The startup is betting big on online fitness classes.
Cure Fit, which runs Cult Fit branded gymnasiums in multiple cities, is looking to monetise its virtual classes. With the country entering into the fourth phase of lockdown and gymnasiums set to remain shut, the company is hoping to ensure steady flow of revenue through this mode.
Since the lockdown began, the Bengaluru-based startup has beefed up its video-based offerings and has also onboarded celebrity fitness enthusiasts for online classes, besides their regular trainers.
"We will be charging our customers for these online classes going forward, our existing Cult Fit members will continue to enjoy the classes for free," said Naresh Krishnaswamy, who heads growth at the startup.
He said the final charges are yet to be decided but the range will be around Rs 300 to 400 per month giving strong competition to local offline gyms as well. Customers will be offered a 14 days free trial. Pricing will vary depending on packs chosen by consumers.
As per numbers shared by the company, there are around 3.5 lakh users accessing the video classes, with a large chunk of them being new users who are not Cult members.
While monetising physical gyms is standard, replicating that in the online space has its own challenges. There are multiple YouTube videos, Facebook groups where online classes are offered free of cost by fitness enthusiasts.
Krishnaswamy said Cult will offer a curated experience for its users and will also ensure there is high user engagement with virtual group classes and ranking system among participants in a particular class.
Cure Fit recently downsized its business, shutting down its Dubai operations as well.
The video offering could be the means for the startup to cater to a growing range of global users. Those who do not take the paid version will be able to access limited features within the app, he said.
Cure Fit was started by Myntra founder Mukesh Bansal and Flipkart top executive Ankit Nagori. It is backed by investors like Temasek, Accel Partners and Chiratae Ventures, among others.
"While we are well prepared to take our services online, eventually in the long run we will have to beef up our technology teams to cater to our customers in this new channel," said Krishnaswamy.
Follow our full coverage of the coronavirus outbreak here