Bangalore based fitness brand Curefit is aiming a tenfold increase in its revenue by 2022
As soon as it achieves this milestone, Curefit is going to make an initial public offering.
The fitness firm has achieved huge success since its inception due to its distinctive business model.
It offers physical fitness (via its brand Cult.Fit), food (Eat.fit), Primary care (Care.fit), fitness clothing (Cultsport) and mental awareness (Mind.fit) all on just one platform through its app.
Bangalore based health and fitness firm Curefit aims to increase its total annual revenue to $1 billion in the next three years. They are all set to expand deeper in India and abroad as well as introduce new products to accomplish this target.
The company has reportedly made $100 million per year since its inception three years ago. As soon as it achieves this milestone, Curefit is going to make an initial public offering.
Mukesh Bansal, the CEO & founder of the brand is extremely confident that the company will be able to achieve the set target with ease in the upcoming years. He also claims they will be turning out profit by the time they hit the coveted $1 billion mark in revenue. He further said that the unit offerings of their company are solid. They also have a 35% contribution margin in all the categories. They have set plans to take their company public but will they be going public in India or in some other country is a subject that is still being debated upon by the management.
The fitness firm has achieved huge success since its inception due to its distinctive business model. It offers physical fitness (via its brand Cult.Fit), food (Eat.fit), Primary care (Care.fit), fitness clothing (Cultsport) and mental awareness (Mind.fit) all on just one platform through its app. The company has erected a tech platform that helps its customers manage their healthy routines like exercise and food. This is backed by proprietary fulfilment network which is offline. This platform further services the clients.
Its competitors like Talwarkars and Planet Fitness have gone public but Curefit is the first fitness brand that provides all five facilities on one platform. This has helped in the smooth cross-selling of products and hence increased the revenue of the brand.
The company is aiming to have a total of 25 million customers in the coming three years. For this, plans of expanding globally and introducing new products are set in motion by the company. It hopes to acquire 5-10 million Indian customers by 2022. They further hope to have 10-15 million users who shall be using their digital services via their homes. Using these services, users can workout at home, get fitness advice and consultations at home. 20% of their users will use the Curefit centres, while 80% will be using the digital services provided by the brand. The company says that they have a shot at building the largest digital subscription product in India.
Curefit has also lined up plans to expand in the future. Cult.fit, the largest business of the company has around 200 centres across 7 cities in India. It also launched its first centre in Dubai, thus entering the UAE market as well. Apart from this, the company also has 40 Eat.fit kitchens, 31 Mind.fit centres and 5 Care.fits.
The company plans to have 800 centres in 80 Indian cities in the next three years, expanding its Cult.fit, Mind.fit and Eat.fit businesses.
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