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.
