Bangalore-based health and fitness start-up Cure.fit, founded by ex Flipkart executives Ankit Nagori and Mukesh Bansal, on Monday announced that it has raised USD 120 million in Series C funding.
The round was led by IDG Ventures, Accel Partners and Kalaari Capital and also saw participation from Chiratae Ventures and Oaktree Capital. With the fresh investment the company plans to strengthen its technology platform, invest in national branding and expand its geographical footprint.
The company’s flagship products include Cult.Fit, Eat.Fit, Mind.Fit and Care.fit. The startup has raised a total of USD 174.6 million since its inception in 2016.
Among the products, Cult.fit centres provide a variety of trainer-driven group workouts, Eat.fit delivers healthy food in a subscription-based model, Mind.fit is a combination of yoga, meditation and therapy to help solve mental health issues like stress, anxiety, sleep disorders etc. The Cure.fit app is available on Android and IoS to manage its subsidiary services.
Eat.fit is serving over 10K meals per day at present and Care.fit is the latest offering enabling primary care and health check-ups for proactive health management.
Speaking on the occasion Mukesh Bansal said, "Health is over USD 100 billion category in India and is ready for new tech driven approach for much better consumer experience. With very high health awareness and rapid technology adoption among consumers, Cure.fit has a unique opportunity to become the go-to destination for all health needs for India. Leveraging deep tech and strong on-ground network we aspire to service over 100 million consumers over next 10 years.”
Cure.fit claims to be building the world's first integrated health platform that brings together all aspects of healthy lifestyle on one platform. With presence in Bengaluru, Delhi-NCR region, and the recent foray in Hyderabad, Cure.fit has over 100K active subscribers across various offerings with strong cross usage between services.
The healthtech startup has over 75 Cult and Mind centres and aims expand to 500 centres in the next 3 years. Ankit Nagori, added, "Customers love Cure.fit products and services. With NPS of 65, we are among the highest rated consumer offerings in India. We have cracked the model to scale profitably with our robust unit economics. Our focus now is to further our reach and deliver a more holistic customer experience.”
With healthcare estimated to become a massive consumer mega-trend in the next decade, Cure.fit products are poised to take advantage of the good times coming. "With rapid increase in lifestyle diseases and health awareness in India, Cure.fit offering is timed to perfection. This (healthcare) is going to be among the largest consumer category and Cure.fit has already established significant lead in this space" said Sudhir Sethi, Founder and Chairman of IDG ventures and Chiratae Ventures.
Subrata Mitra, partner at Accel and a board member added "Cure.fit has assembled one of the best start-up teams in India and the level of execution in just first two years is unprecedented. We are backing Cure.fit to be a pioneering global product company."
"The level of quality obsession and drive to deliver outstanding customer experience everyday is what makes Curefit a truly customer centric company which is what makes Customers love Curefit offerings," added Vani Kola, Managing Director at Kalaari Capital.