Health and wellness startup Curefit is the 36th startup to join the unicorn club after raising $50 million funds in cash from food delivery app Zomato. The total deal volume is $100 million. A unicorn, in startup language, is a business valued at or over a billion dollars. Curefit crossed this point with the freshest round and is now valued at $1.5 billion.
Zomato also funded $50 million in Magicpin for a 16% stake and $75 million in Shiprocket for a 8% stake. Before this, the firm financed $100 million in Grofers as well. Curefit’s deal with Zomato is two way though.
Food delivery giant Zomato traded sports facilities provider Fitso which it acquired for $10 million (₹80 crores) in January this year — to Curefit for $50 million. Individually, the publicly listed company also financed an extra $50 million cash in Curefit.
The $50 million in Curefit will give Zomato a 6.4% stake in Curefit, which is worth $100 million, the company’s Chief Executive Deepinder Goyal said in a blog post published on November 10.
“This will help us potentially explore cross-selling benefits between Zomato and Curefit, as we see food and health becoming the same side of the coin in the long term,” Goyal added.
Cult.fit, earlier known as Cure.fit, is very active in expanding and strengthening its operations since January 2021. Founded by Mukesh Bansal, Cult.fit has last acquired Tread, a health equipment manufacturing firm. Earlier, it also acquired Onyx, an AI-based Online Health startup founded in California USA.
Cult.fit, now the subsidiary of Tata Digital, also bought Fitternity, the largest offline fitness chain in India but the Covid pandemic forced Cult.fit to close Fitternity operations for the time being.
SEE ALSO: Zomato to Deploy $1 Billion in Startup Investments Picks Stakes in Shiprocket, Magicpin and Curefit
The company has raised near to $500 million, as per business insights platform Crunchbase.
Curefit raised $75 million from Tata Digital in June this year. Bansal also joined Tata Digital as its president post this funding.
