Health and fitness startup CureFit is likely to pick up USD 75 million in a funding round led by Accel Growth and Chiratae Ventures, sources aware of the deal told Economic Times. The transaction is expected to value the firm at about USD 500 million.
CureFit plans to expand to 50 cities in a year. The fundraise could extend to become a larger Series-D infusion of USD 125-150 million this year with the participation of new investors, sources told ET.
Mukesh Bansal, co-founder of Myntra along with former Flipkart top executive Ankit Nagori launched CureFit three years ago. Till date, it has raised USD 170 million from investors including Accel Partners, Kalaari Capital, Chiratae Ventures and Ratan Tata, among others.
It is building an integrated health and fitness platform through numerous service offerings, including a chain of fitness centres under the brand CultFit, a healthy food delivery platform under EatFit, healthcare clinics under CareFit and an online mental wellness platform branded as MindFit.
CureFit launched an incubator last Friday for healthy packaged food companies, and said it will invest USD 5 million (over Rs 34 crore) in 10 such firms in the next two years. CureFit would support these companies in advanced health and nutrition research, consumer insights, branding and positioning, and go-to-market strategy. It also acquired cold-pressed juice brand Rejoov for an undisclosed amount recently.
It is gearing up to open its first fitness centre in Dubai by mid-2019. In India, it has 100 centres across seven cities. It plans to open 150 new centres across 10 cities by the end of 2019.
The sports, fitness, and wellness industry in India is poised to be a USD 90 billion industry by 2022, up from USD 35 billion in 2016, growing with a CAGR (compound annual growth rate) of 17%.