CureFit, the health and wellness startup promoted by Mukesh Bansal, who had originally floated Myntra, has now raised fresh funds under Series D1. The amount raised in $74.4 million and the investors in this round form a long list comprising Kalaari Capital, Epiq Capital, Chiratae Ventures, Kris Gopalakrishnan’s family office, Pratithi Investment Trust, Anand Piramal Trust, among others.
The company has issued compulsorily convertible cumulative preference shares to cover a major portion of this investment while a small amount of equity shares has also been offered to the investors. The records indicate the figures were 2,34,17,778 debentures and 4,09,201 stocks.
Since this funding round has been termed D1, it can be expected that there may be other funds raised in this round as D2, D3 etc.
With such large number of shareholders, 33 at last count, the holding pattern is also widespread with the 2 co-founders Mukesh Bansal and Ankit Nagori holding 18.84% and 10.76% respectively. The VC and others hold the rest with none of them holding more than 10% individually. The company has had to increase the paid-up capital by Rs 1 crore, from Rs 33 crore to Rs 34 crore to accommodate the issue of equity shares in this round.
Interestingly, some of the other notable investors holding CureFit stakes in fractions (below 1%) include Ratan Tata, Kalyan Krishnamoorthy, Flipkart CEO, Former Myntra CEO Anant Narayan and Flipkart co-founder Binny Bansal.
When it comes to the financials, it is reported that CureFit has had a leap in revenues in the full financial year gone by recording an 8-fold increase in revenues. The losses have also gone up proportionately by 5 times. But CureFit is making investment in startups for which an amount of $5 million has been set aside. ‘Healthy food and snacks’ is the sector CureFit wants to pick startups from for investment.