CureFit in talks to raise $75 million in funding
Bengaluru: Healthcare and fitness start-up CureFit Healthcare Pvt. Ltd is in talks to raise $75 million from new and existing investors to expand its fitness and food verticals and enter new businesses, three people familiar with the matter said.
CureFit is talking to two new funds for its next funding, the people cited above said, on condition of anonymity. Mint couldn’t ascertain the identity of the investors.
CureFit’s existing investors Accel Partners, IDG Ventures, Kalaari Capital, and UC-RNT Fund are keen to fund a majority of the proposed new round, the people said.
In an email response, CureFit co-founder Mukesh Bansal said, “No concrete plans right now (to raise funds). We are always talking to investors.”
Since starting out in April 2016, CureFit has raised $55 million in equity and debt. The company has 50,000 customers in Bengaluru and the National Capital Region. It will launch in Hyderabad and Mumbai this year.
CureFit was founded by Bansal, who was co-founder of fashion retailer Myntra, and Ankit Nagori, ex-chief business officer at Flipkart. Bansal and Nagori worked closely at Flipkart after the company bought Myntra in 2014.
Last month, Bansal and Nagori had said in an interview that CureFit plans to generate an annualized revenue run rate of $100 million by March 2019, up from $20 million.
CureFit is attempting to become a one-stop healthcare platform for customers. It currently generates most of its revenues from its Cult fitness centres and health food subscriptions.
The company plans to launch a new business of clinics this month under the care.fit brand.
The Bengaluru-based start-up wants to raise fresh funds mainly to fund these three businesses. From 30 Cult centres in March, it plans to have a few hundred centres over the next three years. It will also open dozens of new kitchens in its food business and expand it to more cities.
Many Cult customers in Bengaluru swear by the fitness centre brand, which offers non-equipment activities like Zumba, martial arts and even football. The food business is also gradually picking up pace.