Monday, June 27, 2022
HomeHealth & FitnessCurefit may enter online retailing of sportswear, Retail News, ET Retail

Curefit may enter online retailing of sportswear, Retail News, ET Retail

Curefit may enter online retailing of sportswear NEW DELHI: Health and fitness startup Curefit may foray into online retailing of sportswear. The Bengaluru-headquartered company started by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori has started hiring key executives for the new venture, said sources.

Sportswear currently accounts for around 30% of overall sales at top online fashion retailers across the country, according to industry estimates. Selling sportswear online will open up an additional revenue stream for Curefit, which currently offers four products such as gyms under Cultfit, yoga and meditation centres under Mindfit, health food under Eatfit and primary care with Carefit.

“Work is underway and it will take around six months for the new category to go live,” sources said. A Curefit spokesperson did not reply to an email from TOI.

The size of Indian sportswear category sold in brick-and-mortar stores was estimated at Rs 39,000 crore in 2017 by market research firm Euromonitor. Online sales of sportswear is pegged at around Rs 5,000 crore and growing annually at 78%.

Curefit, which is aiming to be a one-stop shop for healthcare, acquired the Oaktree-controlled Indian arm of gym chain Fitness First in May and followed it up by buying Bengaluru-based integrated mental wellness platform Seraniti last month.

While Fitness First’s gyms in Delhi-NCR and Mumbai have been merged with Cultfit, Curefit opened a quick services restaurant in Bengaluru under the Eatfit brand name and on-boarded therapists from Seraniti onto Mindfit. In what was touted as one of the biggest funding in the health and wellness startup space, Bansal and Nagori’s new platform raised $120 million in its series C round of funding earlier this year, led IDG Ventures, Accel Partners and Kalaari Capital.

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