Health and fitness startup CureFit has raised $25 Mn in its series B round of funding. Existing investors including Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT fund – a joint venture between Ratan Tata’s RNT Associates and the University of California have participated in this round, the company said in a statement.
So far CureFit has secured a total funding of $45 Mn which includes a $15 Mn in Series A round from Kalaari Capital, Accel Partners, and IDG Ventures. In May 2017, the startup had raised another $3 Mn from angel investors and UC-RNT fund. As per the media report, both the CureFit’s founders, who had earlier invested $5 million into the company, also put in additional funds in this series B round.
Bangalore-based CureFit was founded by former Myntra and Flipkart executives Mukesh Bansal and Ankit Nagori in March 2016. The startup currently offers health and fitness solutions through three verticals – CultFit, EatFit and MindFit via online and offline channels. While MindFit provides mindful yoga and meditation audios, EatFit allows users to book subscription for healthy meals delivery vertical and CultFit is a chain of fitness centres offering group workout formats, like DIY workout videos to exercise at home.
CureFit has been expanding its offerings from the last one year and acquired 4 startups which include CULT, Tribe, Seraniti Fitness and a1000yoga. These acquisitions are aligned with the business verticals that the startup operates in.
In August 2016, the startup took over Bengaluru-based CULT as well as Tribe Fitness to accelerate its vertical Cult.fit. Earlier this year in January, it acquired mental health firm Seraniti followed by another acquisition of Kristys Kitchen to bolster its subscription-based handcrafted, nutritive food delivery vertical Eat.fit.
Most recently, the fitness startup took over Bengaluru-based yoga studio a1000yoga to strengthen the mindful yoga and meditation vertical.
Apart from the acquisition, the startup also signed on Hrithik Roshan as its brand ambassador. As a part of the association, CureFit also offers HRX workouts under Cult.fit.
Commenting on the startup development Mukesh Bansal, founder of CureFit said, “We aim to transform the health space in India and build a truly customer-centric health platform. We are building an integrated platform that makes it super easy for consumers to follow healthy lifestyle across fitness, food, mental health and preventive care. We have got a phenomenal response to CULT, Eat.Fit & Mind.Fit within the first year of operations.”
The startup will use the newly raised capital to enhance technology platform as well as company’s geographical footprint in the country to scale-up its business verticals. The company is to set up shop in Gurgaon by the end of this year and expand to two other cities in 2018.