The amount was raised through a mix of debenture preferential shares and Series A convertible preferential shares.

Mukesh Bansals CureFit raises funds from Trifecta Capital and Prathithi Investment TrustImage source: CureFit Facebook page
Atom Fund Raising Thursday, August 17, 2017 - 12:13

Former Myntra CEO and co-founder Mukesh Bansal’s health and fitness startup Cure Fit Healthcare has raised capital from venture debt firm Trifecta Capital Advisors LLP and Infosys co-founder Kris Gopalakrishnan’s Prathithi Investment Trust.

According to a report by VCCircle, CureFit’s company filings with the Ministry of Corporate Affair shows that the startup has raised Rs 20.55 crore ($3.2 million) in two tranches, in April and August. The amount was raised through a mix of debenture preferential shares and Series A convertible preferential shares.

CureFit raised Rs 5.52 crore in May through an issue of preferential shares. In August, it raised Rs 1.47 crore from Trifecta, around Rs 0.43 crore from Prathithi Investment Trust, which also invested Rs 3.32 crore for 500,000 Series A preferential shares in May.

As per the VCCircle report, Rs 15 crore infusion, was raised through debenture shares, each having a face value of Rs 10 lakh. In this transaction, Trifecta had invested Rs 10 crore for 100 debenture shares, while Prathithi Investment Trust was allotted 50 debentures for Rs 5 crore.

Founded by Mukesh and Ankit Nagori, a former senior leader at Flipkart, CureFit is an app, which aims to be the one-stop shop for fitness for all users. It has also built a brand Cult, which it acquired for Rs 20 crore in August 2016. Cult offers fitness activities like Zumba and martial arts. There are currently 15 Cult outlets in Bengaluru and the startup aims to open 30 more by the end of this year and is targeting 500 by 2022.

The company’s also has a food platform ‘eat.fit centres’, which offers healthy food delivery to corporate employees. It also has a mental wellness platform called Mind.fit.

Earlier this month, CureFit also announced an Rs 100-crore endorsement deal with Hrithik Roshan, which saw the star picking up an equity stake as part of the deal.

It has previously raised funds from investors such as Accel Partners, IDG Ventures and Kalaari Capital. It raised $15 million from these investors in July 2016. 

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