Health and fitness start-up Cure.fit has announced that it has raised $120 million in the Series D round of equity and debt funding led by Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital & Oaktree Capital.
The new investors Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank joined the fourth round of funding for the three-year-old start-up. The fresh investment will fund Cure.fit’s expansion plans in India and globally.
Talking about the fund raise, Mukesh Bansal said: “Health habits of consumers have changed over the past few years and the need for new tech driven approach is the need for a much better consumer experience. Leveraging deep tech and strong on-ground network, we aspire to service over 100 million consumers over next 10 years.”
With over 2 million downloads, Cure.fit has built an innovative tech platform to manage every day health and has also built an offline fulfilment network for all its services.
With presence in Bengaluru, Mumbai, Delhi-NCR region, Hyderabad, Chennai, Jaipur and the recent foray into Dubai, Cure.fit’s approach has been adopted by over 500 thousand active subscribers across various offerings with cross usage between services.
Cure.fit has over 180 cult.fit centres, 35 mind.fit centres and aims to grow this to over 800 centres by 2020. Eat.fit, the food tech offering of Cure.fit, is servicing over 35,000 meals per day now and doubling every 3 months.
“The Cure.fit team has identified a unique customer value proposition (exemplified by best in class NPS) across the health & wellness sector, in a rapidly expanding market. We therefore really appreciate the opportunity to lead another round of investment in the company,” said Subrata Mitra, partner at Accel.
With expansion to international markets, Cure.fit has become the first Indian brand in its segment to raise additional funding to scale overseas business.
Investors in Series D funding round include existing investors – Accel Partners, Kalaari Capital, Chiratae Ventures (formerly IDG Ventures) and Oaktree Capital, along with new investors – Epiq Capital, Unilever Ventures, Innoven Capital, Kotak Mahindra Bank, Kris Gopalkrishnan Family Office and Bruno Rachelle Family Office.