Fundraising has almost been a norm for health and fitness startup CureFit, which has been on a fundraising spree ever since its inception in 2016. But CureFit’s upcoming funding round may prove to be extra-special for two reasons. First is that this funding round is likely to backed by a powerful investor SoftBank and secondly the round may propel the company into the coveted unicorn club.
According to Times of India, SoftBank is in early stage talks to invest $200- 350 Mn in CureFit. Times report claims that Curefit is seeking almost 100% increase from its last valuation of $500 Mn; surpassing its valuation well over $1 Bn.
CureFit is likely to use the funds to initiate its international operation. Currently, the Bengaluru based company offers all its products and services only in India. The company is likely to zero on Dubia to open its first fitness center on foreign shores, sources added.
Co-founders Mukesh Bansal and Ankit Nagori aim to make CureFit a comprehensive health and fitness solution for urban dwellers. The platform currently operates four verticals with each vertical catering to specific health and fitness needs – from physical fitness & diet to mental fitness. These verticals are Cult.Fit, Eat.Fit, Mind.Fit, and Care.Fit.
The company is also planning to create new vertical that will allow manufacturing and selling smart and activewear products.
If SoftBank funding does go through then it will mark a beginning of a new chapter for CureFit, which today is one of the market leaders in fitness and health space. The company has set new benchmarks for aggressive business strategy right from day one. Be it on fundraising, acquisition or expansion, the company has been moving on all these critical fronts with a sense of belligerence. Although critics keep raising concerns over company’s high cash burn rate, it has continuously defied these concerns by maintaining tight control over the balance sheet.