CureFit plans significant push for its offline Cult fitness centers

CureFit, the healthcare startup, is aiming rapid expansion of its fitness center brand Cult in the next 5 years. The startup, which bought Cult last year in a $3 million deal, expects to open 500 centers during this time. It is following the famous cluster strategy perfected by Starbucks wherein you open several stores in small radius to virtually cut off the oxygen supply for other players to grow.

Mukesh Bansal, co-founder of CureFit, commented on the strategy that “The capex payback period is just 15 months for every Cult centre. And with the 10 centres, we’ve proven the product-market fit—our NPS (net promoter score) is 84, which is insanely good. So, we’re getting into serious scale-up mode. We’re following a strategy of hyper-local dense concentration. In each area, we want many centres so half the market of that locality is serviced by Cult”. Besides offering Cult subscriptions, the startup’s application also sells health food subscriptions and mental wellness content

Founded in 2016 by Mukesh Bansal, former CEO and co-founder of fashion retailer Myntra, and Ankit Nagori, a former senior leader at Flipkart, with $5 million seed money, the startup has raised $18 million capital till now from investors including Kalaari Capital, Accel Partners, IDG Ventures and UC-RNT Fund.