Mukesh Bansal-backed Cure.fit to buy Fitness First

Founder and former CEO of Myntra to beef up fitness play by acquiring the New Delhi-based company

Published: May 22, 2018 02:16:37 PM IST

Updated: May 22, 2018 03:03:04 PM IST

Mukesh Bansal-backed Cure.fit to buy Fitness First

Image: Hemant Mishra /Mint via Getty Images

Mukesh Bansal-cofounded healthcare and wellness startup Cure.fit is set to buy the New Delhi-based fitness company, Fitness First, according to sources close to the development. The deal, likely to be announced on Tuesday, will mark the fourth acquisition by Cure.fit, which bought Bengaluru-based yoga brand a1000yoga for an undisclosed amount last year.

"We will be making the announcement later today," said Bansal, when contacted by Forbes India. Bansal declined to comment on the financials of the deal.

Pankaj Karna, managing director of Maple Capital Advisors, contended that the deal would beef up Cure.fit’s presence in New Delhi, Mumbai and Bengaluru. “The deal would take the member base of the combined entity over 40,000,” said Karna, who too declined to share more details about the acquisition.

Founded in 2016, Cure.fit reportedly bagged Rs 4.18 crore in a funding which saw participation from Flipkart cofounder Binny Bansal and Myntra-Jabong CEO Ananth Narayanan, according to media reports that cited data-intelligence platform Paper.vc. So far the Bengaluru-based startup has raised over $45 million from a slew of marque venture capital investors such as Accel partners, IDG Ventures, Kalaari Capital and UC-RNT Fund, the joint investment vehicle of the University of California and Ratan Tata’s RNT Associates.