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CureFit closes $120 mn funding round as new investors join aboard
Photo Credit: Pixabay

Health and fitness startup Cure Fit Healthcare Pvt. Ltd, founded by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori, said on Tuesday it has raised $120 million (Rs 832.6 crore) in its Series D round of funding via equity and debt.

The funding round was led by existing investors Chiratae Ventures (formerly IDG Ventures India), Accel, Kalaari Capital and Oaktree Capital, Cure Fit said in a statement.

New investors who participated in the round include Epiq Capital Advisors Pvt. Ltd, an investment firm floated by Matrix Partners India founding member Rishi Navani, and Unilever Ventures, the venture capital arm of consumer goods giant Unilever Plc.

Venture debt firm InnoVen Capital and private-sector lender Kotak Mahindra Bank also contributed to the funding round, it added.

The Series D funding round announcement close within weeks of the company having already pulled in $75 million, according to a filing with the Ministry of Corporate Affairs.

The filings showed a bunch of other entities have also pooled in capital. They include 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 for expansion in the domestic market as well as globally. It currently has presence in Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Chennai and Jaipur. It entered Dubai recently.

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.

Cure.fit has over 180 Cult.fit centres, 35 Mind.fit centres and aims to grow this to over 800 centres by 2020. Eat.fit is servicing over 35,000 meals per day at present and doubling every three months it claims.

"Health habits of consumers has changed over the past few years and the need for new tech driven approach is a need for a much better consumer experience," said co-founder Bansal. "Leveraging deep tech and strong on-ground network, we aspire to service over 100 million consumers over next 10 years," he added.

CureFit has also been actively making acquisitions in the past months. In April, 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 month, yoga and wellness startup Sarva said it had raised its first round of external funding from a clutch of investors including global pop artist Jennifer Lopez and her fiancé Alex Rodriquez.

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