Exclusive: CureFit Raises $145 Mn From Temasek, Zomato

Exclusive: CureFit Raises $145 Mn From Temasek, South Park Commons, Zomato

SUMMARY

The round saw investment from Temasek, Accel Partners, founder Mukesh Bansal, and others

The round was led by food delivery platform Zomato with $100 Mn investment

As per Inc42 estimate, CureFit is currently valued over $1.4 Bn

Tata-backed fitness startup CureFit has raised around $145 Mn (INR 1,088) Cr led by Zomato along with San Francisco-based South Park Commons at a valuation of $1.4 Bn.

Singapore’s Temasek and Accel Partners also participated in the fresh round.

As part of this round, Zomato has infused INR 750 Cr, South Park has invested INR 75 Cr, Accel Partners invested INR 37.5 Cr and Temasek invested INR 187.5 Cr.

Zomato’s infusion was reported in early November when the foodtech giant had announced its quarterly earnings. The foodtech giant sold fitness facility arm Fitso to CureFit for $50 Mn.

Additionally, it invested another $50 Mn in the fintech unicorn. In the cross-selling, Zomato had acquired a total shareholding of 6.4%, worth $100 Mn in the fitness startup.

This appears to be the first-ever investment of South Park Commons in India. However, its partner Aditya Aggarwal had invested in Kavin Mittal’s Hike.

Founder Mukesh Bansal (invested INR 5 Cr) along with Paras Sanghvi and Apurva Doshi also invested in this round, regulatory filings accessed by Inc42 showed.

Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit runs physical fitness platform Cultfit, mental fitness (Mindfit), and a primary care vertical (Care.fit).

CureFit is present in 21 cities across the country and plans to reach over 50 cities by FY22.

Prolonged lockdowns induced by the outbreak of Covid-19 had led to shut down of gyms across the country and CureFit was no exception. The startup had to layoff around 1,600 employees and scaled down its operations. However, even during this period, CureFit managed to acquire fitness startups such as TREAD, Zomato’s Fitso, US-based Onyx, among others.

Curefit was one of the first startups that Tata Digital had eyes on to strengthen its super app offerings. Earlier in June, Tata Digital invested around $75 Mn in Curefit. Post the deal, while Bansal continued his role as the CEO of Curefit, he joined Tata Digital as President.

Inc42 had earlier reported on Tata Digital’s super app – TataNeu for which the conglomerate has acquired a majority stake in online grocery platform BigBasket and online pharmacy 1Mg. Ratan Tata’s super app competes against Mukesh Ambani’s Reliance Jio and Gautam Adani’s Adani Digital Labs.