Health-tech startup CureFit raises $25 mn in Series B funding

Health and fitness startup CureFit, founded by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori, has raised $25 million (Rs 160 crore) in a Series B round of funding, it said in a statement.

Existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and University of California, put in money, the statement added. Co-founders Bansal and Nagori also invested in the round, Nagori told VCCircle.

Bansal said the startup will use the funds to beef up its technology platform and expand its geographical footprint. The company will set up shop in Gurgaon by the end of this year, and expand to two other cities in 2018, Nagori elaborated.

This funding round takes the total capital raised by the company to $45 million. Earlier this month, VCCircle had exclusively reported that CureFit had raised Rs 20.55 crore ($3.2 million) from venture debt firm Trifecta Capital Advisors LLP and Infosys co-founder Kris Gopalakrishnan’s Prathithi Investment Trust.

On a report in The Economic Times, which said the new round is expected to go up to $35-40 million in the next six months, Nagori said: “It is too early to talk or comment on this.”

Bangalore-based Cure Fit Healthcare Pvt. Ltd is one of the best 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 pick up an equity stake in the company.

The startup, which has been in the works since early 2016, formally launched its mobile app cure.fit in May. It had also raised $3 million from UC-RNT Fund then.

Before that, it had raised $15 million in July 2016 from Accel Partners, IDG Ventures and Kalaari Capital.

CureFit aims to address preventive healthcare through a combination of engagement, coaching and delivery, using both online and offline channels. It has three verticals: Cult.fit, Eat.fit, and Mind.fit. Fitness chain Cult.fit’s offline centres offer equipment-less workout solutions, including strength and conditioning, spinning, boxing, mixed martial arts, zumba and yoga. In August 2016, CureFit had invested Rs 20 crore in Bangalore-based Cult Fitness Pvt. Ltd for a controlling stake. Eat.fit is its subscription-based food delivery vertical while Mind.fit focuses on yoga and meditation.

CureFit has also made a few acquisitions as part of its expansion strategy. Last month, it bought Bangalore-based yoga chain a1000yoga for an undisclosed amount. In March, it had acquired Bangalore-based online food delivery startup Kristys Kitchen in a cash-and-equity deal. In February, it had bought a majority stake in fitness chain The Tribe.

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