Former Myntra CEO and co-founder Mukesh Bansal’s health and fitness startup Cure Fit Healthcare is negotiating to raise fresh funds of up to $25-30 million to expand its fitness brand Cult, enter new markets, and launch health-related services, livemint.com has reported quoting people familiar with the matter.
CureFit’s investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT fund are reported to put in money as part of the new round. The fresh funding initiative is also expected to have a new investor on board.
The Bengaluru-based CureFit has plans to enter Gurugram and expand its food delivery network, they said. The company is also planning to introduce health-related services to complement its fitness and food offerings. The funds are being raised for these growth plans, which may see the company valuation go past $100 million.
CureFit so far has raised more than $20 million so far in capital. According to a report by VCCircle, CureFit’s company filings with the Ministry of Corporate Affair shows that the startup has raised Rs 20.55 crore ($3.2 million) in two tranches, in April and August. The amount was raised through a mix of debenture preferential shares and Series A convertible preferential shares.
The company had raised $15 million fund in July 2016 from venture Kalaari Capital, Accel and IDG. The figure stands among the largest early rounds of funding by an Indian start-up. This month, CureFit raised roughly Rs2.2 crore from Trifecta Capital and Pratithi Investment Trust, the family office of Infosys Ltd co-founder Kris Gopalakrishnan.
CureFit last month had acquired the Bengaluru-based yoga centre “a1000yoga” for its expansion in its mental wellness offering. That was company’s third acquisition after Cult and Tribe, another offline fitness centre.
CureFit had introduced its app in May in Bengaluru to be a one-stop fitness hub for customers.
The company is founded by Mukesh and Ankit Nagori, a former senior leader at Flipkart. CureFit is an app, which aims to be the one-stop shop for fitness for all users. It has also built a brand Cult, which it acquired for Rs 20 crore in August 2016. Cult offers fitness activities like Zumba and martial arts. There are currently 15 Cult outlets in Bengaluru and the startup aims to open 30 more by the end of this year and is targeting 500 by 2022.The company’s also has a food platform ‘eat.fit centres’, which offers healthy food delivery to corporate employees. It also has a mental wellness platform called Mind.fit.
The brand had also earlier announced a Rs 100-crore endorsement deal with the Bollywood star, Hrithik Roshan, who will be the brand icon for curefit.