Curefit stands out among all health and fitness startups for its ability to raise uninterrupted funds from high-profile investors. With having already raised nearly $175 Mn through equity and debt, now the Bengaluru based firm is once again looking to raise fresh funds. Economic times report claims that the fitness startup is closing on a $75 Mn funding round led by Accel Growth and Chiratae Ventures.
Report further claims that this funding may be a part of much larger round with an aim to raise nearly $125-150 million in the ensuing months. The fresh fund round is likely to capitulate company’s market valuation to $500 Mn. The company management is more forthcoming about raising funds from new than existing investors, sources claim.
The health and fitness startup had last raised funds in January, raising $120 Mn as part of the series C round.
Curefit was started three years back by Myntra cofounder Mukesh Bansal and former Flipkart top executive Ankit Nagori. The aim was to offer holistic health services through online as well as offline services. As part of its holistic services, it operates chain of fitness centres under the CultFit brand, online food delivery platform EatFit and mental wellness platform MindFit. It also recently started healthcare clinics called CareFit.
Curefit is looking to cash on growing health consciousness among the millennials and urban masses. Increasing income disposal coupled with exposure augmented by the exposure of media and social media is pushing urban folks towards healthy lifestyle, analysts claim. But analysts have raised concerns over whether the company is burning the cash at faster rate.
The company’s rapid expansion, series of acquisitions and enduring expense of costly brand ambassador deal with one of leading stars is making several analysts skeptical. However, both bansal and nagori have time and again have quashed these concerns by exuding confidence about company’s future prospects.