[Funding alert] Cure.fit raises $45M, closes Series D round at $120M
Bengaluru-based health and fitness startup Cure.fit on Tuesday announced that it has closed a total of $120 million in its Series D round. The startup had raised $75 million in April 2019 and an additional $45 million now.
The round, which is a mix of equity and debt funding, is led by Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital, and Oaktree Capital. New investors Epiq Capital, Unilever Ventures, Innoven Capital, and Kotak Mahindra Bank also participated in the funding round.
Speaking on the occasion, Co-founder Mukesh Bansal said,
"Health habits of consumers has changed over the past few years and the need for a new tech-driven approach is a need for a much better consumer experience. Leveraging deep-tech and strong on-ground network, we aspire to service over 100 million consumers over the next 10 years.”
The startup aims to utilise the fresh investment for its expansion plans in India and worldwide. Cure.fit, which has raised about $290 million in capital till date, has now been valued at over $575 million.
Sudhir Sethi, Founder and Chairman of Chiratae Ventures, added,
“Cure.fit in its last three years blazed to India’s dominant fitness and healthtech player. Now with the Dubai operations, it’s well poised to take the unique offering to international markets.”
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cure.fit has built a tech platform to manage every day health, and has built an offline fulfilment network for all its services. Its app, which is available on Android and iOS, has over two million downloads, claims the company.
With its four verticals, Cult.fit - focusing on the physical strength and fitness, Eat.fit - in the healthy and nutritive food, Mind.fit - offering mental well-being, and Care.fit - primarily focusing on healthcare, the three-year-old startup ensures customers are offered a holistic preventive healthcare experience.
It is present in Bengaluru, Mumbai, Delhi-NCR region, Hyderabad, Chennai, Jaipur, and recently in Dubai, Cure.fit’s services have been adopted by over 500,000 active subscribers. It has over 180 Cult.fit centres, 35 Mind.fit centres, and aims to grow this to over 800 centres by 2020.
The company also claims that Eat.fit is servicing over 35,000 meals per day now and doubling every three months.
In April, Cure.fit acquired cold-pressed juice brand Rejoov for an undisclosed amount.