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CureFit invests $3M in fitness company Cult for a majority stake

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Healthcare startup CureFit has invested $3 million in Bangalore based fitness company Cult for a majority stake, reports the Economic Times. Cult will continue to run as an independent company and will use the funds for expanding and improving its technology.

Note that Mukesh Bansal, ex-Myntra co-founder and founder of CureFit had invested an undisclosed amount in Cult in his personal capacity back in April. Founded by Rishabh Teland, Cult provides training programs for Crossfit, Muay Thai, Boxing, Brazilian Jiu-jitsu, Yoga and outdoor training. Users need to physically visit a center to enroll in one of its programs.

Last month, CureFit, which looks like it is going to be similar to Vishal Gondal’s Goqii, raised $15 million from Accel Partners. The company plans to provide users with health data and allow them “to manage their health end to end”, combining “coaching and delivery through a mix of online and offline channels.” The startup claims to launch fully to consumers by 2017, and plans to provide a platform offering multiple services in healthcare and fitness. What’s not clear is whether CureFit will take an aggregation approach, allowing fitness providers and healthcare professionals to sign up for a marketplace and allow consumers to pick service providers, or whether it will take a Goqii approach, where in many of the coaches are in-house employees.

Elsewhere in the fitness marketplace world

Ex-Jabong executive Rukaiya Kanchwala, who floated the fitness startup ClassVerse in June 2015, shut down the company in May this year, almost 10 months after launch. ClassVerse was a fitness marketplace, which provided users access to fitness studios, classes in kickboxing, yoga, and gyms, for a monthly membership fee, with a “pay-as-you-use” approach.

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Other developments:

– Earlier this month GOQii launched the second version of its fitness tracker with NFC payments, health reports and diagnostics.

– In May, online fitness services provider HealthifyMe raised $6 million in a series A round of funding led by IDG Ventures India, Inventus Capital and Blume Ventures.

– In February, home services marketplace Housejoy acquired fitness startup Orobind for an undisclosed amount.

– In November last year, Talwalkars Better Value Fitness picked up a 51% stake for an undisclosed amount in Chennai based Inshape Health and Fitnez, for an all cash deal. Additionally, in October, Talwalkars had picked up a 49.5% stake in Sri Lanka’s Power World Gym in an all cash deal and was its first overseas investment.

– In September 2015, Gympik acquired FitnessPapa.

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