Tuesday, June 25, 2019

Cure.fit Raises $120 Million in Series D Funding in Indian Market

Health and fitness start-up cure.fit announced today that it has raised $120 million in the series D round of equity and debt funding. Led by Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital & Oaktree Capital; the new investors Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank joined the 4th round of funding for the three year old start-up. The fresh investment will fund cure.fit’s expansion plans in India and globally.

Founded in 2016 by Mukesh Bansal and Ankit Nagori, cure.fit, one of India’s highest funded start-ups, has built the world's first integrated health platform that brings together all aspects of healthy lifestyle on one platform. With over 2 million downloads, cure.fit has built an innovative tech platform to manage every day health and built an offline fulfilment network for all its services.

With presence in Bengaluru, Mumbai, Delhi-NCR region, Hyderabad, Chennai, Jaipur and the recent foray into Dubai, cure.fit’s innovative and holistic approach has been adopted by over 500K active subscribers across various offerings with strong cross usage between services. Cure.fit has over 180 cult.fit centres, 35 mind.fit centres and aims to grow this to over 800 centres by 2020. Eat.fit is servicing over 35K meals/day now and doubling every 3 months.

Mukesh Bansal commented, "Health habits of consumers has changed over the past few years and the need for new tech driven approach is a need for a much better consumer experience. cure.fit has created a unique platform and category to help meet this demand and 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”.

“Accel continues to be a strong supporter of cure.fit since their inception. The team has identified a unique customer value proposition (exemplified by best in class NPS) across the health & wellness sector, in a rapidly expanding market. We therefore really appreciate the opportunity to lead another round of investment in the company!”, said Subrata Mitra, Partner at Accel.

Sudhir Sethi, Founder & Chairman of Chiratae Ventures, added “cure.fit in its last 3 years blazed to India’s dominant Fitness and Health Tech Player. Now with the Dubai operations, it’s well poised to take the unique offering to international markets. Another Indian Consumer Brand going global".

“We are proud of our continued association with cure.fit. The leadership team has set high standards to serve customers and deliver great products”, said Vani Kola, Managing Director at Kalaari Capital.

“cure.Fit has emerged as one of the largest and fastest growing health & wellness integrated platform in Asia. Combining seamlessly online and offline experiences, cure.fit technology has created an intelligent, personalised and versatile health companion that takes a holistic approach to physical and mental wellbeing. We are excited on the opportunity to work with the cure.fit team”, said Pawan Chaturvedi, Investment Director at Unilever Ventures.

Investors in Series D funding round include existing investors - Accel Partners, Kalaari Capital, Chiratae Ventures (formerly IDG Ventures) and Oaktree Capital; along with new investors – Epiq Capital, Unilever Ventures, Innoven Capital, Kotak Mahindra Bank, Kris Gopalkrishnan Family Office and Bruno Rachelle Family Office.

No comments:

Total Pageviews