Full stack health and fitness care company Cure.Fit is on a funding roll since August last year. Healthtech, in general, is among the top five investment lucrative segments in the Indian startup ecosystem, and Cure.Fit is well capitalizing on the opportunity.
Not that there was a dearth of funds anyway, Cure.Fit has finalised at least one tranche of the next funding round it wants to chase – Series D.
It’s last round, Series C started in August 2018 and continued till January this year. In that round, it had raised $111.24 million (Rs 793.38 crore) altogether across 3 tranches and this without counting the Rs 16 crore debt funding by Binny Bansal.
Now, just the first tranche of Series D round is worth $74.54 million, secured via both preference and equity routes. Existing investor, Accel Partners is leading the round with $29.58 million (Rs 207.15 crore) investment via 94,17,811 Series D1 CCCPS priced at Rs 219.96 each.
Other existing investors like Kalaari Capital, Chiratae Ventures, Pratithi Investments, The McGovern Family, Castle Investments, Satyadharma Investments, Makan Family Trust and Bruno E. Raschel are also participating in the round.
New investors such as Epiq Capital, Hadley Family Trust, and Anand Piramal Trust have also joined the wagon.
Majorly, Kalaari and Epiq Capital will pour in $9.86 million (Rs 69.05 crore) each, Chiratae Ventures will invest $8.37 million (Rs 58.36 crore) via three different entities, Bruno E. Raschel – Vice Chairman of Schroder Adveq Holding AG, a part of Adveq Group – will bring in $7.89 million (Rs 55.24 crore) worth capital into the Indian startup.
Sydney based Barrijag Pty Ltd. representing Hadley Family Trust, is investing approximately $1 million each in both preference and equity capital.
While that is all the information around the investment, the valuation of the firm has also seen a significant jump since the starting of Series C round in August 2018. When the first tranche of last round had come in, the post-money valuation had touched $194.31 million.
The round had ended with the company valuation reaching $254.09 million.
The first tranche of Series D round, however, will take the company’s valuation to a figure that is more than double the last figure – $519.55 million. With this, the Mukesh Bansal and Ankit Nagori led firm is halfway done with its progress towards becoming a Unicorn.
By looking at the pace at which the company is raising rounds, and the respectively increasing size of these rounds, that unicorn status doesn’t seem very far away. In fact, it wouldn’t be surprising, if the company valuation crosses $1 billion mark by mid-2020.
Repetitive and increasing investment of existing backers showcases the firm’s ability to consistently maintain their trust in a bigger and better exit at a later stage via constantly growing in its performance and other business metrics.
At the same time, onboarding on new investors also goes on to re-establish this behavior and explains the almost $200 million fund infusion in the past 9 months.
Hat tip: paper.vc