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CureFit may raise capital at $500-mn valuation; Hydreq gets new bidders

By Ankit Agarwal

  • 15 Apr 2019
CureFit may raise capital at $500-mn valuation; Hydreq gets new bidders
Credit: VCCircle

Venture capital firms Accel Growth and Chiratae Ventures, earlier known as IDG Ventures India, are in talks to lead a $75-million (Rs 519 crore at current exchange rates) funding round in health and fitness startup Cure Fit Healthcare Pvt. Ltd. The deal may value the startup at $500 million, The Economic Times reported, citing three people in the know.

The fundraise may be extended to a larger $125-150-million Series D round, with new investors pumping in more capital into the startup later in the year, the report added.

The startup will use the fresh capital to launch an e-commerce store under its CureFit and EatFit brands, expand abroad and within India and will set up health clinics, the ET report stated.

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The venture was established in 2017 by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori.

Besides CureFit, the company has a number of other offerings including Cult.fit, which runs offline centres providing equipment-less workouts; Eat.fit, a subscription-based food delivery vertical; Mind.fit, a yoga and meditation service; and Care.fit, a digital platform for doctors and health checkups.

In February this year, it acquired cold-pressed juice brand Rejoov.

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Statkraft, Actis eye Equis’ Indian hydroelectric plant

Norwegian state utility firm Statkraft and British private equity firm Actis are separately looking to buy Hydreq, the Indian hydropower platform of Singapore-based infrastructure developer and fund manager Equis Pte. Ltd, a report in Mint stated, citing one person in the know.

Hydreq is valued at around Rs 2,700 crore, the report added.

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Hydreq was put on the block after a group of investors led by US-based private equity firm Global Infrastructure Partners bought Equis Energy, the renewable energy platform of Equis, for an enterprise value of $5 billion in January 2018.

Hydreq owns two power plants in Sikkim, which have a total generation capacity of about 200 megawatts, the report stated.

Accounting and consulting firm EY India is managing Hydreq’s sale process, Mint said.

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Besides Statkraft and Actis, Greenko Group and Tata Power had also expressed interest to buy Hydreq, the report added.

Kunal Shah’s Cred eyes $100 mn

Venture capital firm Sequoia Capital India, which is an existing investor, will likely lead a $100-million (Rs 692 crore) investment round in fintech startup Cred, set up by FreeCharge co-founder Kunal Shah, The Economic Times reported, citing two people privy to the development.

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Chinese investment firm Hillhouse Capital will come on board as a new investor and existing backers Yuri Milner’s Apoletto Asia and fintech-focused fund Ribbit Capital will also participate in the round, the report added.

The transaction may value Cred at $400 million, the report added, citing the people mentioned above.

Shah had launched the venture in November 2018 and had raised $30 million (Rs 201 crore) in June 2018 from a clutch of investors led by Sequoia Capital.

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