Fitness startup Cure.fit has raised $75 Mn (INR 521 Cr) from Piramal Group’s Anand Piramal, Accel Growth, Kalaari Capital, IDG Ventures India.
Accel Growth has led the funding round with an investment of around INR 200 Cr. Followed by INR 120 Cr investment of IDG Ventures India and INR 75 Lakh investment by Anand Piramal Family Trust. Other investors such as Epiq Capital, Makan Family Trust, and Hadley Family Trust also participated in the round.
This brings the total funding raised by the company to about $245 Mn. Cure.fit last raised money in 2018 with a $120 Mn Series C round led by IDG Ventures, Accel Partners, and Kalaari Capital. Prior to this, the fitness startup had also raised $878.2K (INR 6 Cr) from Bollywood actor Hrithik Roshan last year.
Bengaluru-based Cure.fit was founded by Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori in 2016. The company was founded to solve the problems in the fitness, nutrition and mental wellbeing space with a focus on technology. Cure.fit uses an online-offline model to offer physical fitness (Cult.fit), mental fitness (Mind.fit), nutrition (Eat.fit), with a primary care vertical (Care.fit) coming soon.
Cure.fit has adopted an acquisition-led strategy to expand and scale its platform. For instance, Cult was acquired by the company in August 2016 for $3 Mn. Since then, it has acquired startups such as Tribe Fitness, Seraniti, Kristys Kitchen, and a1000yoga.
This development was highlighted by investment data platform paper.vc. However, Cure.fit did not respond to Inc42’s query about the funding confirmation till the time of publication.
Wellness Market Overview
The global wellness market is estimated to be at $4.2 Tn. According to a FICCI and EY report, the Indian wellness market is predicted to reach about INR 1.5 Tn by FY20.
Fitness startups have also attracted attention from national and international celebrities. Recently last week, SARVA had raised about $6 Mn – $8 Mn from a global icon Jennifer Lopez, baseball player Alex Rodriguez, Indian Bollywood actress Malaika Arora, and fitness brand Zumba.
Last month, Bengaluru-based digital healthcare startup mfine had raised $17.2 Mn in a Series B funding round from SBI Investment, SBI Ven Capital, BEENEXT and others.