Thu. Mar 28th, 2024

Curefit, a Bangalore-based healthcare startup founded by Mukesh Bansal and Ankit Nagori last year, is reportedly in advance talks with investors to raise around Rs 160 crore to Rs 192 crore in a new funding round.

Along with existing investors of the company — Accel Partners, IDG Ventures, Kalaari Capital, UC-RNT Fund, the round may also witness entry of new investors.

With the new funding round, the valuation of the startup may surpass Rs 640 crore ($100 million). The company will use the funding to enter new markets, as well as to launch new health-related services. However, it will spend a significant amount for Cult Fitness Centres.

At present, the company is only operating in Bangalore, but the could change very soon. It is reportedly gearing up to enter Gurgaon next quarter and expand its food delivery network. It is also on a path to introduce new health-related services, which as per the reports, will complement its fitness and food offerings.

CureFit, launched by Mukesh Bansal and Ankit Nagori, former executives at Flipkart, have been aggressively expanding the business. Founded last year, the company has already raised more than Rs 115 crore in two funding rounds, and has acquired 3 startups so far — Tribe Fitness Club, Kristys Kitchen, and a1000yoga.

Earlier this month, the company raised approximately Rs 2.2 crore from Trifecta Capital and Pratithi Investment Trust — the family office of Kris Gopalakrishnan. Previously, it raised Rs 97 crores ($15 million) in July last year, followed by Rs 20 crores ($3 million) in May this year.

CureFit aims to become a one-stop fitness hub for customers, and has built its business around Cult fitness brand, which offers non-equipment fitness activities such as Zumba and martial arts.

The company is planning to have at least 30 Cult fitness centres by the end of the year and as many as 500 centres over the next five years. Currently, it operates around 15 Cult outlets, which is located in Bengaluru.

The startup recently made headlines when it signed Bollywood star Hrithik Roshan as its brand ambassador, in a deal that is worth Rs 100 crore. The deal is said to be one of the largest in Indian startup ecosystem.

By Jeet