Bangalore-based healthcare startup Curefit has secured Rs 4.18 crore funding from Flipkart co-founder Binny Bansal and Myntra-Jabong CEO Ananth Narayanan, as per data-intelligence platform Paper.vc.
These funds add to nearly US $45 million that the company has already raised in funding since it was established in 2016.
The company was founded by Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori. In January this year, it had also raised about $10 million through debt financing, largely from HDFC Bank and Axis Bank. The company’s co-founders had then said that they planned to raise more funds for capital expenditure.
Curefit has mostly focused on Bengaluru market till date, but is planning to expand to 6-8 other cities in India.
The startup currently offers health and fitness solutions through three verticals – CultFit, EatFit and MindFit through 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.
Funding and investment
In 2017, Curefit raised $25 million from investors Accel Partners, Kalaari Capital, IDG Ventures and UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. In 2016, the startup had raised $15 million from Accel Partners.
Last year Curefit also acquired a majority stake in Tribe Fitness Club, Gyms, which operated fitness studios along with specialized fitness programs like cross fit training, Yoga, Zumba, among others. In 2016, the company also invested $3 million into fitness company Cult for a majority stake. Cult is now one of the key verticals of Curefit.
Competition
Health-tech is a densely populated sector for startups in India, so Curefit competes with players such as HealthifyMe, Fitcircle, Grow Fit , Fitpass, Gympik , Fitternity. In February, Healthifyme raised $12 million in a Series B round of funding led by Sistema Asia Fund, with participation from Silicon Valley-based Samsung NEXT, Singapore’s Atlas Asset Management and Japan’s Dream Incubator. Another digital health startup healthi raised funding of US $3.1 million led by Montane Ventures, a VC firm anchored by the Piramal Family Office, in the same month. In March, LiveHealth raised US $1.1 million from Nexus Venture Partners.
