Cure.fit raises $120 million

Healthcare and wellness startup Cure.fit on Monday said that it has raised $120 million—led by existing investors IDG Ventures, Accel Partners and Kalaari Capital—in its series-C funding round. Chiratae Ventures and Oaktree Capital also participated in the fresh round of funding.

With the latest investment, the Bengaluru-based company plans to strengthen its technology platform, and scale up its fitness and healthcare brands across the country. At present, the startup has four products under the Cure.fit platform: Cult.fit, a chain of premium fitness centres; Eat.fit, an online health food delivery service; Mind.fit, a provider of online-offline mental health and wellness services such as meditation and yoga; and Care.fit, which provides online-offline services in primary healthcare.

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.

Cure.fit has so far raised about $164 million across three rounds of funding. The startup, which has more than 75 fitness centres (Cult) and meditation and yoga centres (Mind), aims to grow its base to over 500 centres in the next three years. Its online health food delivery service, Eat.fit, currently serves over 10,000 meals a day, the startup claims.

Co-founder Bansal, in a statement, said that health was a $100 billion-plus opportunity in India. “With very high health awareness and rapid technology adoption among consumers, Cure.fit has a unique opportunity 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,” the statement said.

At present, Cure.fit’s services are available in Bengaluru, the Delhi-NCR region, and Hyderabad.

“With NPS (net promoter score) of 65, we are among the highest rated consumer offerings in India. We have cracked the model to scale profitably with our robust unit economics. Our focus now is to further our reach and deliver a more holistic customer experience,” said Ankit Nagori, the other co-founder. Net promoter score is a management tool that is typically used as a customer loyalty metric to gauge customer satisfaction.

Sudhir Sethi, founder and chairman of IDG Ventures and Chiratae Ventures, said that with the rapid increase in lifestyle diseases and health awareness in India, Cure.fit was timed to perfection. “This is going to be among the largest consumer categories and Cure.fit has already established significant lead in this space,” he said.