The recent ban on Chinese apps by the government has led to many Indian players creating their own version of the TikTok app.
The startups looking to capitalize on this opportunity, Mukesh Bansal, Co-founder and CEO of Cure.fit, has some words of advice, 'as the B2C journey goes, it's a multi-year journey, sometimes it is 5 years or even 10 years.
So no matter whatever the situation is - a player is there or not there and whoever is coming to build the next TikTok for the country has to believe that they are going to be there for the next 4-5 years and that the landscape is going to change. No one will become TikTok in the next two weeks or a few months. It doesn't happen that way'
Mukesh Bansal believes that businesses have to be built with a long term vision and entrepreneurs have to be ready to adapt to the changing business environment.
(Also read: Cure.fit's digital pivot starts to show healthy growth, forays into international markets)
The pivot from offline to online wasn’t easy for the fitness platform Cure.Fit that saw a complete shut down of its fitness centres - a vertical that was responsible for 60 percent of the group's revenues.
Co-founders of Cure.fit - Mukesh Bansal and Ankit Nagori have managed to adapt to the crisis and pivoted the model to create a robust business for the future because they were prepared to do whatever it takes to make the business work, the mantra at company goes - 'Never let a crisis go waste!'
After a fair amount of pain due to the lockdown - expansion to new markets was halted and employees were laid off along with a deep cut in revenues and growth, Cult.Fit now has a flourishing online fitness platform with 500 thousand sessions every day and over 1.5 million new users with 50,000 paid subscribers.
Building a viable and sustainable B2C brand takes a lot of hard work and entrepreneurs need to be prepared. ‘Building a B2C brand is a multi-year journey. There is no shortcut. No successful companies are built in less than 10 years. If you are embarking on a journey of building a brand or a product if you take a 10 years lens, everything becomes irrelevant in the short term, adds,
Ankit Nagori, Co-founder of Cure.Fit not mincing words.
Before founding a one of kind homegrown health & wellness platform with international ambitions, Bansal founded the e-commerce fashion platform, Myntra and Nagori was the Chief Business Officer at Flipkart.
'Good companies have emerged from every crisis', says Mukesh Bansal, Co-founder & CEO of Cure.fit.
The duo knows what they are talking about!
First Published: IST