Cure.fit raises $120 million in a series D round of funding

• Indian health startup cure.fit has raised $120 million in a series D round.
• In May, Business Insider reported that cure.fit had raised $75 million in the first tranche of the round.
• Cure.fit now plans to take up its centres from 180 to 800 in India and Dubai.

Indian health and fitness startup cure.fit has raised $120 million in a Series D round of funding. In May 2019, a paper.vc report said that the startup raised $75 million in the first tranche of the series D round.

Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori. It has fitness centres under the Cultfit brand and a health app called Curefit. It also has diagnostic centres called Carefit and yoga and meditation centres called mindfit.

"Leveraging deep tech and strong on-ground network, we aspire to service over 100 million consumers over the next 10 years," said Bansal.

In three years, the startup registered 4 lakh users for curefit, with 180 centres across Bengaluru, Delhi NCR, Mumbai and Hyderabad. All these provide an annual revenue of $100 million. The company now plans to grow to 800 centres by 2020.

The startup has also expanded its operations to Dubai.

This recent round was led by Chiratae Ventures, Accel Partners, Kalaari Capital & Oaktree Capital, while new investors like Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank too chipped in.

Curefit’s reported valuation is pegged at $500 million, after the latest fundraising.

Earlier, the startup also raised funding from Bollywood actor Hrithik Roshan, who is also the brand ambassador since 2017. Roshan had reportedly invested $14.63 million into the startup.

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Three-year old Curefit clocks in $100 mn in revenue and over $245 mn in total funding