Hoping to hit $50-million in annual revenue by the end of next year, Mukesh Bansal- and Ankit Nagori-run health tech and fitness platform Cure.fit
would be expanding its offline and online operations at a pan-Indian level.
While its offline expansion of gyms, healthy kitchens, and mind wellness centres would be curtailed to metropolitans, it would be providing more people with its online health services, which include providing goal-based health subscriptions and dietary consultations, among other things. The company hopes to reach a target of a million users by next year.
“A lot of the products would be offline and by the end of next year, we would be close to 400,000 paid users. However another half a million people would be accessing our products digitally. We plan to be active in only two or three cities by next year, but would be unveiling our online products throughout India. I think a million users across digital and physical should happen sometime next year,” Nagori said.
will invest around Rs 25 crore to expand its operations to Delhi-NCR and open five gyms in Gurugram
and Delhi by the end of this year.
The company plans to take the total number of ‘Cult’ gyms to 75 by next year. The company is also setting up its meditation facilities, mind and wellness facilities under the Mind.fit vertical, as well as, eight kitchens in Delhi-NCR and Bengaluru for its healthy food vertical Eat.fit.
Currently, the company has close to 30,000 customers in Bengaluru. The company is planning to come up with goal-based digital packs, which would help it monetise its online offerings.
According to Nagori, its Cult gyms are already profitable. “Even today the Cult centres put together are giving us $150,000 worth of free cash flow. With Cult, we have been able to hit profitability in the first year itself,” he said.
Also it is managing to sell close to 2,500 meals a day in Bengaluru. “We will come to NCR with Eat.fit in the first half of next year. The idea right now is to first prove the business model entirely here. We will hit about 5,000 meals a day by December end. By next year, the company aims to sell 25,000 a day,” he said.
The company has its own logistics for food delivery but is also piloting delivery with Swiggy as well as UberEats. Nagori said the company would soon hit a monthly run rate of a million dollars soon. “We are burning very little cash, Cult is very profitable for us, we are open to all kinds of discussions in the market, but we have enough capital for the next 36 months,” he added.
Currently, Nagori believes all verticals of the company would be profitable by 2018. “We want to have a $50-million annual run rate by next year December,” he said.