Cure.fit raises $120 mn in IDG Ventures led Series-C round
Health and fitness start-up Cure.fit has raised $120 million in its series C round of funding led by IDG Ventures, Accel Partners and Kalaari Capital with participation from Chiratae Ventures and Oaktree Capital. The round saw participation from Accel's Growth fund and the new funds of Chiratae. Existing investor UC-RNT did not participate.
This brings the two year old company's total funding to nearly $170 million. The company will use the fresh funds to strengthen its technology platform by offering AI- driven health planning, create its own fitness devices, and will also look to expand to newer markets, such as in South wast Asia in 12-15 months.
Curefit offers four fitness and health produces – gyms under Cult.Fit, health food under Eat.Fit, yoga and meditation centres under Mind.Fit and primary care with Care.fit. Co-founder Mukesh Bansal said the company will set up its own Eat.fit stores in Bengaluru in the next six months.
Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and senior Flipkart executive Ankit Nagori.
Cure.fit has over 75 CULT and Mind centers and aims to grow this to over 500 centers in the next 3 years. Eat.fit is servicing over 10K meals every day anddoubling every three months. , "Health is over $100 billion category in India and is ready for new tech driven approach for much better consumer experience. With very high health awareness and rapid technology adoption among consumers, Cure.fit has a unique opportunity to become the go to destination for all health needs for India," Bansal said.
"With NPS of 65, we are among the highest rated consumer offerings in India. We have cracked the model to scale profitably with our robust unit economics," Nagori said.