Zomato completes $100 Mn investment in Curefit at $1.56 Bn valuation

Fitness tech company Curefit has received around $145 million in a new financing round from foodtech major Zomato, Temasek, South Park, Accel and a few individuals including the company’s co-founder Mukesh Bansal.

Curefit has approved the allotment of 2,25,07,343 Series F preference shares and 1 equity share at an issue price of Rs 483.62 per share to raise Rs 1,088.50 crore or $145 million, regulatory filings show.

Zomato has alone invested Rs 750 crore or $100 million followed by Temasek’s $25 million and South Park’s $10 million. Accel and Mukesh Bansal have put in $5 million each in this round. IIFL partners Paras Sanghvi and Apurva Doshi also invested Rs 50 lakh each.

According to Fintrackr’s estimates, Curefit has raised fresh funds at a $1.56 billion valuation. The company was valued at around $810 million during its last round which was led by Temasek in March 2020.

This investment is Zomato’s fourth this year. The Deepinder Goyal-led firm had already invested $100 million in e-grocer Grofers, $75 million in logistics aggregator Shiprocket, and $50 million in offline discovery and reward platform Magicpin.

Last month, Zomato had announced that it will invest $100 million in Curefit which includes $50 million cash investment plus the value of the Fitso business [worth $50 million] to acquire 6.4% in the Tata Digital-controlled company. 

Zomato had acquired sports discovery platform Fitso in January this year. Entrackr had exclusively reported the development.

Curefit, which is now a part of Tata Digital, had signed a strategic deal with the subsidiary of Tata Sons Private Ltd in June to receive up to $75 million. Before the deal, Curefit also hived off Eat.Fit which is now headed by Curefit’s other co-founder Ankit Nagori. Nagori swapped his equity in Curefit for larger ownership in the cloud kitchen business.