Healthcare startup CureFit has raised Series C funding of $120 million led by IDG Ventures, Accel Partners and Kalaari Capital with participation from Chiratae Ventures and Oaktree Capital.
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 four verticals – CareFit, 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. CareFit, which is a newly added vertical, allows users to consult a doctor over a video call.
The company will use the fresh funds to strengthen its technology platform, brand building, and scaling up its geographical footprint. The company currently has a presence in Bangalore, Delhi-NCR region, and Hyderabad. It claims to have 100,000 active subscribers on its platform. Cure.fit has over 75 CULT and Mind centers and aims to grow this to over 500 centers in next 3 years.
Previous fundings and investments
Funding: This is the third major round of funding the company. In April, it has bagged Rs 4.18 crore funding from Flipkart co-founder Binny Bansal and Myntra-Jabong CEO Ananth Narayanan. Before that, in 2017, Curefit raised $25 million from Accel Partners, Kalaari Capital, IDG Ventures and UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. In 2016, the startup had raised $15 million from Accel Partners.
Acquisitions and investments: In May, CureFit acquired Oaktree Capital-backed fitness chain Fitness First for an undisclosed amount to expand its presence in Delhi and to enter Mumbai. Curefit also acquired a majority stake in Tribe Fitness Club, Gyms, which operated fitness studios along with specialized fitness programs like cross fit training, Yoga, Zumba, among others. In 2016, the company also invested $3 million into fitness company Cult for a majority stake.
Competition
Health-tech is a densely populated sector for startups in India, so Curefit competes with players such as HealthifyMe, Fitcircle, Grow Fit , Fitpass, Gympik , Fitternity.
This month, Bangalore-based health startup SigTuple, which builds products for automated analysis of medical scans and data to provide a diagnosis, raised $19 million in a Series B funding led by existing investors Accel Partners and IDG Venture, with participation from Endiya Partners, pi Ventures, VH Capital, Axilor Ventures and Flipkart co-founder Binny Bansal.
In May, Healthcare data startup Innovaccer raised series B funding of $25 million (nearly Rs 168 crore) in a round led by Westbridge Capital with participation from Lightspeed Ventures.
In April, Delhi-based healthtech startup Visit raised a funding of undisclosed amount from Twitter’s co-founder Biz Stone, with the participation of Snapdeal co-founders Kunal Bahl and Rohit Bansal, US-based BlueJeans Network co-founder Alagu Periyannan and Qualcomm Ventures’s former executive Karthee Madasamy. Visit uses AI-based chatbot for health advice, and the bot connects users with a network of doctors over a chat, video chat, or phone.
In February, Healthifyme raised $12 million in a Series B round of funding led by Sistema Asia Fund, with participation from Silicon Valley-based Samsung NEXT, Singapore’s Atlas Asset Management and Japan’s Dream Incubator. Another digital health startup healthi raised funding of US $3.1 million led by Montane Ventures, a VC firm anchored by the Piramal Family Office, in the same month. In March, LiveHealth raised US $1.1 million from Nexus Venture Partners
