SoftBank Vision Fund in talks to invest in fitness startup CureFit

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Japan-based SoftBank Vision Fund is, reportedly, planning to put over $200 million in healthcare and wellness startup CureFit, according to ET. If the deal goes through will surge the startup’s valuation to the unicorn status, that is above $1 billion.

While, the talks between the two are still at an early stage and the parties have not agreed on the total size of the capital-raise, said a source. However, the plan for the round of funding is to take CureFit global, added the source.

CureFit was founded in 2016 by Mukesh Bansal, who sold Myntra for over $300 million to Flipkart in 2014.

The company started with fitness chain Cult.Fit and then also expanded into food delivery platform Eat.Fit, diagnostic services unit Care.Fit and wellness unit Mind.Fit.

Besides, the development also comes at a time when SoftBank has backed baby and kids retailer FirstCry and is in advanced talks to invest $350 million in eyewear brand Lenskart.

Whereas, Japan-based Soft Bank Group, is known for its leadership by founder Masayoshi Son. It, now, owns operations in broadband, fixed-line telecommunications, e-commerce, internet, technology services, finance, media and marketing, semiconductor design, and other businesses.

Earlier, the Gurugram-based startup had stated that it has plans to expand into global markets, starting with Dubai. While, CureFit has opened 130 Cult.Fit centres across Bengaluru, Mumbai, Delhi NCR and Hyderabad. It plans to increase this to 250 across 10 cities by the end of 2019.

The fitness startup’s major fund backers include Accel Partners, Kalaari Capital and Chiratae Ventures.

Furthermore, some front players in the fitness and healthcare startup category includes Diet Clinic, FitFlea, FitPass, MobieFit Technologies, PlaynLive, Squats, Zyego, and others.

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