Healthcare and wellness startup Cure.fit on Tuesday said that it has raised $120 million in a series D funding round of equity and debt led by Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital and Oaktree Capital. New investors Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank also participated in the latest funding round. The Bengaluru-based startup will utilise the fund for expansion in India and the overseas markets.
Today the Cure.fit platform has four products: Cult.fit, a chain of premium fitness centres; Eat.fit, an online-offline food service; Mind.fit, a provider of online-offline services on mental health and wellness offerings such as meditation, yoga and counselling; and Care.fit, a subscription-based service provider for primary care.
With a presence in Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Chennai, Jaipur and Dubai, Cure.fit has over five lakh active subscribers across various offerings. The startup currently has over 180 fitness centres (Cult.fit) and 35 Mind.fit centre and it plans to grow this to over 800 centres by 2020. The company says that its online food delivery service Eat.fit currently serves over 35,000 meals a day and doubling every three months.
“Health habits of consumers have changed over the past few years. 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,” said Mukesh Bansal, co-founder, Cure.fit.
Myntra co-founder Mukesh Bansal started Cure.fit with ex-colleague and former Flipkart chief business officer Ankit Nagori in 2016. The rationale: to build an integrated healthcare, fitness and wellness platform for consumers using a mixed channel strategy of online and offline.
“Accel continues to be a strong supporter of Cure.fit since their inception. The team has identified a unique customer value proposition across the health and wellness sector, in a rapidly expanding market,” said Subrata Mitra, Partner at Accel.
Pawan Chaturvedi, investment director at Unilever Ventures said, “Cure.fit has emerged as one of the largest and fastest growing health and 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.”