With an endeavour to expand in India and globally, lHealth and fitness startup CureFit has closed a $120 million funding round, in a mix of equity and debt investment. The investment will fund CureFit’s expansion plans.
Along with new entrants like Uniliver Ventures Epiq Capital, Innoven Capital and Kotak Mahindra Bank, the round was led by existing investors including Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital, and Oaktree Capital.
Currently, CureFit is valued at more than $575 million with gains of $75 million in the new capital and scaling it to about $120-$150 million in the financing round. The company has now been valued at more than $575 million.
According to sources, CureFit had held discussions with SoftBank Vision Fund and Goldman Sachs for a potential investor, but they have not resulted in a deal yet.
On May 6, Curefit raised Rs 521.8 crore ($75 million) at a valuation of Rs 3,869.6 crore ($557 million), regulatory filings showed. This was the first tranche of the $120 million investment, which also counts Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust as backers.
Commenting on the funding, Bansal, CEO, CureFit said, ““There is significant cross-category purchase which is happening and in well-penetrated markets it’s up to 40%. In a couple of years, when we have all categories live in most cities, we will be able to launch overarching subscriptions and digital tools to track health goals.”
“The company has around 500,000 active subscribers across various offerings with strong cross usage between services”, he further added.
CureFit includes a chain of 180 fitness centres under the brand CultFit, a healthy food-delivery offering under EatFit with over 35,000 deliveries per day, a few healthcare clinics called CareFit, and 35 centres for its mental wellness service under the brand MindFit.
CureFit has raised about $290 million in capital till date, including the latest round.