- General
- July 30, 2018
- 4 minutes read
Indian Health and Fitness start CureFit raises $120 million from Accel, IDG and others
image credit : CureFit Bangalore based health and fitness startup CureFit…
image credit : CureFit
Bangalore based health and fitness startup CureFit has raised $120 million in Series C funding from notable tech investors Accel, IDG and Kalaari Capital who led the investment along with participation from Chiratae Ventures and Okatree Capital Management.
This round which brings the total raised by the 2 year old fitness startup to over $170 million counts as the second largest Series C funding ever in the Indian startup space only being beaten by ad-tech unicorn InMobi’s $200 million Series C funding and also counts as a very notable investment marking the continuous growth in the Indian startup ecosystem.
CureFit is making use of this funding to development of its health technology with a focus on Artificial Intelligence for health planning in addition to launching into foreign markets and looking to produce its own fitness devices.
The Bangalore based startup was kicked off by popular Indian e-commerce service Myntra’s co-founder Mukesh Bansal who left the company after a $375 million acquisition by Flipkart along with former Flipkart executive Ankit Nagori and has grown since then now offering four fitness brands consisting of Gym service Cult.Fit, Health food service Eat.Fit, Primary care service Care.Fit and Mind.Fit which provides Yoga and meditation centres.
With 4 acquisitions already and backing from notable tech investors, CureFit’s service has grown rapidly to now being used by a large number of Indians with over 75 centres which it aims to expand to over 500 in the next 3 years.
“We have cracked the model to scale profitably with our robust unit economics,” said Ankit Nagori. “Our focus now is to further our reach and deliver a more holistic customer experience.”
CureFit’s monthly revenue run rate had touched $1 million according to Mukesh Bansal in a statement to tech news site TechCircle March this year which marks very recognizable growth for the just 2 year old fitness startup.
The company’s other notable investors include Flipkart co-founder Binny Bansal, Payments firm Square, Myntra executive Ananth Narayanan, Endiya Partners and 3 out of the 5 investors who returned for this round by names of IDG, Accel and Kalaara Capital.
