Cure.fit settles out of court with Book Your Game
The company has settled the case by paying close to the deal value, says one of the sources.
“Cure.fit has settled the case by paying close to the deal value in cash, while both parties mutually decided to not go ahead with the deal,” an investor in the company told ET, requesting anonymity.
“What happened with BYG was unfortunate, and once the details were revealed, the founder did what’s right,” he said.
Cure.fit, co-founded by Mukesh Bansal and Ankit Nagori, will eventually launch Gym.fit independently, he added.
Cure.fit did not respond to ET’s detailed questions till press time on Wednesday. An email sent to BYG went unanswered.
BYG had alleged in its petition to the court that the health and fitness platform had offered to acquire it for about Rs 5 crore in June, but subsequently retracted after exchange of crucial data and intellectual property. Refuting the allegations, Cure.fit had told ET that the transaction never progressed to definitive closure.
Startups are increasingly heading to the courts to sort out conflicts arising from rapid growth, and unjust practices.
Last month, social media platform Meesho dragged competitor GlowRoad to court claiming employees who had allegedly stolen sensitive data were being poached.
Digital payments leader PhonePe filed a case against smaller rival BharatPe over its use of the suffix ‘Pe’ in its brand name.
Both these cases are pending resolution before the courts.
In a separate development, Shan MS, the head of Cult.fit, the gym chain that is part of Curefit, has also quit, said another person, who also confirmed that the case with BYG had been resolved. “The board has been notified of the same,” this person said.
Cure.fit has acquired multiple startups to boost growth, including Cult, Rejoov, A1000yoga, Opinio, and Kristys Kitchen. In June, it closed a $120-million funding round led by existing investors including Chiratae Ventures, Accel Partners, Kalaari Capital, and Oaktree Capital.
BYG (BookYourGame) was founded by Goldman Sachs alumni Devi Prasad Biswal and Avijeet Alagathi in 2015.