Cult.fit’s parent company Curefit is the 36th unicorn in town
Zomatoalso invested $50 million in Magicpin and $75 million in Shiprocket.
- Curefit’s deal with Zomato is two way though, it sold its Fitso business to
Curefitfor $50 million.
- Zomato and Curefit will explore cross selling opportunities between their platforms.
AdvertisementHealth and wellness startup Curefit is the 36th startup to enter the unicorn club, after raising $50 million in cash from food delivery app Zomato. The total deal size is $100 million.
A unicorn, in startup parlance, is a company valued at or over a billion dollars. Curefit breached this mark with the latest round and is now valued at $1.5 billion.
Zomato also invested $50 million in Magicpin for a 16% stake and $75 million in Shiprocket for a 8% stake. Prior to this, the company invested $100 million in Grofers.
Business Insider reached out to Zomato and Curefit, seeking confirmation about the valuation. Curefit declined to comment.
Curefit’s deal with Zomato is two way though.
Zomato sold sports facilities provider Fitso — which it acquired for $10 million (₹80 crore) in January this year — to Curefit for $50 million. Separately, the publicly listed company also invested an additional $50 million cash in Curefit.
The $50 million in Curefit will give Zomato a 6.4% stake in Curefit, which is worth $100 million, the company’s Chief Executive Deepinder Goyal said in a blog post released on November 10.
“This will help us potentially explore cross-selling benefits between Zomato and Curefit, as we see food and health becoming the same side of the coin in the long term," Goyal added.
Curefit is a holistic health and wellness platform that offers fitness centers, fitness classes online, doctors consultations, therapy sessions, and more. The company was founded in 2016 by Myntra’s founder Mukesh Bansal and Flipkart’s former chief business officer Ankit Nagori.
The company has raised close to $500 million, as per business insights platform Crunchbase.
AdvertisementCurefit raised $75 million from Tata Digital in June this year. Bansal also joined Tata Digital as its president post this funding.
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