Tech in Health is Finding More Buyers in India & Investors are Encashing This Opportunity
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With the addition of $45 million from the pockets of Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank, Hrithik Roshan-backed fitness and health startup CureFit has closed its series D round of funding at a total of $120 million. The first tranche of the funding took place in April with a $75 million round led by Accel Partners.
The equity and debt funding round was led by Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital & Oaktree Capital. Curefit will use these fresh funds to boost its expansion plans in India and abroad. Till date, Curefit has raised about $365 million over multiple funding rounds.
CureFit joins a long list of health tech startups that are garnering investor interest as India has become more conscious and well-informed on healthy living.
CureFitting the World
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, feels Mukesh Bansal, who stated, “Cure.fit has created a unique platform and category to help meet this demand and to become the go-to destination for all health needs for India.”
The platform is leveraging deep tech and strong on-ground network to tap over 100 million consumers over the next 10 years. CureFit claim to have 500K active subscribers along with Eat.fit servicing over 35K meals per day. Proud over her association with the startup, Vani Kola, Managing Director at Kalaari Capital voiced, “The leadership team has set high standards to serve customers and deliver great products.”
Reflecting her point of view, Subrata Mitra, Partner at Accel shared, “The team has identified a unique customer value proposition (exemplified by best in class NPS) across the health & wellness sector, in a rapidly expanding market. We therefore really appreciate the opportunity to lead another round of investment in the company!”
The company is currently present Bengaluru, Mumbai, Delhi-NCR region, Hyderabad, Chennai and Jaipur with over 180 Cult physical fitness centres and around 35 Mind.Fit centres. Earlier this week, CureFit had announced its foray into the international market with the launch of its Dubai centre. The startup is looking to expand to 50 Indian cities with 800 centres by 2020.
Sudhir Sethi, Founder & Chairman of Chiratae Ventures lauded CureFit for his continued dominance in the health tech space. He stated, “Cure.fit in its last 3 years blazed to India’s dominant Fitness and Health Tech Player. Now with the Dubai operations, it’s well poised to take the unique offering to international markets. Another Indian Consumer Brand going global”.
Founded by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori in 2016, CureFit is world's first integrated health platform that brings together all aspects of healthy lifestyle on one platform through their online-offline model to offer physical fitness(Cure.fit), mental fitness (Mind.Fit), nutrition (Eat.Fit) and a primary care vertical (Care.Fit).