Cure.fit -powering healthy lifestyles

Cure.Fit : POWERING HEALTHY LIFESTYLES
SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
Case Context
Indian healthcare is experiencing a new wave of opportunity. The sector is growing at a brisk
pace due to its strengthening coverage, services and increasing expenditure by public as well
private players. The healthcare market can increase three fold to Rs 8.6 trillion (US$ 133.44
billion) by 2022. Founded in 2016 Cure.Fit is a health tech start up which takes a holistic
approach towards health and fitness by bringing together all aspects of a healthy lifestyle on
a single platform. It has a unique journey in comparison with its competitors, with all the
favourable factors in play right from increasing awareness for healthy lifestyles to easy
funding for its growth hence, Cure.Fit has added distinctive value to its customers in a smart
way. Powered by data driven decisions, engagement with its users on social media Cure.Fit
is ready to flourish and start a fitness movement in India.
INTRODUCTION
Cure.Fit is a health tech start up. Founded in April 2016 by IIT graduates Ankit Nagori and
Mukesh Bansal, Cure.Fit vision to make health super-easy for people to lead a healthy lifestyle
across food, physical fitness, mental well-being, and primary healthcare through one single
platform.
The healthcare infrastructure is evolving in India. A RedSeer report says preventive healthcare
will alone be a $100-billion industry in the next five years. Moreover, Fitness and wellness
industry in Asia is at the niche stage when compared to the western countries. In India, it is at
its pre transitional phase, witnessing lot of fluctuations in terms of acquisitions, new
establishments, etc. Cure fit offers integrated healthcare services when compared with its
competitors. Though there is no one which matches its scale, but there are islands of
competitors spread across geographies catering to the specific services in preventive healthcare
domain.
Nagori, worked at Flipkart as the chief business officer while Bansal was the co-founder of
fashion and lifestyle e-commerce site Myntra, which was acquired by Flipkart in 2014.After
leaving Flipkart, the duo mulled over several ideas for nearly six months. "Finally, we realised
that health and fitness is one category where India has zero technology penetration," recalls
Nagori. For Bansal, a fitness enthusiast, the journey has been more personal. "To be able to

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
delve deeper and learn more about this category has been very rewarding," he says. With
Cure.Fit they wanted to jump start fitness movement in India.
HEALTHCARE INDUSTRY IN INDIA
India has contributed immensely in curative as well as preventive healthcare system since
historical times. This is evident from various historical texts such as Ayurveda, Sushruta
Samhita, Patanjali, etc. This further got enriched throughout the course of history with
addition of various healthcare practices like Allopathy, Siddha, Naturopathy, Unani,
Homoeopathy, etc into Indian healthcare system.
Today, Indian Healthcare industry is one of the largest sectors of the country. It is huge in
terms of revenue and employment. Key components of the healthcare market in India are
hospitals (Government and Private), pharmaceuticals, diagnostics (imaging and pathology),
medical equipment and supplies, medical insurance, and telemedicine.
In recent years, the healthcare industry in India has grown exponentially. It has been
growing at a rapid pace owing to the increased investment and expenditure from public as
well as private investors. Indian government has remained very active with its approach
towards the development of healthcare sector. As per report of NITI Aayog, the Indian
government will increase public expenditure on healthcare from 1.1% to 2.5% GDP in the
next four years and to 5% in the following 5 years. This shows that the nation is set on the
path of progressive healthcare for every individual.
The significant feature of the Indian healthcare sector in 2018 was increased investment in
healthcare industry from the private sector. With 100% FDI is allowed under the automatic
route for greenfield projects and for investments in brownfield projects, up to 100% FDI is
permitted under the government route. The emergence of reputed global players investing
through FDI played a pivotal role in the growth of the healthcare sector.
Emerging startups and large players are betting big on the national healthcare to generate
profit in this growing boom. With a 1.3 Bn population, healthcare in India is expected to be a
$372 Bn industry by 2022 and opens a largely untapped opportunity for the healthtech
startups globally. According to Inc42 DataLabs estimate, there are at present more than
4,800 active healthtech startups in India. From doctor consultation to lab diagnosis, and
from preventive healthcare to tech-equipped medical devices to healthcare services,
healthtech startups have touch-based several critical segments such as diabetes, heart
attack, and even cancer. In 2018, there was an overall increase of 45.06% in the total

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
investment made in healthtech startups. The number of investment deals witnessed a
40.51% decline from 116 in 2017 to 69 deals in 2018. In all, the healthtech startups raised
$504 Mn, as per Inc42 DataLabs’ funding report 2018.
With low allopathy doctor to patient ratio (1: 1596), growing incidence of lifestyle diseases,
access to smartphones, internet, and other technological advancements, rising demand for
affordable healthcare delivery systems due to the increasing healthcare costs, the emergence
of telemedicine, rapid health insurance penetration and government initiatives like e-health
together with tax benefits and incentives are further fueling the growth of Indian healthtech
startups.
Traditionally, Healthtech startups were associated with those providing diagnostic,
enterprise, medicine delivery solutions, etc. However, a new breed of startups has emerged
trying to solve issues on the root causes such as the consumer lifestyle, mental stress, early
diagnosis of genetic disorders, etc. These startups are not only bridging the gaps between the
doctors and the patients but are also creating an ecosystem to facilitate a better and faster
healthcare environment.
OPPORTUNITY
Cure.Fit operates mainly in fitness and wellness sub category with a vision to make health
and fitness easy. The inclination towards fitness and wellness is growing around the world
with increased consumer’s awareness and a conscious shift from curative to preventive
healthcare. Combined with government initiatives, demographics, and technological
advancements, there is a high potential for business opportunities in this largely fragmented
sector and unexplored scope for customer engagement that is yet to be untapped.
When it comes to the fitness industry, the Indian market is still largely ‘out of shape’ vis-à-vis
many mature markets, such as US & Europe, and even some parts of Asia, however, the shift
in mindset and culture is hard to miss. What was once seen as a luxury or an optional
lifestyle choice is rapidly becoming an intrinsic part of the cultural fabric in urban India and
the numbers are certainly indicative of this fact. According to a Deloitte Report, India’s
wellness market in 2015 was estimated at approximately $13 billion and it is expected to
grow at a CAGR of nearly 12% for the next 5 years.
As a part of the bigger wellness movement being championed by the Indian government, the
fitness industry is not only poised to garner more attention but is also likely to experience

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
unprecedented growth, glimpses of which are already visible today with the start-up
ecosystem playing a catalytic role.
With their philosophy, ‘Be Better Every day’, Cure.fit intelligently integrates physical fitness
(Cult.fit), mental fitness (Mind.fit), healthy food (Eat.fit) and recently launched a primary care
(Care.fit) vertical, which includes doctor consultation, health checkup and managed care
plans on a single platform. Thus, it provides one stop fitness destination for those who want
to take small steps towards better health, lean bodies and pure nutrition in a holistic
manner.
FUNDING & ACQUISITIONS
Cure.Fit has a unique journey both in terms funding and expansion when compared with
other healthtech startups. It is among the most well-funded early-stage start-ups in the
country. The platform caused a stir well before its launch. Being a second-time entrepreneur
comes with its perks and benefits. While Mukesh looks at the CureFit journey differently, he
agrees that funding and hiring are easier this time around. It finds some of the reputed
names for its funding such as Accel Growth, Kalaari Capital and IDG Ventures India, Anand
Piramal Trust and Pratithi Investment Trust, etc. Recently CureFit has also raised $75
million in Series D funding round which makes total funding of over $ 235mi (Exhibit 1).
According to Mint calculations, the latest investment values the company at over $500
million.
Apart from strengthening its presence across cities and verticals, the company use these funds
to acquire other startups that align with its business model. Expansion through acquisition
has been the mantra in achieving an efficient way to grow rather than trying to create
everything from scratch through organic means. An aggressive acquisition strategy has helped
Cure.Fit scale very quickly. The acquisitions bolster its holistic fitness and wellness platform
(Exhibit 2). It is one of the most active fitness tech acquirers which is an unusual position for a
start up.
BUSINESS MODEL
Cure.fit has a subscription based model. It is a preventive and curative healthcare & fitness
company which delivers physical and mental wellbeing across 4 flagship verticals

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
1. Cult.fit has a simple philosophy - make fitness fun and easy with the help of best in
class trainers and group workouts which can be done both at a Cult.fit centre as group
classes and at home with the help of do it yourself (DIY) workout videos.
With Non-conventional training facility such as Boxing to Yoga that focus on strength,
muscle endurance, flexibility, stamina & balance, it provides a balanced mix of
workouts that will enhance health while having fun at the same time. Cult differentiates
itself, from other fitness centres by offering group workouts that focus on overall
development.
Cultgear is a fashionably athletic line that suits need from streets to athletes. The iconic
collection features trendy t-shirts, cool tops, sweat pants, hoodies & much more.
2. Mind.fit is one-stop mental fitness solution. It is like a gym for your mind. Mind.fit has a
variety of offerings including yoga, meditation, and therapy. All offerings are designed
using a scientific approach and integrate traditional Oriental practices with the modern
Western advancements. Be it stress reduction, improving your sleep, improving focus,
reducing anxiety, or exercising your body-mind combined, there is a format available as
per user needs to stay mind fit. Again sessions are either at centres or at home with DIY
videos.
3. Eat.fit delivers fresh, tasty meals that are wholesome but most importantly super
healthy. It offers not only a nutritious, preservative-free meal, but also a variety of
cuisines to choose from, and menus that change regularly. Each dish is filled with
quality ingredients, packed with flavour, and has nutritional information sitting atop it
which means that healthy eating can be enjoyable. Food quality, hygiene practices and
fresh & unprocessed food are of prime importance to Eat.fit
4. Care.fit caters to primary healthcare needs by providing doctor consultation at its health
centres and through videoconferencing. Care.fit is like a personal doctor where, the best
of General Physicians, Paediatricians and Lifestyle Coaches provide a holistic care.
With Zero Wait-time it offers best-in-class health centre which have an in-house
Pharmacy & Diagnostics facility (Ultrasound, ECG, X-ray, Blood & Urine tests).
With wide range of services are being offered such as Doctor Consultation, Nutrition &
Lifestyle Consultation, Health Check Ups, diagnostic Screening Packs.

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
COMPETITIVE ADVANTAGE
The success of most of the start ups today is mainly due to innovations they do be it
technological front or building and selling its brands. Further if company can find blue ocean
for its business operations, it is expected to be fruitful for whole organisation. For Cure.Fit
data driven decisions, use of social media for upscaling its brand and finding blue ocean in its
area of business makes it stand apart in the market.
Technology and Analytics behind Integrated Platform
Cure.fit platform intelligently integrates its four verticals that work together to ensure the
holistic well-being of their users. While the app serves as a gateway to its services, the
company is leveraging technology to not just solve problems but to also ensure timely and
efficient execution, as well as customer delight.
At Eat.fit, for instance, demand prediction for orders, menu programming and food delivery
management are all machine-driven. The team implements complex technology developed
in-house, which allocates an optimal number of orders to its transport fleet to ensure on-
time delivery.
At Cult.fit and Mind.fit too, day-to-day operations are completely machine-driven, be it
scheduling classes or allocating trainers for 400 classes every single day in 10 different
exercise formats across 40 different centres in three cities (Bengaluru, New Delhi,
Gurugram).
Further Customer feedback on routines is collected via the app and analysed to ensure that
unpopular routines are weeded out at the earliest. Trainers have an app of their own, which
tracks preferences, class schedules, workouts, their trainings and ratings based on
customer feedback.
The selection of the location for a new Cult.fit centre too is machine-driven – it analyses
several hundred data points, including the type of locality, width of the approach road to the
centre, other facilities available in the neighbourhood, etc., all of which have been developed
in-house.
Building Brand and Social Media Strategy
Brand Awareness is a result of delivering message to the right audience. It becomes imperative
for a new business to educate and familiarize consumers with their brand before they sell.
Cure fit makes use of a new fitness wave in the country and identifies its target audience

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
among those working in corporates and millennials, and offers unique workout formats made
by their fitness idols like HRX (designed by Hrithik Roshan) and Prowl (by Tiger Shroff).
Cure.Fit is making fine use of social media platforms. From regular and engaging content to
educating users, Cure.Fit is trying to resonate with its users online. Imagine if someone wants
to lead a healthier lifestyle, he/she probably sub-consciously scanning related data online. If
information presented to him/her in such a way that it helps to reach a step closer to goal, it
will not only be happy to hear it but also develop a level of trust and begin to recognize your
brand.
One of the most successful campaign where Cure.Fit has collaborated with Happy
mcgarrybowen to launch its first-ever brand campaign, #ForTheLoveOfFit. It aims to establish
cure.fit as a holistic fitness and ties the digital-led campaign together across multiple digital
platforms.
The campaign will also make its way to cinema screens, print and OOH.
The film employs a clever wordplay device to show the various aspects of getting and staying fit
through physical exercises, meditation and healthy food – all of which are available on the
cure.fit app. Some of the most popular poster-people of fitness such as Hrithik Roshan, Tiger
Shroff, Milind Soman and others also feature in quick cameos throughout the film.
Finding the Blue Ocean
The company identifies that though its users are eager to follow a diet regime, they struggle
to make such food at home or get it from outside. “That’s the pain point we are trying to
solve,” says Nagori. A healthy lifestyle is incomplete with just exercise. “Without a healthy
food regime, nothing will work”, he avers. The business opportunity is huge. As per Redseer
consulting the healthy consumption segment, would grow to touch $32 billion in four years.
From 90 million of health conscious individuals (HCIs) living in urban areas, the number is
estimated to swell to 120 million by 2022. While 45 million would reside in metros, 25 million
are likely to be from tier I cities, and 10 million and 50 million from tier II and beyond
respectively. “The opportunity is massive. Eat.Fit is the Blue Ocean moment for us,” reckons
Bansal.

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
CHALLENGES
As a platform Cure.Fit have no competitors, but individually, every category has several
competitors (Exhibits 3). Apart from this, the single most challenging thing is to transform
people’s mentality about preventive healthcare. Ankit also acknowledges the same as “When
people are healthy, they don’t want to spend even a tenth of what they would spend when
they’re sick”.
Expansion of offline centres under its cult.fit verticals needs to be carefully planned and
executed. With affordable gyms packages locally available, community centres providing free
Yoga classes, pricing and placements of offline centres need to be carefully crafted.
The most important thing for any organisation to grow and sustain its brand is to keep quality
of their product at par with acceptable standards. For Cure.Fit maintaining the quality along
with increasing demand for its Eat.Fit vertical is another area needed to be worked upon.
WAY FORWARD
Company has plans to invest in related start ups for its verticals for e.g. Cure.fit is in the
process of starting an incubator programme for consumer product start-ups that are in the
business of creating healthy food and snacks. It also aim to open 500 Cult centres across 15
cities and lot more personalization with respect to product offerings in the future. Expansion
plan to enter Dubai is again a progressive strategy, this not only expands its footprints further
but also gives exposure to international market which may indirectly strengthens its position
in India in future when local industry will witness influx of global competitors.
The role of government in transforming healthcare sector cannot be realized without the active
participation of private players. Going forward and considering development of overall
healthcare sector, if Cure.Fit can relate social opportunity with remunerative outcomes,
operated at economies of scale, it can revolutionize health sector in the country. By aligning
its expertise with public initiative like Mohalla Gyms, Mid Day Meal scheme, Janani Shishu
Suraksha Yojana, etc the vision of healthy India can be achieved. Further creating synergy
between organizations fighting against lifestyle problems like The Live Love Laugh Foundation
and Mind.fit deserves food of thought. The application of anthropological science together with
domain expertise of its trainers can help shaping overall sports sector in India.

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
Exhibit 1: Cure.Fit fund raising journey
Exhibit 3 : Cure.Fit Competitors
Competitors Service Areas
FitCircle Weight management , active lifestyles
FitPass Gym, Aerobics, Karate class, kick boxing, Dance,Pilates,Sports,Yoga
Growfit Balance Nutritious food
Myfitnesspal Weight management , active lifestyles
Healthifyme Dietitians, fitness trainers and yoga
Cross Fit Boxing, Kick Boxing
Myflexipass Gym. Yoga, dance
PupleBasi Health food
Yustrength Health food
Kalchi Health food
Tandurust Health food
Foodgasm Health food
Practo Online healthcare, online appoitment, Medicine ordering.
Zobra Yoga, meditation
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
Series A Series B Series C Series D
2016 2017 2018 2019
Cure.Fit Funding
Total Funding Series Funding

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
Exhibit 2: Acquisition by Cure.Fit
Acquisition Details
Value Addition to Cure.Fit
Year Company Line of Business
2016 Cult
Cult differentiate itself from
traditional gymnasiums by
offering fitness training in the
form of martial arts, kickboxing
and other such activities.
It matches with the theme of Cure.Fit
as cult has a unique training model
delivers a holistic fitness regime.
2017 The tribe
Tribe Fitness is a chain of fitness
centres that provides training
without using machines
Acquisition is a good fit for the
company and also increases count of
its offline centres.
2017
Kristys
Kitchen
Kristys Kitchen is in the segment
of preparing and delivery of
international healthy food
cuisines
As Eat.Fit offers healthy food
subscriptions, the acquisition is in
tune with its business model.
2017 a1000Yoga
High quality yoga education and
an organized network of premier
wellness studios
Yoga is rising as one of the favoured
wellness choices amongst their key
target group. The acquisition will
enable CureFit to gain a stronger
foothold in the city’s growing fitness
market.
2018
Fitness
First
Fitness First has some of the
most loyal customers in the
fitness space. One of the
country’s leading premium
fitness chains with 10 fitness
centres in the NCR and Mumbai
Customers of Fitness First have a lot
of spending power, Cure.Fit has very
high potential to sell other products
to them. Fitness First will also help
us get a foothold in Mumbai and
expand presence in NCR
2018 Seraniti
Bengaluru-based Seraniti
leverages technology to provide
empathic, effective counselling,
and psychotherapy services.
Serviced by 15 therapists, Seraniti
currently undertakes over 500 active
sessions a month in both its
Bengaluru and Pune centres. With
the acquisition, Cure.Fit will have
more than 70 centres under Mind.Fit.
2019 Rejoov
Bengaluru-based Rejoov extracts
juices from fruits and vegetables
using the cold-pressed
technique. It has several
programmes and plans for
delivering juices to customers’
homes.
This will help to expand and scale its
platform. The move will be extremely
useful to expand healthy options for
Eat.fit.

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
References
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s%20Report%202014-15.pdf
19.https://www.theproductjourney.com/case-study/cure-fit/

SIDMBA 2019 by:
Raghav Dubey
Akshay Gupta
20.http://www.socialsamosa.com/2019/01/wavemaker-india-wins-media-mandate-
health-fitness-start-up-cure-fit/
21.https://www.financialexpress.com/industry/the-challenge-is-to-transform-peoples-
mentality-about-preventive-healthcare-says-ceo-of-cure-fit/1264026/
22.https://www.investindia.gov.in/sector/healthcare
23.https://inc42.com/features/startup-watchlist-top-healthtech-startups-to-look-out-
for-in-2019/
24.https://yourstory.com/weekender/how-curefits-ankit-nagori-clean-bowls-the-
competition-on-the-field-and-in-the-boardroom
25.https://health.economictimes.indiatimes.com/news/industry/betting-high-on-the-
growing-fitness-industry/65573619

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