SUMMARY
CureFit Will Use The Funds For Expanding Its Geographical Footprint
Bengaluru-based fitness startup CureFit has raised $25 Mn in Series B round of funding from existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT fund.
The startup will use the newly raised funds to expand the company’s geographical footprint in the country and scale-up its business verticals.
Vani Kola, Managing Director at Kalaari Capital said, “CureFit has built a very strong team in the last one year and delivered a significantly differentiated value proposition for Cult.fit and eat.fit. CureFit has established a strong product-market fit and is ready to start scaling the business across other health offerings and cities across India.”
Founded in March 2016 by Mukesh Bansal and former Flipkart CBO Ankit Nagori, the startup offers integrated health and fitness solutions. The startup provides these solutions through three verticals – Cult.Fit, Eat.Fit and Mind.Fit via online and offline channels.
In July 2016, CureFit raised $15 Mn in Series A round from Kalaari Capital, Accel Partners, and IDG Ventures. In May 2017, the startup secured another $3 Mn from angel investors and UC-RNT fund. The latest round took the total funding to $45 Mn.
Curefit has been on a wave of expansion over the last one year. The startup took over Bengaluru-based CULT for $3 Mn as well as Tribe Fitness to accelerate its vertical Cult.fit, a chain of fitness centres offering trainer-led unique, group workout formats. Then in January 2017, it also acquired mental health firm Seraniti for an undisclosed amount. Later in March, CureFit forayed into the health-food domain with the acquisition of Kristys Kitchen to bolster its subscription-based handcrafted, nutritive food delivery vertical Eat.fit. In July the fitness startup took over Bengaluru-based yoga studio a1000yoga to strengthen the mindful yoga and meditation vertical.
Most recently, the startup signed on Hrithik Roshan as its brand ambassador. The five-year contract is valued at $15.6 Mn (INR 100 Cr). As a part of the association, CureFit also offers HRX workouts under Cult.fit.
Talking about the startup, Mukesh Bansal, founder of CureFit said, “We aim to transform the health space in India and build a truly customer-centric health platform. We are building an integrated platform that makes it super easy for consumers to follow healthy lifestyle across fitness, food, mental health and preventive care. We have got a phenomenal response to CULT, Eat.Fit & Mind.Fit within the first year of operations.”
The fitness industry in India is home to more than 120 startups. In FY17 alone, these startups have raked in over $21.2 Mn funding. In the fitness space, CureFit currently competes against players like Stratfit, Growfitter, Fitnapp, and HealthifyMe.
With the recent funding boost from Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT fund, CureFit will look to strengthen its position in the Indian fitness startup space.
