India: Fitness startup CureFit eyes $75m funding from Accel, Chiratae Ventures

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Health and fitness startup Cure Fit Healthcare Pvt Ltd is close to raising $75 million in a funding round led by existing investors Accel Growth and Chiratae Ventures, The Economic Times reported on Monday.

The transaction is expected to value the healthcare startup at $500 million.

This financing could be part of a larger Series D round of $125-150 million expected to be raised later this year with the participation of new investors, the report added.

The development comes three days after the startup announced that it has acquired cold-pressed juice brand Rejoov for an undisclosed sum. Started by Anju Sood, Anu Berry and Angie Mahtaney in 2015, Bengaluru-based Rejoov extracts juices from fruits and vegetables using the cold-pressed technique.

CureFit’s other acquisitions in the past include boutique fitness brands Cult and The Tribe, yoga chain a1000yoga as well as Bengaluru-based Kristys Kitchen.

CureFit was founded in 2016 by Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori. The startup’s operations span gyms (Cult.Fit), diagnostic centres (Care.fit), healthy food (Eat.Fit) and mental wellness (Mind.Fit).

The company also plans to launch health clinics and expand overseas, besides entering another 10 Indian cities with its food and fitness centres, the report said.

According to Crunchbase, CureFit has raised a total of $174.6 million across seven funding rounds to date. It raised $120 million in a Series C round of funding led by existing investors IDG Ventures and Accel Partners in July last year. It also counts Kalaari Capital and Oaktree Capital among its investors.

Curefit competes with players such as HealthifyMe, Fitcircle, Grow Fit, Fitpass, and Gympik.

The Bengaluru-headquartered company is also in the process of starting an incubator programme for consumer product startups working to create healthy food and snacks. It would look at investing about $5 million across 8-10 startups in the next two years, it said in a statement last week.

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India: CureFit bags $120m in Series C funding led by IDG Ventures, Accel