CureFit, founded by ex-Myntra cofounder Mukesh Bansal and former Flipkart chief business officer Ankit Nagori, has invested $3 million in a Bengaluru-based fitness company Cult. CureFit has now bought a majority stake in the company.In April, Bansal had invested an undisclosed amount in Cult at a personal level. Founded last year by a fitness trainer Rishabh Telang, Cult is focused on training programmes without using traditional gym equipment. "The traditional fitness formats are a thing of the past and trainer led group classes are something which will change the face of the fitness industry," said Mukesh Bansal, cofounder of CureFit, a health and fitness startup.In spite of company owning a controlling stake, Cult will continue to run as an independent company, the officials said. At the back of this change, the industry is estimated to grow at a CAGR of 23 per cent.

Source: Economic Times August 24, 2016 09:42 UTC