In one of the largest & marquee consolidations in the fitness industry in India, Cure.Fit and funds managed by Oaktree Capital Management (“Oaktree”) have agreed to merge Cult.fit of Cure.fit and Fitness First business. Oaktree is a majority shareholder of Fitness First India while Cultfit Healthcare Pvt Ltd is a subsidiary of Cure.Fit, said the company in a press release.

Notably, Fitness First is Cure.fit's fourth acquisition within two years. In July last year, Cure.fit had acquired a1000yoga. Prior to which, the company had acquired CULT and Tribe Fitness Centres, thereby complementing the brand’s philosophy of providing complete fitness through a combination of unique workouts without equipments.

Cure.Fit, headquartered in Bangalore, is founded by founder of Myntra Mukesh Bansal and Ankit Nagori, a former executive at Flipkart. As part of the transaction, Fitness First will become a wholly owned subsidiary of Cult.fit and Oaktree will invest additional capital in the consolidated business. The transaction is expected to be completed in the next few weeks.

Fitness First India is India’s leading premium fitness chain having 10 fitness centres in NCR and Mumbai. Located in some of the best retail and commercial locations, the fitness centres are full service and have some of the best trained trainers/personal trainers and balanced mix of machines and Group Exercises.

Cult.fit is the fastest growing fitness brand in the country which leverages technology & data to ensure overall holistic health & well-being with the help of Cure.Fit platform. Fitness First is one of the best known premium fitness businesses in the country with 10 fitness clubs in prime locations in NCR and Mumbai. The consolidated Cult.fit business will have 50+ fitness centres in the country and adding 5 fitness centres every month. The consolidated platform now has presence in Bengaluru, NCR and Mumbai and has 40,000+ members.

On the occasion, Cure.Fit founder, Mukesh Bansal said “We are excited about the merger of Cult & Fitness First businesses in India. We see significant synergies in our business models and the combined entity will offer a compelling health & fitness offering to customers across the cities. Fitness First customers will get additional access to all Cult centres and will get superior experience through the Cure.Fit platform which enables holistic health & well being."

“This partnership will put Cult on track to become the largest fitness service provider in the country, by end of this year”, added Cure.fit co-founder Ankit Nagori.

On the occasion, Oaktree Senior Vice President, Federico Alvarez-Demalde said, “Fitness First India is a leading premium fitness business. In Cult we saw a future ready business, solid management, quality sponsors and ability to bring better fitness and health services to more Indians. We look forward to a mutually beneficial partnership with Mukesh and team."

On the occasion Vikram Aditya Bhatia, MD-Fitness First India Said “We are pioneers in the premium fitness business in India and established a top notch brand and business. It’s exciting times to now consolidate this under Cult, which is fast growing and tech ready for exponential growth in all segments of the market."

Oaktree was advised by Maple Capital Advisors, a New Delhi based boutique investment bank. Induslaw Delhi and Bangalore were legal advisors to the transaction.

Founded by Mukesh Bansal (founder Myntra) and Ankit Nagori (ex CBO Flipkart), Cure.fit is funded by marquee VC’s including Accel Partners, IDG, Kalaari, Ratan Tata and UC RNT.

In its vision to make health easy, Cure.fit platform intelligently integrates physical fitness (Cult.fit), mental fitness (Mind.fit), healthy food (Eat.fit) and to-be-launched primary care (Care.fit) on one app. The physical fitness vertical, Cult.Fit has over 40 Fitness centres primarily based on functional workouts and group exercises. The business is full stack and offers both digital (DIY content on App) and offline fulfilment.

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