Cult.fit has acquired Bengaluru-based connected fitness startup Tread to boost its portfolio of hardware products. The financial details of the deal were not disclosed.
The acquisition of Tread, which launched a smart fitness bike, will help Cult.fit launch its hardware at home, according to a statement. Tread`s hardware IP with Cult.fit digital content and computer vision technology will create an exciting customer experience. Cult.fit will also help Tread with technology, customer access, and offline distribution.
“Following the launch of Cult.fit Fitness at Home last year, the platform has seen a massive increase in live exercise classes on its app. In a move to enrich the experience further, Cult.fit is launching a range of smart fitness products,” the statement read.
The acquisition of Tread is the first step towards launching a range of products such as Tread smart bikes, bench seats, etc. "Cult.fit's deeper expansion into the connected fitness equipment market, sets the company on its way to becoming India's leader in all things related to fitness," the statement read.
Tread, which will continue to operate independently, has developed an affordable, indoor-connected smart fitness bike. This product will have many social features - including live workouts and leaderboards to compete with friends.
“We are excited to welcome TREAD and its team to the Cult.fit family. Globally, the connected fitness market is on the rise and we are committed to bringing the best in innovation to our customers in India. We will soon be introducing a wide range of digital health, Shamik Sharma, Head of Digital Health, Shamik Sharma, said. Home fitness equipment to better meet the demand for home workouts.
Founder of Tread Dinesh Godara said, "with Cult.fit, the company will be able to significantly accelerate product development and reach more customers".
“We are launching a range of connected cardio and strength training products for fitness. The Tread One - a smart indoor exercise bike is our first to be followed by digital weight and resistance products, and smart home gym kits. We have already received a lot of interest and several hundred customers have placed orders advance".
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit provides fitness-related services through a mix of online and offline channels, including offline group workouts at Cult.fit centers, partner gyms, and fitness centers all over the country.
Also Read: Affle to acquire Latin America-based mobile marketing firm Jampp