The next Indian unicorn could be wellness firm CureFit with reports suggesting that the startup is likely to receive a funding from SoftBank Vision Fund to the extent of $200 million. The valuation of CureFit post this fund infusion could cross a billion dollars. The startup is promoted by Mukesh Bansal, who had co-founded online fashion startup Myntra which was later acquired by Flipkart.
The Economic Times reports that talks are still ongoing and the final amount to be invested could be even more than $200 million. SoftBank had already changed its policy in India to reduce the ticket sizes of its investments. The $200 to $300 million range falls within its latest policy.
The last valuation of CureFit placed it valuation at $500 million and that was not very long back. The company had then raised $75 million from its existing investors. Though there has not been any confirmation from either CureFit or SoftBank on this development, there are indications that the startup has plans to take its business beyond the Indian shores and the funds will be utilized for that purpose. Dubai might be its first international destination.
CureFit has developed a few sub-brands within its overall fitness and wellness space. These are Cult.Fit, a fitness business; Eat.Fit, a food delivery platform; Care.Fit that offers diagnostic services and Mind.Fit, which is into general wellness.
Cult.Fit is a pureplay offline operation with the company running 130 Cult.Fit centres across many cities, Bangalore being the main base. The startup has ambitious plans to expand this base to much higher numbers, initially to 250 and eventually to 1000, across the different SBUs. There will be geographical expansion too, both within the country as well as overseas.
For its Cult.Fit business it has roped in celebrities like Hrithik Roshan, Tiger Shroff and KL Rahul, the cricketer who share their workout practices with the customers and the public at large.
Accel Partners, Kalaari Capital and Chiratae Ventures are the major investors in CureFit so far. Having raised a total of $245 million till date if this SoftBank funding comes through it may mark a major leap for the startup.