Health and wellness startup Cult.fit has acquired Bengaluru-based fitness startup Tread in a bid to launch a suite of smart fitness hardware products, beginning with smart bikes and bench. Tread, for the record, had recently launched a smart fitness-bike. The smart bikes would now be sold on the Curefit platform and offline stores.
The cash and stock deal is said to be worth $32 million.
It should also be pointed out that Tata Digital, a 100% subsidiary of Tata Sons, had earlier this week announced an investment of up to $75 million in Cure.fit.
Tata Group, a relative newcomer to the internet economy, is on an acquisition and investment run, picking up India’s largest e-grocer BigBasket and online pharmacy 1MG this week.
Tread will function independently
Cult.fit had launched digital at-home fitness last year, and among other things, it offers live workout classes on its app. As it provides computer vision tech applications for at-home workouts, in a move to complement its offers, Cult.fit is now getting into smart fitness hardware products. The acquisition of Tread is a step in that direction.
Tread, which will continue to function independently, has developed a smart indoor connected fitness bike similar to Peloton but at one-third the price.
Cult.fit will also help Tread with tech, customer reach, and offline distribution.
Mukesh Bansal, Founder, Cult.fit, said: “The acquisition of Tread is a leap. With their team, we plan to offer a unique suite of products that will help us foray into the at-home fitness hardware market and further differentiate the Cult.fit platform from any other in the fitness industry.”
Dinesh Godara, Founder, Tread, said: “We are launching a suite of connected fitness cardio and strength products. The Tread One, A smart indoor exercise bike is our first product which will be followed by digital weight and resistance products, and smart home gym kits.”
Smart bikes are interactive, and as you pedal, you will be working out with others who are pedaling on the same route at the same time. The instructor will be able to see your data and metrics.
As the regular gyms are closed in India for over a year now (due to the lockdown), Cult.fit is looking at its new acquisitions to bring back customers.