TMT
By
Accel leads $75-mn investment round in CureFit
Photo Credit: VCCircle

Health and fitness startup Cure Fit Healthcare Pvt. Ltd, founded by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori, has raised $75 million (Rs 520 crore) in its Series D round of funding from existing and new investors, according to a filing with the Ministry of Corporate Affairs.

The fundraising comes within a year of CureFit having raised $120 million as part of its Series C funding round from existing investors Chiratae Ventures (formerly IDG Ventures), Accel and Kalaari Capital in July last year. Oaktree Capital, whose portfolio company Fitness First India was in the process of being merged with CureFit’s fitness brand Cult.fit, had also contributed to the round.

In the latest funding round, Accel led the investment with $30 million, Kalaari with $10 million and Chiratae with $8.38 million.

New investors who contributed to the funding round included Epiq Capital Advisors Pvt. Ltd, an investment firm floated by Matrix Partners India founding member Rishi Navani; Bruno Raschle; Pratithi Investment Trust; The McGovern Family Trust; Castle Investments; Satyadharma Investments; Makan Family Trust; the Anand Piramal Trust; Nitin Kumar Agarwal; and Sydney-based Barrijag Pty Ltd. representing the Hadley Family Trust.

CureFit will use the fresh capital to expand the operations of the company, its subsidiaries and joint ventures, the filings said.

Data research firm Paper.vc first reported the development.

The current funding round could be part of the company's larger Series D round, in which it was expected to raise as much as $150 million, The Economic Times had reported last year.

CureFit, which is one of the best-funded early-stage startups, aims to address preventive healthcare through a combination of engagement, coaching and delivery, using both online and offline channels. Founded in 2016, it has four verticals: Cult.fit, Eat.fit, Mind.fit and Care.fit.

Eat.fit is a subscription-based food delivery vertical, while Mind.fit focuses on yoga and meditation. Fitness chain Cult.fit’s offline centres offer equipment-less workout solutions, including strength and conditioning, spinning, boxing, mixed martial arts, zumba and yoga.

Its latest offering Care.fit offers a digital platform for doctors and health checkups.

CureFit has also been actively making acquisitions in the past months. Just last month, it acquired cold-pressed juice brand Rejoov for an undisclosed amount.

Its other acquisitions include Bengaluru-based a1000yoga, online food delivery firm Kristys Kitchen, and integrated mental wellness platform Seraniti.

The wellness market in India has been attracting strong investor interest.

Last week, yoga and wellness startup Sarva said it has raised its first round of external funding from a clutch of investors including global pop artist Jennifer Lopez and her fiance Alex Rodriquez.

Leave Your Comment(s)