Health and fitness startup Cure.fit has raised $75 million from Accel Growth, Piramal Group’s Anand Piramal, Kalaari Capital, IDG Ventures India under series D.Anand Piramal Family Trust invested Rs 75 lakh approximately. Lead investor Accel Growth invested approximately 200 Crore while IDG ventures have also invested over Rs 120 crore. Other investors in the round include Epiq capital, Makan Family Trust and Hadley Family Trust. The company has issued compulsorily convertible cumulative preference shares to cover a major portion of this investment. This brings the total funding raised by the company to about $245mn.Cure.fit last raised money in 2018 with a$120 Mn series-C round led by IDG Ventures, Accel Partners, and Kalaari Capital.
Source – www.cure.fit
Bengaluru -based Cure.fit was founded by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori in 2016. It now owns gyms under the Cult Fit brand, mental wellness programmes through MindFit, and offers a range of healthy food options under EatFit, and diagnostic centers through CareFit.The company also acquired yoga chain and Bengaluru based Kristy’s Kitchen to launch its food business in 2017. Earlier it acquired health beverage brand Rejoov.On a monthly basis, it reached half a million active users out of which 1.5 lakh would be gym users and 3-4 lakh would be EatFit users.
Interestingly, other investors include Ratan Tata, Kalyan Krishnamoorthy, Flipkart CEO, Former Myntra CEO Ananth Narayan and Flipkart co-founder Binny Bansal holding CureFit stakes in fractions(below 1%). The fitness startup had also raised $878.2k(INR 6 Cr) from Bollywood actor Hrithik Roshan last year. It is reported that CureFit has had a leap in revenues in the full financial year gone by recording an 8- fold increase in revenues. Apart from strengthening its presence across cities and verticals, the company will use these funds to acquire other startups that align with its business model.’ Healthy food and snacks’ is the sector CureFit wants to pick startups from for investment. The company has opened 100 centers across Bengaluru, Mumbai, Delhi-NCR, and Hyderabad and expanded into international markets like Dubai.