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As part of the unlock 3.0, Central government on Wednesday announced that gyms and Yoga institutes will be allowed to reopen from August 5. The news certainly brought some reprieve for gym owners who were forced to keep their gyms and fitness centers completely closed during the 3 month long nationwide lockdown period.
However, health & fitness startup Curefit has decided not to take advantage of this reprieve. The company has announced that its fitness centers, which operates under the brand name Cult. Fit, will continue to remain close despite the lockdown relaxation. The Bengaluru based company has said that all its Cult.fit centers will remain close for another 31 days.
Curefit added that it will open its fitness centers only after ensuring that all the safety and precautionary measures have been put in place. The company apparently intends to use the self-imposed 31 day lockdown period for the same purpose.
Since the nationwide lockdown announced in March, Curefit has been conducting its fitness classes for its members through online sessions.
Today the company operates Cult.Fit centers across 27 Indian cities including prominent cities like Mumbai, Pune, Bengaluru and Delhi NCR. It also operates fitness center in Dubai.
The cult brand is apparently one of the main jewels in company’s crown, with the fitness brand generating as much as 60% revenue for the startup. Therefore the lockdown has expectedly caused a sizable loss of revenue for the company. However, Curefit’s co- founder Mukesh Bansal while recently speaking to CNBC said that the company has started monetizing good amount of revenue from online training classes. The former Myantra co-founder claimed that company’s digital revenue in the month of May had already crossed Rs 10 crore.
Notwithstanding the challenges in the post pandemic era, Curefit recently announced its foray in the highly competitive U.S market. The company will be offering the same services under different verticals in America that are offered in India. The company said that it has been testing its beta services in the U.S since last one month.
Curefit was also recently in news for layoffs, being among the many startups that took to layoffs for trimming huge losses caused due to pandemic.
