Fitness and wellness platform Cult.fit on Thursday said it has acquired Bengaluru-based connected fitness startup Tread, a move aimed at bolstering its portfolio of hardware products. No financial details of the deal were disclosed.
The acquisition of Tread, which had launched a smart fitness bike, will help Cult.fit launch its hardware-at-home business vertical, a statement said. Tread's hardware IP with Cult.fit's digital content and computer vision tech will create an exciting experience for customers, it added.
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Cult.fit will also help Tread with technology, customer reach, and offline distribution. "Following Cult.fit's launch of digital at-home fitness last year, the platform has seen a massive uptick in live workout classes on its app. In a move to further enrich the experience, Cult.fit is launching a suite of smart fitness hardware products," it added.
The acquisition of Tread is the first step towards launching a suite of products like Tread smart bikes, bench, etc. "Cult.fit's deeper expansion into the connected fitness hardware market, places the company further on its path to becoming India's leader in everything related to fitness," it said.
Tread - which will continue to function independently - has developed an affordable smart indoor connected fitness bike. This product will have many social features including live workouts and leaderboards to compete with friends.
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“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 innovation to our customers in India. We will soon offer a wide range of home fitness equipment to better serve the demand of at-home workouts,” Cult.fit Head of Digital Health Shamik Sharma said.
Tread founder Dinesh Godara said with Cult.fit, the company will be able to significantly accelerate product development and reach more customers.
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"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. We have already received a lot of interest and several hundred customers have placed pre-orders,” he said.
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 centres, partner gyms and fitness centres across the country.