The investment by Temasek into the fitness platform Cure.fit has been made as the former is looking to diversify its strategy and back more tech-driven startups.
As per the sources, post transaction, the valuation for Cure.fit will touch around $800 million, which is a surge from $575 million from past six months.
“Temasek is actively scouting for late stage technology investments in India and wants to cut cheques of at least $75 million. Cure.fit needs the capital to grow its food and diagnostics plays, and the deal is expected to close in 6-8 weeks,” said the first of the people cited above.
Cure.fit was founded by Mukesh Bansal and Ankit Nagori in 2016. The space CureFit claims to owns gyms under the CultFit brand, and offers a range of healthy food options under Eat.fit, mental wellness programmes through Mind.fit and diagnostic centres through Care.fit.
According to its LinkedIn page, Cure.fit, which is present in 16 Indian cities, primarily via its gym centres, aims to be a full-stack provider of health and fitness services.
Its eat.fit food services are already providing INR 10-15 crore a month in revenue, said the people cited above.
“We see more pension and sovereign investors looking at tech because their traditional investment areas such as infrastructure, real estate and financial services have shown sluggishness,” said Siddharth Shah, partner and law firm Khaitan and Co.
“Today, startups in India are showing the scale where they can absorb large amounts of capital, making it more attractive for these investors. Even earlier tech had attractive exit multiples, but today they also promise large exits in absolute amounts,” he added.