[the_ad id="83613"]

Exclusive: Cure.fit raises Rs 832 Cr fresh round led by Temasek


Cure.fit has raised Rs 832 crore in a round led by Temasek after its reported talks with SoftBank for a fresh round fizzled out. This comes less than a year after its previous fundraise. 

According to regulatory filings, Cure.fit has allotted 3,17,53,993 Series D2 compulsorily convertible preference shares (CCPS) to a dozen investors. MacRitchie (read Temasek) invested Rs 540 crore while Accel and Chiratae have put in 106.98 crore and 14.26 crore, respectively.

Vedansh Pratap | Entrackr

The Mukesh Bansal-led company was reportedly in a separate conversation with SoftBank for a fresh round, but talks did not go through following the WeWork debacle.

The company has raised close to $120 million in this Series D2 round with  most existing investors from Series D1 round coming on onboard again with exception of Kotak Mahindra, Kalaari capital, Makan Family Trust and Anand Piramal Trust. New investors including Temasek and GableHorn have placed their bets on the Bengaluru based company this time around.

In April 2019, Cure.fit had secured a $120 million Series D round across two tranches. It raised $75 million in April and $45 million later in June. The company was valued in the range of $550-575 million at that time. Entrackr couldn’t ascertain the valuation of Cure.fit in this round.

The fresh funding comes at a time when Cure.fit has been expanding into verticals such as grocery (via Whole.fit) and healthcare and has also been foraying into overseas markets. According to Entrackr’s sources, the firm has been planning to add several services including dental and skincare under Care.fit. 

Entrackr had exclusively reported on its grocery debut in February.

Since its launch in 2015, Cure.fit has introduced multiple services in a bid to become a ‘super-app’ centered around better health. Starting with gyms in 2015, the company expanded to Eat.fit for healthy eating, Mind.fit for yoga and mental wellness and Care.fit for primary healthcare. 

In its core business, Cure.fit’s revenue grew 7.3X to Rs 181 crore in FY19 from Rs 24.7 crore in FY18. Its losses also jumped four folds to Rs 373.5 crore in FY19 from Rs 95.4 crore in FY18. 

Almost 70% of operating revenues — Rs 124.5 crore — were generated by offering fitness and healthcare services while the sale of food surged over 10X to Rs 55.2 crore in the last fiscal.

Other investors in the current funding round include Castle Investments which infused Rs 20 crore, Unilever Swiss Holdings with Rs 21.39 crore and Epiq Capital that has purchased shares worth Rs 3.56 crore. Mumbai-based Pathiti Investment Trust invested Rs 21.39 crore.

Singapore-headquartered GableHorn Investments contributed Rs 7.13 crore while Mcgovern Family Trust and Julia Dhar invested Rs 1.42 crore and Rs 1.78 crore respectively. SatyaDharma Investments put in Rs 20 crore.

About Author

Entrackr is a new age media platform for entrepreneurs, startups and technology enthusiast Read More >

©️ All rights reserved Bareback Media Pvt. Ltd.

Send Suggestions or Tips