Health and fitness platform CureFit Healthcare Pvt. Ltd has launched a new offline and online product called Mind.fit to offer meditation and other mental fitness services and the company plans to open 50 centres across three cities by December 2018, co-founder Mukesh Bansal said in an interview.
Mind.fit launched in Bengaluru this week and it will expand to the National Capital Region (NCR) and another city next year. For Mind.fit, the company will offer the same subscription rates as Cult, its no-equipment physical fitness brand, and customers of one will get access to the other.
“Anyone from the age of 18 to 80 is a potential member for Mind.fit so over the long-term, the base for Mind.fit will be bigger than Cult. Capex wise it’s very small compared with Cult and it’s much easier to find space for the format. The concept of yoga is already popular in India so we can take Mind.fit to tier-2 and tier-3 cities too," Bansal said.
“Cannibalization (between Mind.fit and Cult) can happen if you have to buy this or that. We’re saying Mind.fit is an extension of our offering. Mind.fit will help us expand our customer base. With 1000yogas (one of CureFit’s acquisitions that will be re-launched as Mind.fit), the audience was of a higher age group like more than 35 and two-thirds of the customers were female. That’s the exact opposite of Cult which has a younger audience and two-thirds male. So Mind.fit will allow us to get in another audience," he said.
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Mind.fit was conceptualized by Dr Shyam Bhat, a psychiatrist and integrative medicine specialist. With Mind.fit, the company is offering preventive mental fitness services for professionals and others who are under-served by existing online and offline platforms, Bhat said.
“Currently, mental wellness services in India are around either psychiatry or there are ashrams. We’re offering a science-based approach for mental fitness which is about preventive care and helping individuals fulfil their potential. Our vision is to offer a space to people that has nothing to with religion, and where they can practice meditation and yoga (and other mental fitness activities)," Bhat said.
Earlier this week, CureFit, which has about 100,000 app downloads and 5,000 daily active users, announced that it has raised $25 million in series-B funding from its existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT fund. The company has now raised more than $45 million since starting out last year.
CureFit introduced its app in May in Bengaluru aiming to be a one-stop fitness hub for customers. Apart from Cult and Mind.fit, it also offers health food subscriptions, and content on mental wellness and physical fitness. While Cult is its largest revenue generator presently, food orders will end up being the company’s top business over the next three years, Bansal said. CureFit will also launch healthcare services next year, he said.
CureFit is one of India’s most closely-watched young start-ups primarily because of the high profile of its founders, Bansal and Ankit Nagori, and its aggressive expansion strategy.
Critics say the strategy is too risky and the company is trying to do too many disparate things too fast.
“There are a set of people who think we’re crazy to do so many things so fast. But from a customer point of view, they really appreciate that they have everything on the same platform. For health and fitness, why should you have to go to five different places? Why can’t one place offer you that? With the cross-usage we’re seeing we are very encouraged," Bansal said.