Fitness startup Curefit raises $120 M in Series-C round of funding
Bengaluru-based health and fitness platform Cure.fit has raised $120 million in Series-C round of funding. IDG Ventures, Kalaari Capital, Accel Partners, Oaktree Capital, and Chiratae Ventures participated.
A press release from the company has stated that this amount will be used in the development of their technology, with focus on AI in health planning. The company also plans to launch its own fitness wearables. Following highly funded startups like OYO Rooms and Ola Cabs going abroad, Curefit is also looking at foreign markets and plans to expand to South West Asian countries in the next 12-15 months.
Curefit was planned as an amalgam of mental wellness, physical fitness and a balanced diet for an integrated approach to preventive and curative healthcare. Curefit integrates four verticals that work together to ensure the holistic wellbeing of their users: physical fitness via Cult.fit, mental wellbeing via Mind.fit, healthy eating via Eat.fit; and personalised healthcare solutions via Care.fit.
What differentiates Cure.fit from other players in the market is that it drives its preventive healthcare philosophy through engagement, coaching and delivery, using a combination of online and offline channels.
Since its launch in 2016, Curefit has raised nearly $180 million so far. It was founded by Ankit Nagori and Mukesh Bansal, who were Chief Business Officer and Head of Commerce, respectively, at Flipkart earlier. Mukesh was also the co-founder of fashion ecommerce portal Myntra, which Flipkart acquired in 2014. Curefit’s investors include Flipkart co-founder and Group CEO Binny Bansal, as well as current Myntra-Jabong CEO Ananth Narayanan.
Recently, Curefit hired Shamik Sharma and Naresh Krishnaswamy who were CTO and Revenue Officer at Myntra, respectively.
CureFit has invested $3 million and got a majority stake in Bengaluru-based fitness startup Cult. It has also acquired fitness club The Tribe, B2B logistics startup Opinio, online foodtech company Kristy Kitchen, and Bengaluru-based yoga centre a1000Yoga. CureFit has also signed on Hrithik Roshan as its brand ambassador, and has tied up with the Bollywood actor for a unique ‘HRX workout’.
It is estimated that around four billion transactions happen in the healthcare sector every year In India. Over the past few months, the healthtech sector has been abuzz with activity, with startups getting involved in hospital management systems, doctor discovery, delivery of medicines, and the now-crucial home healthcare services.
Many are focussed on becoming a complete healthcare provider. Tencent and Sequoia-backed Practo recently rebranded itself as a complete healthcare platform. Wearable platform Goqii now looks at healthcare with a coach-based model.