at Flipkart before they resigned in February last year.

Curefit, which has 45 employees, has so far raised as much as $20 million, with $5 million pooled in by the founders themselves and a Series A round from venture capital (VC) firms Kalaari Capital, Accel Partners and IDG Ventures.

About 117 fitness start-ups, which are marketplaces for discovery and booking of fitness centres, coaches and membership pass for various gyms and fitness classes, have been founded since 2015 in India, according to November data from start-up tracker Tracxn.

Funds raised by some of these start-ups amount to $16 million in 2015, and $21.2 million in 2016.

Also read:

India: CureFit close to buy two healthcare startups

India: CureFit picks controlling stake in Cult for $3m

This story was first published on Livemint

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.