CureFit founders Ankit Nagori (left) and Mukesh Bansal
CureFit founders Ankit Nagori (left) and Mukesh Bansal

CureFit raises funds from Accel, others in deal that values it at over $500 mn

  • This is the first tranche of the company’s ongoing series D round with lead investor Accel Growth pumping in around $30 million
  • CureFit operates gyms under Cult.Fit, healthy food offerings under Eat.Fit, mental wellness through Mind.Fit and diagnostic centres through Care.fit

Bengaluru: Health and fitness startup CureFit has raised $75 million in a funding round led by existing investor Accel Growth, less than a year after it raised $120 million. According to Mint calculations, the latest investment values the company at over $500 million.

Existing investors Kalaari Capital and IDG Ventures India and new investors Anand Piramal Trust and Pratithi Investment Trust also participated in the Series D round, regulatory filings sourced from data intelligence platform Paper.vc showed.

Lead investor Accel Growth invested approximately $30 million.

CureFit was founded in 2016 by Mukesh Bansal, 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.

CureFit now owns gyms under the CultFit brand, and offers a range of healthy food options under EatFit, mental wellness programmes through MindFit and diagnostic centres through CareFit.

Apart from strengthening its presence across cities and verticals, the company will use these funds to acquire other startups that align with its business model, two people familiar with the company’s plans said.

“The founders have given mandates to keep scouting for acquisitions," said one of the two people cited above, requesting anonymity. “The idea is to grow faster through these acquisitions."

CureFit did not respond to queries emailed by Mint.

The company has made a slew of acquisitions, rare for an early-stage startup, starting with two boutique fitness brands—Cult, in 2016, and The Tribe, in 2017—that have now become its fitness centres in Bengaluru.

The company also acquired yoga chain a1000yoga and Bengaluru-based health food delivery firm Kristys Kitchen to launch its food business in 2017. Earlier this year, CureFit acquired health beverage brand Rejoov.

Cure.Fit also launched an incubator programme for startups engaged in creating healthy snacks and beverages in April.

The idea is to invest $5 million across 8-10 startups in the next two years as it looks to co-create products as well, according to Nagori.

While CultFit earns the bulk of CureFit’s revenue with about 130 fitness centres across the country, EatFit’s customer base of is much larger, Nagori told Mint in an interview in April.

CultFit centres have about 100,000 monthly users, while EatFit clocks about 30,000 daily orders with an overlap of a certain set of users.

“On a monthly basis, we have about half a million active users out of which 1.5 lakh would be gym users and 3-4 lakh would be unique EatFit users," Nagori had said in the interview.

“In future also, EatFit users will continue to be higher, purely because of the ticket size being smaller and intent of the user to eat healthy food," he said.

The company is also piloting its diagnostic centres in Bengaluru. Nagori expects to have 10-15 medical diagnostic centres by end of 2019 before the company starts expanding in other cities.

CureFit is looking to create an overall health and fitness ecosystem through its offerings.

The company last raised $120 million in June in a round led by Chiratae Ventures, Accel Partners and Kalaari Capital, along with participation from Accel Partners US and Oaktree Capital.

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