Some startups turn out to be lucky in attracting funding compared to others. Curefit, a health and fitness platform based out of Bangalore has just managed an additional funding of Rs 4.18 crore, reports Economic Times.
The startup has been founded by Mukesh Bansal and Ankit Nagori. The former is the co-founder of Myntra and the latter, used to be with Flipkart earlier.
In this latest fund raising, the other Myntra co-founder Binny Bansal and Ananth Narayanan, CEO of Myntra-Jabong are said to have jointly invested and picked up a stake.
Curefit has a range of health and fitness solutions within its fold. It owns the Cult fitness centres that it had acquired, which offers workout solutions that do not require an equipment. This may include spinning, boxing, Zumba and other forms of workouts.
And the other verticals include Eat.fit kitchens and Mind.fit. Eat.fit focuses on recommending healthy foods to the customers while Mind.fit is the platform for mental health.
In July last year, it acquired a yoga chain based out of Bengaluru called a1000yoga and in March 2017 it bought a Bengaluru-based online food delivery startup called Kristys Kitchen. This was a cash-and-equity deal, reports VCCircle. In April 2017, it also acquired a majority stake in fitness chain The Tribe.
But it is the impressive list of investors and the $45 million that it has raised that stand out. It last raised $25 million in a series B round of funding in August 2017. Among the early stage investors in Curefit are Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund. HDFC Bank and Axis Bank have invested another $10 million recently and, of course, the current infusion of Rs 4.18 crores.
Flipkart CEO Kalyan Krishnamoorthy is also reported to be an angel investor in Curefit.
VCCircle reports that Curefit recorded net sales of Rs 3 crore in FY17. However, its losses were a lot more than this. For the same financial year, Curefit registered losses of Rs 17.98 crore, while its total expenditure stood at Rs 21.87 crore.