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Trifecta, Kris Gopalakrishnan back Mukesh Bansal, Ankit Nagori’s CureFit

By Vijayakumar Pitchiah

  • 16 Aug 2017
Trifecta, Kris Gopalakrishnan back Mukesh Bansal, Ankit Nagori’s CureFit
Credit: Social Media

Bengaluru-based Cure Fit Healthcare Pvt. Ltd, which operates health and fitness platform CureFit, has raised fresh capital from venture debt firm Trifecta Capital Advisors LLP and Infosys co-founder Kris Gopalakrishnan’s Prathithi Investment Trust.

According to the company’s filings with the Ministry of Corporate Affairs, CureFit has raised Rs 20.55 crore ($3.2 million) in two tranches, in April and August. The amount was raised through a mix of debenture preferential shares and Series A convertible preferential shares.

The filings with the Registrar of Companies show that in the first tranche, between May and August, Curefit issued Series A preferential shares at a subscription price of Rs 66.5 apiece to raise Rs 5.52 crore. While the Rs 2.2 crore funding in August saw Trifecta pump in Rs 1.47 crore, Prathithi Investment Trust put in the rest. In May, Prathithi invested another Rs 3.32 crore for 500,000 Series A preferential shares.

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The larger, Rs 15 crore infusion, was raised through debenture shares, each having a face value of Rs 10 lakh. In this transaction, Trifecta had invested Rs 10 crore for 100 debenture shares, while Prathithi Investment Trust was allotted 50 debentures for Rs 5 crore.

The valuation of the company for the recent transactions, however, remained the same as that in late 2016, when it had secured $3 million from UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and the University of California.

CureFit co-founder Ankit Nagori confirmed the funding round to VCCircle over the phone, but refused to elaborate further.

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CureFit is one of the most significantly funded early-stage Indian startups. Earlier this month, it had announced a Rs 100-crore endorsement deal with Hrithik Roshan, which saw the Bollywood star picking up an equity stake as part of the deal.

In July 2016, the company had raised $15 million in a Series A round from Accel Partners, IDG Ventures and Kalaari Capital. Founded by Mukesh Bansal, the former head of Flipkart’s commerce platform and the co-founder of fashion startup Myntra, and former chief business officer at Flipkart Nagori, CureFit aims to address preventive healthcare through a combination of engagement, coaching and delivery, using both online and offline channels.

The company has also been quite busy in expanding its operations. In August 2016, CureFit had invested Rs 20 crore in Bengaluru-based Cult Fitness Pvt. Ltd for a controlling stake. Cult’s offline centres offer equipment-less workout solutions, including strength and conditioning, spinning, boxing, mixed martial arts, zumba and yoga.

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The company’s eat.fit centres, which is the food platform of the venture, offers healthy food delivery to corporate employees. Earlier this month, media reports had stated that the company has launched healthy eats, as part of its offering. Likewise, the company has a platform for mental wellness, called Mind.fit.

CureFit also made a bunch of acquisitions, as part of its expansion strategy. Last month, Curefit Healthcare had made its third acquisition with Bengaluru-based yoga chain a1000yoga for an undisclosed amount.

In March, it had acquired Bengaluru-based premium online food delivery startup Kristys Kitchen in a cash and equity deal. In February, it had bought a majority stake in another Bengaluru-based fitness chain The Tribe.

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