Health-tech startup CureFit raises fresh funding from existing investors

Bengaluru-based fitness startup CureFit, has secured $25 million in fresh round of funding from existing investors Accel partners, Kalaari Capital, IDG Ventures and UC-RNT fund.

The funding just comes in less than two weeks, after CureFit raised Rs 20.55 crore from venture debt firm Trifecta Capital Advisors LLP and Infosys co-founder Kris Gopalakrishnan’s Prathithi Investment Trust.

The fitness platform will use the latest proceeds to expand Cult centres to other cities, starting with Gurgaon in October, and will also look to add a new product around medical checkups and primary healthcare under the Care.fit brand by early 2018.

According to ET report, the new round is expected to go up to $35-40 million in the next six months, according to one source familiar with the matter.

Founded in 2016 by former Flipkart executives Mukesh Bansal and Ankit Nagori, CureFit Healthcare Pvt. Ltd provides services such as fitness advice and medicine deliveries. It offers three variants of fitness services – Cult.Fit, an app on physical fitness; Eat.Fit takes charge of healthy food; and Mind.Fit gives mental wellness training.

The startup has recently acquired three Bengaluru-based startups, such as fitness centre chain The Tribe and premium online food delivery startup Kristys Kitchen, while yoga chain start-up a1000yoga  is the latest to be bagged.

Last year, CureFit had secured $3 million from the UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. Three months later, it raised $15 million in Series A from Accel Partners, IDG Ventures and Kalaari Capital.

Also Read: Health tech startup Cure.fit signs Rs 100 crore endorsement deal with Hrithik Roshan

According to a report by FICCI (Federation of Indian Chambers of Commerce and Industry), the Indian wellness industry is expected to grow at a compounded annual growth rate (CAGR) of 12 per cent for the next five years to achieve a Rs 1,50,000 crore-turnover by 2019-20.

CureFit: Website