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Business & Technology

Fitness startup Cure.fit buys California-based Onyx to boost at-home offerings

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Fitness startup Cure.fit buys California-based Onyx to boost at-home offerings

2021-01-19 04:11:52

By K.Shalini

Fitness startup Cure.fit has bought California-based fitness company Onyx, to boost its at-home fitness offerings it said on January 18. According to Cure.fit, this would also help improve their international business. The financial details regarding this acquisition are not disclosed.

The California-based firm specialises in body tracking technology and personalisation of workout feedback, LiveMint reported. It also can provide highly accurate rep counts, form correction, and detailed performance tracking.

As a result of this buy, Cure.fit will now have access to Onyx's computer vision technology. This will help in improving their own product offering.

In October of 2020, Cure.fit had to realign internal teams and management to adapt to the new scenario. The switch from 95 percent offline to almost 90 percent online has meant that many of their teams had to be shuffled with technology assuming the centrepiece.

The firm itself was founded in 2016 by op executives of Myntra and Flipkart, Mukesh Bansal and Ankit Nagori with the intention to transform the idea of physical exercise for urban India.

With deep-pocketed investors sold on its strategy, it saw a blitzkrieg growth over the last two years, till COVID-19 struck. The company admitted to having lost $10 million in the first three months of the pandemic, in an open letter to its employees earlier this year.

“I think the future is online, it will not be a quick turnaround for the offline-gym industry,” said a founder of an online fitness startup.

Now, with centres slowly opening and even with 40 percent occupancy, Cure.fit is confident a turnaround is set to happen.

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