The Mukesh Bansal and Ankit Nagori-led health and fitness startup Cure.Fit has raised $120 Mn in a Series C funding round led by IDG Ventures, Accel Partners, and Kalaari Capital.
Chiratae Ventures and Oaktree Capital, along with Accel’s Growth Fund and Chiratae’s new fund, also participated in this round. Existing investor UC-RNT did not participate in the funding.
The development was confirmed by Cure.Fit’s communication team to Inc42.
This brings the total funding in the company to $170 Mn.
Cure.Fit plans to use the fresh funds to strengthen its technology platform by offering AI- driven health planning, create its own fitness devices, and also to expand to newer markets such as in Southwest Asia in the next 12-15 months.
“Health is an over $100 billion category in India and is ready for a new tech-driven approach for a much better consumer experience. With very high health awareness and rapid technology adoption among consumers, Cure.fit has a unique opportunity to become the go-to destination for all health needs for India,” Bansal said to ET.
Recently, Cure.Fit acquired Fitness First in India. With this deal, Cure.Fit also merged its subsidiary, Cult Fitness, with the Fitness First business in the country. The joint entity will now operate under the Cure.Fit platform.
Fitness First’s majority stakeholder, Oaktree, got a minority shareholding in Cult.Fit as a result of this deal.
Cure.Fit: Going From Strength To Strength
Founded in 2016, Cure.Fit has adopted an acquisition-led strategy to further its growth and scale faster. For instance, Cult was acquired by Cure.Fit in August 2016 for $3 Mn. Since then, it has acquired startups such as Tribe Fitness, Seraniti, Kristys Kitchen, and a1000yoga.
With its vision to make holistic health and well-being easily accessible to people, the Cure.Fit platform intelligently integrates an online-offline model to offer physical fitness (Cult.fit), mental fitness (Mind.fit), healthy food (Eat.fit), and to-be-launched primary care (Care.fit) — all on one app.
Cure.fit’s innovative and holistic approach has been adopted by over 100K active subscribers across various offerings with strong cross-usage between services.
Cure.fit has over 75 Cult and Mind.Fit centres and aims to increase the number to over 500 centres in the next three years. It has a strong presence in Bengaluru, is expanding rapidly in the Delhi-NCR region, and has made a recent foray in Hyderabad.
Eat.fit is servicing over 10K meals per day now and doubling every three months.
The driving factors for this growth include demand levers such as affluence, a sedentary lifestyle, and increasing awareness about health and fitness, backed by robust supply drivers.