Fitness startup Curefit is reportedly in talks with Singapore-based investment firm Temasek to raise $100 Mn, seeking a hike from its current valuation of $575 Mn to $800 Mn post-funding. The deal is expected to close within six to eight weeks.
According to an unconfirmed report in Mint, Temasek plans to diversify its current business strategy and invest in more tech startups. Its Indian portfolio, which is worth $11 Bn as of March 2019, includes cab-hailing service Ola, IT services company UST Global, payments platform Pine Labs. The company is also close to investing in Pharmeasy, according to reports last week.
The report also adds that Temasek is looking for more investment opportunities in Indian tech startups, with a minimum check size of $75 Mn per investment.
Inc42 has reached out to Curefit for a response and we will update the article as soon as we receive one.
Founded in 2016 by former Flipkart executive Ankit Nagori and Myntra cofounder Mukesh Bansal, Bengaluru-based Curefit caters to all segments within the health and fitness sector, including physical fitness through cult.fit, mental fitness chain ‘mind.fit’, nutrition and diet recommendations through ‘eat.fit’ and medical and diagnostic centers of ‘care.fit’.
The company works on an offline-online model, allowing users to book sessions and classes through its mobile app. Curefit claims to have over 180 cult.fit physical fitness centers and more than 35 mind.fit centers in six Indian cities — Mumbai, Chennai, Jaipur, Bengaluru, Delhi NCR and Hyderabad.
Earlier in June, the company also expanded its services to Dubai on completion of three years. For the Indian market, Curefit is looking to expand to 50 Indian cities with 800 centres by 2020.
The report said that Curefit will use the funding from Temasek in the latest round to enhance its food and diagnostics play.
Earlier in June 2019, the company raised $120 Mn equity and debt funding in Series D from its existing investors Chiratae Ventures, Accel Partners, Kalaari Capital, and Oaktree Capital at the valuation of $575 Mn. Its total funding also reached $365 Mn over multiple rounds due to the investment.
According to media reports, Curefit was also reportedly in talks with Softbank to raise $200-$350 Mn, however, there was no official confirmation or development in this regard.