Decoding Curefit's cap table after acquisition of Onyx for $12.7 Mn

Curefit had recently announced the acquisition of California-based fitness company Onyx to bolster its offerings in India and abroad. While the company did not disclose the details of the transaction, Fintrackr has decoded it via the company’s regulatory filings.

Curefit has acquired 100% stake in Onyx in a pure share swap deal at a consideration Rs 91.84 crore or $12.7 million. Onyx’s co-founders James Sha and Asaf Avidan Antonir got shares worth $5 million each and will have a stake of 0.65% each in the Bengaluru-based company. 

The two-year-old startup Onyx specialises in body tracking technology and personalisation of workout feedback. It provides highly accurate repetitions counts, form correction, and detailed performance tracking.

Afore Capital, the venture fund which had invested during Onyx’s seed round, has received shares worth $2.15 million. The remaining shareholders of Onyx have received shares worth $617,0000.

As per Fintrackr’s calculation, Curefit has been valued at around Rs 5,540 crore or $765 million after the allotment of these shares to shareholders of Onyx.

Accel remains the largest shareholder in Curefit with 20.7% stake while the company’s co-founder and CEO Mukesh Bansal controls 13.13% stake. Other notable investors including Kalaari Capital, Chiratae Ventures and Temasek have 12.30%, 11.5% and 10.43% stake in the company, respectively.

Curefit has kept 9.61% equity stake under its ESOP whereas investors including UC RNT Fund, industrialist Ratan Tata and filmstar Hrithik Roshan among others hold the rest of the stake in the company.

Importantly, Curefit’s other co-founder Ankit Nagori, who was slated to part ways with the company, has a shareholding of 0.30% in the company. According to Fintrackr’s estimates, Nagori owned around 7.63% worth Rs 420 crore in Curefit during April, last year. 

In late October, Nagori had swapped his equity Curefit for larger ownership in Eatfit: the food vertical of Curefit which was hived off as a separate entity in early October. According to sources, Nagori would own 70 to 80% stake in the full-stack food platform.

While Curefit’s business has been massively hit by the pandemic as over 200 of its offline workout centres were shut down, it pivoted to become a digital-oriented fitness company. Following the pivot, it has introduced online personal training and a library of DIY content. The acquisition of Onyx was done to bolster its virtual offerings. 

Curefit also claims that it has grown nearly 5X since the digital pivot. It also started offering online fitness and therapy sessions in the US market. The company is yet to disclose financials for FY20. However, it’s claiming to churn a monthly revenue of Rs 10 crore since last April.