The most funded healthtech startup Cure.fit had recently entered the US market with its energy-meter technology that allows the smartphone camera to track users’ movements while they follow guided content from trainers.
Cure.fit said the acquisition would also help ramp up its computer vision technology for its at-home fitness product.
Mukesh Bansal’s health and fitness startup Cure.fit, which expanded outside India with the launch in Dubai in 2019, has now acquired California-based fitness company Onyx for an undisclosed sum to accelerate its offerings internationally. Onyx is a smart personal trainer with “body tracking technology and personalisation of workout feedback and offers highly accurate rep counts, form correction, and detailed performance tracking,” Cure.fit said as the acquisition would also help ramp up its computer vision technology for its at-home fitness product. The most funded healthtech startup Cure.fit had recently entered the US market with its energy-meter technology that allows the smartphone camera to track users’ movements while they follow guided content from trainers.
“Onyx will accelerate our efforts towards building a hardware-agnostic AI-led platform that offers guided content on physical & mental wellness and nutrition all at the same place,” said Mukesh Bansal, Co-founder, Cure.fit in a statement. The company offers live classes on fitness, dance, meditation, apart from health video content and podcasts. The digital offering by Cure.fit will be similar to “attending a group class at boutique studio or a personal training session in the gym. Users will get feedback on their movements and it will be a two-way interactive experience,” said Shamik Sharma, Head of Technology, Cure.fit. The company is integrating with display devices such as Apple TV, Chromecast etc.
Cure.fit has raised $404.6 million across more than nine funding rounds so far and last raised $110 million Series D round in March 2020, as per Crunchbase. Temasek, Vistra ITCL, Ascent Capital, Castle Island Ventures, Epiq Capital, etc., are among the investors on Cure.fit’s cap table. Onyx is the company’s seventh acquisition after it acquired Rejoov in 2019, Fitness First India and Seraniti in 2018, Kristys Kitchen and a1000yoga in 2017, etc. The fitness market in India is likely to reach $2.15 million in 2021 and grow at a CAGR of 2.7 per cent to become worth $2.33 billion by 2024, as per Statista. The market’s largest segment is wearables with a projected market volume of $1.82 billion in 2021. The global digital fitness market was valued at $6.04 billion in 2019 and may reach $59.2 billion by 2027, growing at a CAGR of 33.1 per cent.