Anand Piramal, Kris Gopalakrishnan, Accel Partners, others pouring $74 million in Mukesh Bansal’s CureFit

By: |
May 06, 2019 5:51 PM

Myntra founder Mukesh Bansal's health and fitness startup CureFit is closing its Series D1 funding round worth $74.4 million from a clutch of investors involving corporates, trusts, individuals, venture capital funds, and alternative investment funds.

The funding comes through the issuance of 2,34,17,778 Series D1 compulsorily convertible cumulative preference shares and 4,09,201 equity shares.

Myntra founder Mukesh Bansal’s health and fitness startup CureFit is closing its Series D1 funding round worth $74.4 million from a clutch of investors involving corporates, trusts, individuals, venture capital funds, and alternative investment funds in “view of the expansion and growth of the company.”

CureFit is closing the current round from 16 investors including Kalaari Capital, Epiq Capital, Chiratae Ventures, Infosys co-founder Kris Gopalakrishnan’s family office Pratithi Investment Trust, Piramal Group Executive Director Anand Piramal’s Anand Piramal Trust and others, showed regulatory filings sourced by business signals platform Paper.vc

The funding comes through the issuance of 2,34,17,778 Series D1 compulsorily convertible cumulative preference shares and 4,09,201 equity shares.

CureFit has also proposed to increase its authorised share capital from Rs 33 crore to Rs 34 crore to “facilitate the issuance of shares” since the “existing authorized share capital is not sufficient to accommodate such issuance,” the filing said.

CureFit’s current round suggests that the company would be raising multiple sub-rounds under its Series D round.

CureFit currently has 33 shareholders with Mukesh Bansal (18.84 per cent), its co-founder Ankit Nagori (10.76 per cent), Kalaari Capital Partners III (9.26 per cent), IDG Ventures India Fund III (7.44 per cent), and Accel Growth IV Holdings Mauritius (6.98 per cent) among top five shareholders apart from ESOP pool of 8.12 per cent.

Post-fundraising, Anand Piramal’s trust and Kris Gopalakrishnan’s family office would have 0.2 per cent and 3.38 per cent of the shareholding of the company on a fully diluted basis.

Ratan Tata holds 0.67 per cent of CureFit while Flipkart’s Kalyan Krishnamurthy, former Myntra head Ananth Narayanan, and Flipkart’s co-founder Binny Bansal have 0.10 per cent, 0.10 per cent, and 0.49 per cent stake respectively.

CureFit’s net revenue reportedly stood at Rs 24 crore for FY18, up from Rs 3.1 crore in FY17 even as its net loss widened from Rs 18 crore in FY17 to Rs 96.8 crore in the previous fiscal.

In April this year, the company had launched an incubator for startups in “healthy food and snacks” segment and would be investing $5 million in eight-10 startups in the coming two years.

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