The COVID-19 pandemic has forced businesses to sit back and re-evaluate business strategies, adapt to survive, and pivot to thrive, which has become the over-arching mantra for entrepreneurs as they work to keep their business afloat in this very uncertain economic environment.
And one company that has had to completely re-strategize its business is Cure.Fit - shutting down of fitness centers and gyms since the start of the lockdown led to operations of its crown jewel - 'Cult' come to a grinding halt. At the time, Cult was bringing in 60 percent of the group's revenues and had emerged as the coolest player in India's crowded fitness market.
But that was the story three months ago - today Cult has turned into a flourishing online fitness platform clocking 500 thousand sessions every day, has signed up 1.5 million new users with 50,000 paid subscribers.
Of course, the pivot has come 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 & growth.
Outside of Cult, the other business verticals are reporting interesting growth trends in the last quarter - food delivery is leading growth for Eat.Fit, the new telemedicine guidelines brought a huge surge in volumes for Care.Fit and the toll on mental health during the lockdown has meant more business for Mind.Fit.
To discuss about the mega COVID-19 pivot and the future of the business, Shereen Bhan spoke to Cure.Fit co-founders Mukesh Bansal and Ankit Nagori