[Funding alert] Curefit raises $145M from Zomato, others

Fitness platform Curefit Healthcare Pvt Ltd which owns and operates fitness platform Cult.fit has raised $145 million led by food technology Zomato and a group of investors and individuals, according to filings made with the Ministry of Corporate Affairs. 

With the transaction, Zomato has also divested sports facilities platform Fitso to Cure.fit, according to filings made by Zomato with the markets regulator. During its recent quarterly earnings, Zomato said that it will be selling Fitso to Curefit for $50 million, apart from investing an additional $50 million in the company. Zomato had said that it will deploy $1 billion across multiple Indian startups over the next two years.

Zomato had acquired Fitso in January 2021 for an estimated Rs 100 crore or $13.3 million according to current exchange rates.

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Zomato led the round in Curefit with an investment of nearly $100 million, acquiring a 6.38 percent stake in the company. Other investors which participated in the round include San Francisco headquartered South Park Commons Opportunities Fund II, Temasek, and Accel. 

Senior executives at IIFL Wealth, Paras Sanghvi and Apurva Doshi, also participated in the round apart from Co-founder of Curefit, Mukesh Bansal. Mukesh’s current shareholding in the company stands at 11.23 percent, while co-founder Ankit Nagori holds 0.25 percent. 

With this round, Curefit was valued at nearly $1.5 billion, according to the regulatory documents.

In June, Tata Digital, a subsidiary of Tata Sons, invested $75 million in Curefit, elevating CEO Mukesh Bansal to the role of president at the digital business arm of the conglomerate.