SoftBank mulls investing over $200m in Indian fitness startup CureFit: Report

Pedestrians walk past a SoftBank Group Corp. store in Tokyo, Japan. Photographer: Tomohiro Ohsumi

Japan’s SoftBank Vision Fund is in initial talks to invest over $200 million in health and fitness startup Cure Fit Healthcare Pvt Ltd, which may spike the startup’s valuation to over $1 billion, The Times of India reported.

The two companies are yet to arrive on the final funding size. Citing a source, the report said, SoftBank may consider investing even up to $350 million. The investment is expected to help CureFit execute its global expansion plans.

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

Last month, CureFit raised $75 million at an over $500-million valuation in a Series D round, led by existing investor Accel Growth. The funding came less than a year after it raised $120 million in a Series C round led by IDG Ventures and Accel Partners.

According to Crunchbase, CureFit has raised a total of $249.6 million across eight rounds to date.

Armed with the successful sale of its stake in Indian e-commerce major Flipkart for around $4 billion last year, SoftBank is now looking to pump in more money into Indian biggies.

Recently, the Japanese investor was also reported to be in talks to invest $350 million in eyewear retailer Lenskart Solutions Pvt Ltd. It was earlier in talks to acquire over 40 per cent stake in BrainBees Solutions, which owns and operates baby and mother care products retailer FirstCry, for around $400 million.

In March, logistics start-up Delhivery announced that it has secured over $400 million in a financing round led by the SoftBank Vision Fund. The round also saw the participation of existing investors Carlyle and Fosun. Prior to this, SoftBank invested in grocery player Grofers.

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).

Within India, it has opened 130 Cult.Fit centres across Bengaluru , Mumbai, Delhi NCR and Hyderabad, and plans to increase the number to 250 across 10 cities by the end of 2019. CureFit’s food vertical reportedly does 30,000-35,000 orders a day through food delivery platforms like Zomato.

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.