Curefit Bags $110 Mn From Temasek, Accel Partners and Others

Fitness startup Curefit is raising INR 831.95 Cr ($110 Mn) in a Series D2 funding round led by Singapore-based investment firm Temasek. The offer to raise the Series D2 funding was approved on March 11.

Accel Partners, Epiq Capital, Unilever Swiss, Gabelhorn Investment, PraTithi Organic Foods, Satyadharma Investment, Ascent Private Equity, Castle Island, McGovern Family Trust and Julia Dhar of Boston Consulting Group (BCG) will also be participating in the round. Besides this, Chiratae Ventures will also be investing in the Curefit through its Fund IV and Vistra ITCL.

As per the regulatory filings of March 2020, Curefit has issued 2,06,10,687 cumulative convertible preference shares (CCPS) worth INR 539 Cr to MacRitchie Investments Pte Ltd, also known as Temasek. Accel Leaders II Holdings has been allotted 40,83,464 CCPS shares worth INR 106 Cr. Epiq Capital B  has been issued 136115 CCPS worth INR 3,56,62,130.

Meanwhile, the offer letters shows that Ascent Private Equity and Chiratae Ventures have been offered INR 110 Cr, INR 14.26 Cr, and INR 3.56 Cr, respectively. The development was first reported by Entrackr.

Until last year, several media anticipated that Japanese conglomerate SoftBank would be investing somewhere between $200 Mn to $350 Mn in Curefit. However, the company never confirmed or denied the reports. Then in December, another report highlighted that Curefit was in talks with Temasek to raise $100 Mn at an $800 Mn valuation. Prior to this round, the company was valued at $575 Mn.

Curefit was founded by Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori in 2016 to solve the problems in fitness, nutrition and mental wellbeing space with the help of technology. Curefit uses an online-offline model to offer physical fitness (Cult.Fit), mental fitness (Mind.Fit) and nutrition (Eat.Fit). The company is also working on another primary care vertical Care.Fit.

Last month, Curefit also launched a grocery and other healthy packaged food under its Eat.fit vertical. The new venture is called Whole.Fit and it has over 500 SKUs spread across more than 20 food categories — staples and spices, breakfast cereals, instant foods, health supplements, snacks, beverages, sauces, and spreads, among others.

The company has over 180 Cult centers, 35 Mind.Fit centers across six cities — Mumbai, Chennai, Jaipur, Bengaluru, Delhi NCR, and Hyderabad. Curefit’s investors include IDG Ventures, Accel Partners, Bollywood actor Hrithik Roshan, Piramal Group’s Anand Piramal, and Kalaari Capital.