CureFit raises US$110M in Second Series D Funding Round Led by Temasek

CureFit valuation likely to cross US$800 million

Health and Fitness startup CureFit raised US$110 million in its second Series D funding round led by Singapore-based Temasek Holdings, which invested approximately $71.8 million of the total. Existing investors Accel Partners invested $14.2 million, while Chiratae Ventures and Unilever Swiss Holdings invested $1.8 million and $2.8 million, respectively.

The investment comes after talks with SoftBank fell through due to its ongoing liquidity crisis and subsequent scramble to sell assets in the wake of COVID-19 and co-working brand WeWork’s fall from grace.

The Bengaluru, India-based startup was valued at $575 million in June 2019, after receiving total investments of $120 million in its first Series D funding round. With the latest infusion of funds, CureFit’s valuation is expected to cross $800 million. Including the latest round, CureFit’s total funding amount stands at approximately $404.6 million.

Founded by Myntra Co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori in 2016, CureFit started out with gyms across India under the brand name CultFit. It later expanded to provide healthy food options under the brand name EatFit, and mental fitness under MindFit. CureFit currently has 180 fitness centers under CultFit, 35 centers under MindFit and claims to deliver more than 35,000 orders under EatFit.

CureFit is aiming to broaden its scope of business further, to include groceries under its WholeFit brand and add dental and skincare services to its healthcare brand CareFit.

“There is significant cross-category purchase which is happening, and in well-penetrated markets it’s up to 40%,” CureFit Co-founder and CEO Bansal said in an interview last year. “In a couple of years, when we have all categories live in most cities, we will be able to launch overarching subscriptions and digital tools to track health goals,” he added.

In FY2018, CureFit reported a total revenue of $4.6 million with more than $13 million in losses. In FY2019, CureFit’s revenue grew almost 5 times to $24 million while losses grew to $49.6 million.

Singapore’s state investment arm Temasek has been investing aggressively in India, with almost a billion dollars invested annually over the past five years. Its India portfolio value was $10 billion in FY2018, and grew to $11 billion as of March 31, 2019. This is Temasek’s first investment into an Indian startup this year; Temasek’s last investment in an Indian startup was in November, 2019 when it led the Series D funding round of PharmEasy.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

4 Business Sectors Reaping Profit from FIFA World Cup 2022

4 Business Sectors Reaping Sweet Profit from FIFA World Cup Qatar 2022

The 2022 FIFA World Cup 2022 in Qatar will generate roughly US$6.5 billion in revenue, topping the previous record of US$5.4 billion from the 2018 World Cup in Russia. Thanks to the once-in-four-year tournament, Qatar’s GDP is estimated to grow by 4.1% in 2022, and the tournament alone could add up to US$20 billion to Qatar’s economy.

Transparency in the Post FTX World What is Proof of Reserve

Transparency in the Post FTX World: What is Proof of Reserve?

In November this year, two big league crypto businesses, FTX and BlockFi, filed for bankruptcy. FTX had a death spiral after news broke out that the Sam Bankman-Fried-owned exchange had used customer funds to make risky bets through his hedge fund Alameda Research. On the other hand, FTX was closely associated with BlockFi, with them having signed a loan agreement with each other and BlockFi holding US$355 million in digital assets on FTX.

How Do Recommendation Engines Work

How Do Recommendation Engines Work?

Picture this: You just finished a film on Netflix and want to follow it up with something similar. Luckily, Netflix comes to the rescue and gives you the perfect suggestions to continue your weekend movie binge. This isn’t just a hypothetical scenario but something a lot of people actually go through.

Quantum Computing Has a Cybersecurity Problem. Here’s How Experts Are Solving It

Quantum Computing Has a Cybersecurity Problem. Here’s How Experts Are Solving It

In 2019, Google used its quantum computer, the Sycamore machine, to prove that quantum computers can solve a problem in mere minutes. Experts working on the quantum computer found that their system could execute a calculation in 200 seconds, whereas a standard computer would take 10,000 years to complete. What on earth is this powerful tool?

Here Are Some Alternative Sites People Are Jumping To

Musk May Have Killed Twitter: Here Are Some Alternative Sites People Are Jumping To

Ever since Elon Musk purchased the social networking site Twitter for US$40 billion, things haven’t been looking too good for the company’s future. Not only did Musk fire over 50% of the employees soon after stepping on board as the new chief executive officer, but he also intends to allow maximum freedom of speech. This can end up making Twitter a cesspool of racism and misogyny, as well as other forms of hate speech.

How Do Venture Capitalists Choose Which Project to Invest In?

How Do Venture Capitalists Choose Which Project to Invest In?

For those in the entrepreneurial space, raising funds can be very challenging. Not only is it difficult to find the right investor for your startup, but it is also hard to convince said investor to put money into your venture. With over 75% of venture-backed companies failing, the venture capitalist (VC) you approach is taking a serious risk when putting their money into your startup.