After registering an impressive financial performance last year, multi-brand health tech chain Curefit is investing heavily to expand its products business.
Now, the healthcare platform has launched an incubator that will invest $5 million in new and emerging food brands under its Eatfit business.
Through the incubator, Curefit will incubate 10 brands across food categories including snacks, beverages, spa food, supplements and meal replacement.
Eatfit will serve as a custom sales channel for new food brands and provide shelf space to them.
We will also bring in consumer insights and branding and, R&D capabilities, Ankit Nagori, co-founder of Curefit quoted as saying by ET report.
Meanwhile, Entrackr queries seeking detail from the co-founder is yet to get a response.
At present, Eatfit claims to do 35,000 orders every day. Packaged foods and juices contribute close to 12-15 percent of Eatfit revenue.
Till date, the Mukesh Bansal and Ankit Nagori-founded firm has raised $174.6 million. In July last year, Curefit had secured one of the largest series C rounds worth $120 million from IDG Ventures (now Chiratae), Accel Partners and Kalaari Capital.
For the financial year ended on March 31, 2018, Curefit posted an eight-fold rise in revenue while its losses also increased from 18 crore to 96.8 crore.
At present, Curefit has four products — Cult.fit, an app for physical fitness, Eat.fit, caters to healthy food and snacks, Mind.fit, mental wellness training platform and Care.fit, fitness advice as well as medicine delivery platform. Curefit also has acquired about five startups in wellness space including Seraniti, a1000 yoga, Fitness First, The Tribe and Kristys Kitchen.
Over two years old firm runs over 100 CultFit outlets across Bangalore, NCR, and Hyderabad with over 100,000 customers. It aims to have 200 centres by the end of this year.
Besides, the firm is gearing up for opening its first fitness centre in Dubai and 6 new cities in India by the mid-2019.