Retail & Consumer Internet
VedaCorp advises FITKIT’s house of brands on its acquisition by Cult.fit
About
One Fit Plus
Founded in 2016, Raipur based SR houses treadmills, cardio equipment and ellipticals under FitKit, RPM and OnefitPlus brands. SR also houses bicycles under Urban terrain brand. SR follows a digital first approach and is one the highly rated brands across marketplaces. The brands are also tech enabled through proprietary multi player gaming consoles. SR house of brands achieved an ARR of $20M with >1 lakh units sold last year.
Cult.Fit
Cure.fit was founded in 2016 by Mukesh Bansal, co-founder of fashion retailer Myntra, and Ankit Nagori. CureFit now owns gyms under the Cult.Fit brand, and offers a range of healthy food options under Eat.fit, mental wellness programmes through Mind.fit and diagnostic centres through Care.fit. Cure.fit is present in 16 Indian cities, primarily via its gym centres and aims to be a full-stack provider of health and fitness services. Company recently raised Series F funding and turned unicorn.
Background
We are pleased to announce that our client, Shoora Retail (“SR”), a house of brands in the connected fitness & gaming space has been acquired by Cult.fit, a Unicorn and the largest in the digital health space. This transaction provides a significant entry for Cult.fit into smart cardio equipment through Fitkit, RPM Fitness & Onefitplus, smart Bi-cycles through Urban Terrain and connected tech gaming consoles through Fitwarz and Fitserv.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the transaction. VedaCorp provided comprehensive transaction advisory services including deal structuring and negotiation of key commercial terms, leading to the successful closure of the transaction.
This marks VedaCorp’s 15th transaction overall in the Consumer and Internet Retail space and further strengthens our new age franchise by taking to market many internet first businesses.