Bengaluru-based fitness startup CureFit raises fresh funds

Cure.fit

CureFit, a Bengaluru-headquartered fitness startup, has raised Rs 20.55 crore from venture debt firm Trifecta Capital Advisors LLP and Infosys co-founder Kris Gopalakrishnan’s Prathithi Investment Trust.

The amount is said to be raised in two tranches, in April and in August through a mix of debenture preferential shares and Series-A convertible preferential shares, says company’s ROC filings.

The ROC filings of the fitness firm, which recently signed an endorsement deal with Bollywood hunk Hrithik Roshan, shows that in the first tranche, between May and August, CureFit issued Series-A preferential shares at a subscription price of Rs 66.5 apiece to raise Rs 5.52 crore.

While the Rs 2.2 crore funding in August, saw Trifecta pump in Rs 1.47 crore, Prathithi Investment Trust put in the rest. In May, Prathithi invested another Rs 3.32 crore for 500,000 Series-A preferential shares.

In May, Prathithi invested another Rs 3.32 crore for 500,000 Series-A preferential shares. The report was first published on VCCircle.

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.

Available on the iOS and Android market hubs, 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.

One of the well-funded fitness firm has so far 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.

Fitness start-ups have become the apple of VC’s eye and making a lot of activity in recent times. 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

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here