Health & fitness startup CureFit eyes tenfold rise in revenue to $1 bn by 2022
CureFit, the health and fitness startup, is eyeing a tenfold increase in annual revenue to $1 billion by 2022. This will be helped by a deeper expansion in India as well as overseas and the launch of new products.
After achieving the revenue milestone, the Bengaluru-based firm is planning to make an initial public offering. CureFit attained $100 million a year in annual revenue within three years of starting operations.
Mukesh Bansal, Co-Founder and Chief Executive, CureFit, said, “We are very confident that we would be able to grow 10x by 2022. In this journey, by the time we hit $1 billion revenue, we will be definitely profitable. Our unit economics is very solid; our contribution margin across all categories is over 30%. In terms of the long term exit scenario, it is to go public. Whether we go public in India or outside, is a strategic question.”
CureFit has a distinctive business model as it offers food through its Eat.fit brand, physical fitness via Cult.fit, mental wellness through Mind.fit, primary care in Care.fit, and fitness clothing via Cult Sport on one platform. The company is the first to provide these five interconnected offerings on one platform.
CureFit is further aiming to have a total of 25 million customers in the next three years on the back of its global expansion and introduction of several new products.
Ankit Nagori, Co-Founder of CureFit, said, “In India, we think we will be able to acquire 5-10 million customers who will pay for our service in the next three years. We will also have 10-15 million customers who will be using our digital services, where people can work out at home, get consultations and advice at home.”
“Twenty percent customers will go to centres and 80% of customers will actually use the service digitally. They will all be paying for it. We think we have a chance of building India’s largest digital subscription product,” he added.