Fitness startup CureFit closes $120m funding round led by Chiratae, Accel

Photo by Alexander Redl on Unsplash

Health and fitness startup Cure Fit Healthcare Pvt Ltd on Tuesday said it has closed its $120-million Series D round by raising additional $45 million this month, led by existing investors Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital, and Oaktree Capital.

New investors in the round included Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank, the company said in a statement.

The startup had raised $75 million at over $500-million valuation as part of the Series D round led by Accel Growth last month. The round had also seen participation from existing investors Kalaari Capital and IDG Ventures India, along with a slew of new investors Anand Piramal Trust and Pratithi Investment Trust.

Prior to this, it raised $120 million in a Series C round led by IDG Ventures and Accel Partners.

CureFit aims to utilise the fresh investment for its expanding operations in India and globally. It is currently present in Bengaluru, Mumbai, Delhi-NCR region, Hyderabad, Chennai, and Jaipur. It also recently forayed into Dubai.

“Health habits of consumers has changed over the past few years and the need for a new tech-driven approach is a need for a much better consumer experience. Cure.fit has created a unique platform and category to help meet this demand and to become the go to destination for all health needs for India. Leveraging deep tech and strong on-ground network, we aspire to service over 100 million consumers over the next 10 years,” co-founder Mukesh Bansal said.

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

Cure.fit claims that its services have been adopted by over 500,000 active subscribers across various offerings. It has over 180 Cult.fit centres, 35 Mind.fit centres and aims to grow this to over 800 centres by 2020. Eat.fit is servicing over 35,000 meals/day now and doubling every three months.

CureFit has also been quite active on the acquisitions front.

In April, the startup announced that it has acquired cold-pressed juice brand Rejoov for an undisclosed sum. Its past acquisitions include boutique fitness brands Cult and The Tribe, yoga chain a1000yoga as well as Bengaluru-based Kristys Kitchen. Its close competitors include HealthifyMe, Fitcircle, Grow Fit, Fitpass, and Gympik.

Its close competitors include HealthifyMe, Fitcircle, Grow Fit, Fitpass, and Gympik.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.