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CureFit raises $25m from Accel Partners, Kalaari Capital, IDG Ventures & UC-RNT fund

Healthcare startup CureFit has raised $25 million from existing investors  Accel Partners, Kalaari Capital, IDG Ventures and UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California.

Bangalore-based CureFit was founded by former Myntra and Flipkart executives Mukesh Bansal and Ankit Nagori in March 2016. The startup currently offers health and fitness solutions through three verticals – CultFit, EatFit and MindFit through online and offline channels.   While MindFit provides mindful yoga and meditation audios, EatFit allows users to book subscription for healthy meals delivery vertical and CultFit is a chain of fitness centres offering group workout formats, like DIY workout videos to exercise at home.

With the latest infusion of funds, CureFit has raised closed to $45 million since its inception in 2016. The company said in a statement that the fresh capital will be used for expanding its geographical footprint in the country and scale-up of all its business verticals.  Mukesh Bansal said in a statement that the startup aim to transform health space in India and build customer centric health platform. 

In a report, ET says that the CureFit will expand Cult centres to other cities, starting with Gurgaon in October, and will also add a new primary healthcare product under the CareFit brand by early 2018.

Earlier Developments

The company had raised $15 million from Accel Partners in July last year. It had said that time that it pans to provide users with health data and allow them “to manage their health end to end”, combining “coaching and delivery through a mix of online and offline channels.” With the latest infusion of funds, Cure.fit has raised more than $45 million since its inception in 2016.

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After a month of its funding, the startup invested $3 million into fitness company Cult for a majority stake. At that time, Cult said it would run independently and use the funds for expanding and improving its technology.

In June, CureFit had roped in Flipkart’s former vice president of supply chain operations, Neeraj Aggarwal for its food and operations team EatFit.

In February this year, CureFit had acquired a majority stake in Bangalore-based Tribe Fitness Club, which operates Gyms, and fitness studios along with specialized fitness programs like cross fit training, Yoga, Zumba, among others.

Competition

There are quite a lot of startups in healthcare and wellness space in India. CureFit majorly competes with likes of HealthifyMe, Fitcircle, Grow Fit , Fitpass, Gympik , Fitternity etc, which also aggregates fitness providers and healthcare professionals like nutritionists, doctors, gyms, workout activities etc. on its platform.

  • In June, Grow Fit raised $4.5 million in Series A funding led by MEMG (Manipal Education and Medical Group), the PE arm of the Manipal Group, with participation from existing investors The SAR Group and The Grover Trust. Ranjan Pai, MD and CEO of MEMG, will join the board of Grow Fit.
  • HealthifyMe raised $1 million funding from Dubai-based NB Ventures in December last year.
  • Another company Trueweight, which delivers monthly food items that can help users reduce weight, raised undisclosed amount as funding from Kalaari Capital in a Series A round.

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