Curefit has once again managed to find itself in the good books of investors, after it raised $75 million through latest funding round. Existing investor Accel Growth led the series D round while other existing investors Kalaari Capital and IDG Ventures also participated in the round. Couple of new investors also participated in the round, as per the regulatory filings accessed by data-intelligence platform Paper.vc.
According to reports, more funding tranches are on their way as part of the ongoing series D round. However, there is still ambiguity about how much fund the company is expected to raise from the ensuing rounds. The latest funding round has helped the Bengaluru based firm to cross $500 Mn valuation mark. It is probably one of the few fitness startups to cross this valuation mark and is also among the most funded startup in the fitness industry.
Following the latest funding round, the company has raised roughly $245 Mn funds till date. A good part of these funds have also come via debt financing.
Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori incorporated Cure.fit in 2016. The company aims to raise health and fitness quotient of urban masses through its three verticals: Cult.fit, Mind.fit and Eat.fit. These three verticals cater to physical, mental and nutritious health to create a holistic and all inclusive health solution.
The company has been equally aggressive in pursuing growth through inorganic route. Company’s full throttle acquisition strategy should hardly evoke any major surprises given that it has healthy cash reserves at its disposal. Tribe Fitness, Seraniti, Kristys Kitchen and a1000yoga are some of the firms that it has acquired over the last two years.
Curefit is chasing a market opportunity that is estimated to be become a whopping $2 trillion market by 2021. This partly explains company’s aggressive growth strategy. However, it is certainly not all alone in the race to capture India’s lucrative wellness and fitness market. It is competing with competitors like Stratfit, Growfitter, Fitnapp, and HealthifyMe.