CureFit Healthcare raised $120 million in the Series C funding round led by existing investors IDG Ventures, Accel Partners and Kalaari Capital. The funds will be used to accelerate the expansion of its fitness chain, food brand and clinics. This is the biggest ever fund raise by an healthcare start-up in India.
Cure.Fit plans to use the fresh funds to strengthen its technology platform by offering AI- driven health planning, create its own fitness devices, and also to expand to newer markets over the next 12-15 months.
The offline footprint will expand to 1,000 centres from 80 centres within three years. By 2022, Cult, the non-equipment fitness chain, will have 500 centres, with the rest comprising its food brand Eat.fit, clinic chain Care.fit and yoga and meditation chain Mind.fit.
Founded in April 2016, by Mukesh Bansal and Ankit Nagori, CureFit has now raised $175 million in equity and debt. Other healthcare startups such include Practo and 1MG have taken different approaches toward tapping increasing demand for health products and services.
The company plans to transform health and fitness from a need-based category to a very cool category by convincing people that being healthy is the best thing to do. This effort will need a a lot of events, marketing and content.