Even as there were reports of the Bangalore-based health and fitness startup Cure.fit is in talks with the SoftBank Group for a possible funding, the company has made an official announcement that it has raised an amount of $120 million. This is part of its Series D round led by Chiratae Ventures (formerly IDG Ventures) and the other investors to have participated are Accel Partners, Kalaari Capital and Oaktree Capital.
New investors to have joined the round are Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank. The funds have come in the form of debt as well as equity.
Founded in 2016 by former Myntra executives Mukesh Bansal and Ankit Nagori, Cure.fit is largely an offline business model with centres offering different services. The main line of business is the fitness one where it has 180 cult.fit centres, mainly in Bangalore, apart from Mumbai, Delhi-NCR region, Hyderabad, Chennai and Jaipur. It also has mind.fit centres, 35 of them and the healthy food business, Eat.fit delivering 35,000 meals a day. The company claims it has a total customer/subscriber base of 500,000. The company has plans to expand the number of centres to 800 by next year. They have already entered Dubai and wish to spread to other markets overseas. The funds now raised will be used for these programmes.
For the record, the company says it intends to build a mammoth 100 million customers over the next 10 years within the country and overseas.
“Health habits of consumers has changed over the past few years and the need for new tech driven approach is a need for a much better consumer experience. Cure.fit has created a unique platform and category to help meet this demand and to become the go to destination for all health needs for India. Leveraging deep tech and strong on-ground network, we aspire to service over 100 million consumers over next 10 years,” Mukesh said in a statement.
Subrata Mitra, Partner at Accel says that the team has identified a unique customer value proposition (exemplified by best in class NPS) across the health & wellness sector, in a rapidly expanding market.
Sudhir Sethi, Founder & Chairman of Chiratae Ventures, added “Cure.fit in its last 3 years blazed to India’s dominant Fitness and Health Tech Player. Now with the Dubai operations, it’s well poised to take the unique offering to international markets. Another Indian Consumer Brand going global".
Cure.Fit has emerged as one of the largest and fastest growing health & wellness integrated platform in Asia. Combining seamlessly online and offline experiences, Cure.fit technology has created an intelligent, personalised and versatile health companion that takes a holistic approach to physical and mental wellbeing. We are excited on the opportunity to work with the Cure.fit team”, said Pawan Chaturvedi, Investment Director at Unilever Ventures.