CureFit Likely To Acquire More Funds
Fitness startup CureFit is likely to pick up $75 million in a funding round led by Accel Growth and Chiratae Ventures, sources told ET. The transaction, when completed, is expected to value the company at about $500 million, they said.
The fundraise might become a larger Series D fund with the infusion of $125-150 million later this year, with the participation of new investors, the persons cited earlier said.
CureFit also plans to launch health clinics and expand overseas besides entering another 10 Indian cities with its food and fitness centres.
Till date, CureFit has raised $170 million from investors including Accel Partners, Kalaari Capital, Chiratae Ventures and Ratan Tata, among others. Its service offerings include a chain of fitness centres under the CultFit brand, food delivery platform EatFit, healthcare clinics called CareFit, and an online mental wellness platform, MindFit.
“There’s a significant customer overlap between eat.fit and cult.fit. In geographies where both products are available, around 40% are consuming both,” Nagori said, adding that CureFit has more than 250,000 users across businesses. He, however, said the intent is larger than building standalone businesses, as the company plans to use data across these verticals to build an integrated healthcare platform.
“Even if 10% of our 5 million customers chose two or more of our offerings, it will strengthen our health data record which can power better recommendations, better products, better sales,” he said, adding that products like insurance can later play a very big play for the company.
CureFit, started three years ago by Myntra co-founder Mukesh Bansal and former Flipkart top executive Ankit Nagori. It offers services in health, wellness, food and e-commerce.
It is among the most well-funded early-stage startups in the country and has aggressive plans to scale up in the near future. New initiatives include e-commerce, where CureFit will sell apparel, footwear line and packaged food under the CureFit and EatFit brand.
With the recent acquisitions and funding, it comes to knowledge that CureFit is going to perform even better in the near future.