By Monika Ghosh and Sharon Lewis This article is the last of a four-part Tech’s Year in Review series reviewing developments across industries in 2020. It discusses the world of healthtech and biotech, foodtech and agritech, and sustainability. This article is the last of a four-part [...]
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.