Bengaluru-based fitness startup CureFit has secured $10 million in debt financing from HDFC Bank and Axis Bank. This is the second round of debt funding in the company. It last raised $3.2 million of debt funding in two tranches, in April and August.
The fitness platform will use the latest proceeds to develop its technology and to expand Cult centres to other cities and other revenue generating platforms, reports ET.
In August last year, the company had raised $25 million (Rs 160 crore) in a Series B round from existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and University of California.
So far, CureFit has raised a total of $53.9 million in risk capital, according to Crunchbase.
Founded in 2016 by former Flipkart executives Mukesh Bansal and Ankit Nagori, CureFit provides services such as fitness advice and medicine deliveries.
Available on the iOS and Android platforms, it offers three variants of fitness services – Cult.Fit, an app for physical fitness; Eat.Fit takes charge of healthy food; and Mind.Fit gives mental wellness training.
CureFit, which currently offers service only in Bengaluru and Gurgaon, plans to increase its focus in Delhi-NCR region in the coming six to nine months. The startup will also expand in cities such as Hyderabad, Pune, Mumbai, and Kolkata.
It has also tied up with a number of hospitals and clinics, to provide complete integrated health solutions to consumers.
Previously, CureFit acquired fitness centre brand Cult for $3 million and picked up a majority stake in fitness centre chain. Last year, it also signed Rs 100 crore endorsement deal with Bollywood superstar Hrithik Roshan, who was also the brand ambassador for the fitness platform, Cult.