Hrithik Inks .₹ 100-cr Deal with Cure.fit
Actor to get an equity stake in startup in return of cash investment, promotion
Bengaluru: Health and wellness Startup Cure.fit has signed on Bollywood actor Hrithik Roshan as brand ambassador in what is touted as one of the largest endorsement deals signed by an Indian Startup.
The five-year association, valued at .₹ 100 crore, will give the actor an equity stake in the company in return of cash investment, promotion and royalty from his personal brand HRX’s specialised workout plan. This plan will be introduced across Cult fitness centres operated by Cure.fit. The HRX Workout offering, which is available at Cult fitness centres run by Cure.fit and will soon be launched on the mobile app, is expected to rake in .₹ 250 crore annually in the coming years.
Roshan’s deal with Cure.fit is the latest among startups signing on celebrities for brand recall and positioning. Online grocery platform BigBasket signed on Shah Rukh Khan in 2015 as brand ambassador while Aamir Khan was signed on in 2015 by ecommerce platform Snapdeal for a year-long contract. Recently, online jewellery brand BlueStone on-boarded Alia Bhatt to promote its collection, including a television commercial, slated for release this month.
“His involvement with Cure.fit will be multi-fold and we will soon launch do-it-yourself format for HRX workout. He will also be promoting Cure.fit’s philosophy of a healthy lifestyle,” said Mukesh Bansal, co-founder of Cure.fit. Flipkart senior executive Ankit Nagori started the fitness platform in 2016.
Bansal, who sold Myntra to Flipkart in 2014 for $350 million, had worked with Roshan earlier at the online fashion retailer. In 2013, Roshan started selling fashion products under the HRX brand exclusively on Myntra, which also acquired a 51% stake in the brand.
Analysts tracking the space said that a typical one-year contract, which includes one personal appearance by the celebrity, is valued at .₹ 15 crore. The cost of promoting a company on social media can range from .₹ 2.5 lakh per tweet to as high as .₹ 2.5 crore depending on the popularity of the actor. The one-year-old Cure.fit has already acquired three fitness brands including Cult, Tribe and a1000yoga, apart from food Startup Kristy’s Kitchen and last mile logistics company Opinio. It has also invested in mental health platform Seraniti.