Bengaluru-based health and wellness startup CureFit has reportedly signed on Hrithik Roshan as its brand ambassador. The five-year contract is valued at $15.6 Mn (INR 100 Cr).
The partnership, according to sources, is expected to generate $39.2 Mn (INR 250 Cr) in annual revenue within the next few years.
In place of cash investment, the actor has been offered equity stake in the company. As part of the deal, CureFit will be introducing a customised workout plan from Hrithik Roshan’s personal brand, HRX, in all of its CULT fitness centres across Bengaluru. The workout programme will also be available on CureFit’s mobile app.
Commenting on the development, actor and HRX founder, Hrithik Roshan stated, “I strongly believe in the philosophy of healthy living which is integral to brand HRX – it is not just about being fit, but truly undergoing a transformation in your lifestyle and understanding the connection between mind and body. What is most remarkable about CureFit is that it creates bespoke solutions for its customers. I look forward to furthering the HRX vision through this partnership.”
How CureFit Is Catering To The Fitness Conscious Population In Bengaluru
Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit serves as a holistic health and fitness platform. Its portfolio of services currently includes Mind.fit, Cult.fit and Eat.fit. Apart from 10 brick-and-mortar centres in Bengaluru, the fitness startup has also developed an app for Android and iPhone users.
Speaking about the endorsement deal with Hrithik Roshan, CureFit co-founder Bansal said, “CureFit’s growing popularity amongst consumers validates the need for holistic, preventive healthcare solutions in the country. Our partnership with HRX will enable us to expand our market presence and consumer base. Hrithik is admired for the incredible passion and discipline he devotes to his fitness regime, his association with us will chart new growth opportunities for CureFit.”
The company is currently looking to expand operations through acquisitions. Over the last one year, CureFit took over Bengaluru-based CULT for $3 Mn as well as Tribe Fitness. In January 2017, it also acquired mental health firm Seraniti for an undisclosed amount. Later in March, CureFit forayed into the health-food domain with the acquisition of Kristys Kitchen for an undisclosed amount.
Most recently, CureFit took over Bengaluru-based yoga studio a1000yoga for an undisclosed amount. The acquisition will allow the startup to widen its customer base to over 10,000 users. The company will also be opening 20 additional centres in Bengaluru and Delhi by the end of this year.
The long-term goal, according to Nagori, is to set up a total of 500 CULT centres across India in the next five years.
In July 2016, CureFit raised $15 Mn in Series A round from Kalaari Capital, Accel Partners and IDG Ventures. In May 2017, the startup secured another $3 Mn from angel investors and UC-RNT fund, which is a joint venture between Ratan Tata’s RNT Associates and the University of California.
The fitness industry in the country is home to more than 120 startups that have collectively raised over $21.2 Mn in funding during FY17. In the wellness space, CureFit currently competes against players like Stratfit, Growfitter, Fitnapp and HealthifyMe. In June 2017, Mumbai-headquartered Growfitter raised $600K in a Pre-Series A round from SQue Capital. Prior to that in December 2016, HealthifyMe secured $1 Mn (INR 6.7 Cr) in a round led by Neelesh Bhatnagar, a Dubai-based investor from NB Ventures.
With a well-known face like Hrithik Roshan joining the company as brand ambassador, CureFit looks to rapidly grow its customer base across Tier I and Tier II cities in the country.