Cure.fit raises $120 million in Series C Funding

Health and fitness start-up Cure.fit has raised $120 million in a Series C round of funding.

Led by IDG Ventures, Accel Partners and Kalaari Capital with participation from Chiratae Ventures and Oaktree Capital, this is the third round of funding for the two-year-old start-up. Including this round, it has raised $175 million so far.

The fresh funding will be invested in four areas: to grow inorganically through acquisitions, in ramping up marketing efforts, strengthening the technology platform and building a national brand by scaling the geographical footprint for the start-up’s four flagship products — Cult.Fit, Eat.Fit, Mind.Fit and Care.fit covering fitness, food, mental health and primary care respectively.

Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cure.fit, is building the world’s first integrated health platform that brings together all aspects of healthy lifestyle on one platform. The flagship offering Cult.fit provides a large variety of trainer driven group workouts that make fitness fun and easy. Eat.fit delivers health food in a subscription model that is tasty, healthy and nutritious. Mind.fit helps solve mental health issues such as like stress, anxiety, sleep disorders etc. through a combination of yoga, meditation and therapy. Care.fit is the latest offering enabling primary care and health check-ups for proactive health management.

“We are already a cash flow positive business with an annualised revenue run rate of $50 million. The fresh funding will provide us with a decent coffer to acquire fitness brands and primary care clinics in different regions. Thirty per cent of the investment raised will go towards acquisitions” Ankit Nagori told BusinessLine . We will enhance our engineering efforts on both the hardware and software fronts and partner with wearables and smart medical devices firms” added Nagori.

Cure.fit has over 100,000 active subscribers across various offerings with strong cross usage between services. Cure.fit has over 75 Cult and Mind centres and aims to grow this to over 500 centres in three years. Eat.fit is servicing over 10,000 meals/day and doubling every three months.

Subrata Mitra, partner at Accel and a board member said “Cure.fit has assembled one of the best start-up teams in India and the level of execution in just two years is unprecedented. We are backing Cure.fit to be a pioneering global product company.”

Mukesh Bansal said “Health is over $100 billion category in India and is ready for new tech driven approach for 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. Leveraging deep tech and strong on-ground network we aspire to service over 100 million consumers over next 10 years.”

COMMENT NOW