India: CureFit raises $75m led by Accel at a valuation over $500m

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Less than a year after it raised $120 million, CureFit has received another infusion. The health and fitness startup has raised $75 million at over $500 million valuation in a series D round, led by existing investor Accel Growth.

The round also saw participation from existing investors Kalaari Capital and IDG Ventures India, along with a slew of new investors Anand Piramal Trust and Pratithi Investment Trust, according to regulatory filings sourced from data-intelligence platform Paper.vc.

This is the first tranche of the company’s ongoing series D round with lead investor Accel Growth pumping in around $30 million.

CureFit was founded in 2016 by Mukesh Bansal, who was the co-founder of fashion retailer Myntra, and Ankit Nagori, ex-chief business officer at Flipkart. Bansal and Nagori worked closely at Flipkart after the company bought Myntra in 2014. It now operates gyms under Cult.Fit, healthy food offerings under Eat.Fit, mental wellness through Mind.Fit and diagnostic centres through Care.fit.

The company has made several acquisitions since its launch almost three years ago and continues to follow the same route to expand. It recently launched an incubator programme for startups, which are in the business of creating healthy snacks and beverages. The idea is to invest $5 million across 10-12 startups in the next two years as it looks to co-create products as well.

The company last raised $120 million in June in a round led by Chiratae Ventures, Accel Partners and Kalaari Capital along with participation from Accel Partners US and Oaktree Capital.

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This article was first published on livemint.com.