Health and fitness platform Cure.fit and Book Your Game (BYG) have mutually decided to end the dispute over acquisition deal that was highlighted two months ago when BYG alleged Cure.fit for withdrawing the agreement after acquisition.
While Cure.fit has been denying the allegation, it has settled the case by paying close to the deal value in cash. According to an ET report, BYG has withdrawn the case filed in Bengaluru Civil Court.
Now, Cure.fit will eventually launch Gym.fit independently, a marketplace to discover and book fitness centres and a similar model to BYG.
BYG founders Devi Prasad Biswal and Avijeet Alagathi earlier alleged that Shan MS, the head of Cure.fit’s gym chain Cult.fit, had convinced them for acquisition and both entities have almost agreed on all terms and condition. Both founders and employees even started working for Cure.fit officially.
According to the documents filed in court, Cure.fit proposed Rs 2.7 crore worth of equity and Rs 30 lakh cash to BYG’s founders and promoters. Besides ESOPs worth Rs 1.6 crore it also promised Rs 40 lakh cash bonus to the employees.
During the same period, BYG was in talks with Medfit to acquire a 14% stake in it. However, BYG founders were convinced by Shan to call off the deal with Medfit and to continue with Cure.fit.
While further details on the case are awaited, Shan has put in his papers as head of Cult.fit.
This is not the first case where two companies have gone for out of court settlement. In June, GOQii had alleged Flipkart for regulating the price of its products on the platform. However, the case was mutually settled, and the Vishal Gondal-led firm had allowed its product to be sold on the e-commerce marketplace.
Social commerce firms Meesho and GlowRoad are also involved in a court dispute over data theft, whereas leading payments app PhonePe and BharatPe are at loggerheads over trademark infringement. Both cases are still pending at Bengaluru Civil Court and Delhi High Court respectively.