CureFit may acquire $75 million in a round led by Accel and Chiratae

BENGALURU: Health and fitness startup CureFit is close to picking up $75 million in a funding round led by Accel Growth and Chiratae Ventures, three people aware of the deal told ET. The transaction, when completed, is expected to value the firm at about $500 million, they said.

The fundraise may extend to become a larger Series-D infusion of $125-150 million later this year with the participation of new investors, the persons cited earlier said. CureFit, started three years ago by Myntra co-founder Mukesh Bansal and former Flipkart top executive Ankit Nagori, has offerings across health, wellness, food and e-commerce.

New initiatives include e-commerce, where the company will sell apparel, footwear line and packaged food under the CureFit and EatFit brand. The company also plans to launch health clinics and expand overseas besides entering another 10 Indian cities with its food and fitness centres.

ET’s email query to Bansal, Accel Growth and Chiratae Ventures remained unanswered till the press time on Sunday.

Till date, CureFit has raised $170 million from investors, including Accel Partners, Kalaari Capital, Chiratae Ventures and Ratan Tata, among others. Its service offerings include a chain of fitness centres under the CultFit brand, food-delivery platform EatFit, healthcare clinics called CareFit and an online mental wellness platform MindFit.

CureFit launched in 2016 in Bengaluru with its gym and fitness offering CultFit. It plans to expand to 50 cities in a year. In an interview with ET earlier, Nagori had said that a Cult centre typically has capacity for 1,000 members and at 400 members, it becomes operationally profitable.

“Our average members per centre is around 750, so the business is paying back its capital investment of Rs 75 lakh in about 12-15 months. As for food delivery, the company said its clocking 35,000 orders a day across NCR, Bengaluru and Hyderabad and plans to close the year with 1,00,000 orders a day,” he said.

“There’s a significant customer overlap between eat.fit and cult.fit. In geographies where both products are available, around 40% are consuming both,” Nagori said.