In its never-ending fundraising spree, CureFit has just concluded a $120 million funding round. The round saw the infusion of equity as well as debt and was led by existing investors including Chiratae Ventures, Accel Partners, Kalaari Capital and Oaktree Capital.
The round also paved way for new investors like Unilever Ventures, Epiq Capital, Innoven Capital and Kotak Mahindra Bank. Company’s market valuation now stands at more than $575 million following the latest fundraising round.
CureFit had raised $75 Mn at market valuation of nearly $500 Mn nearly a month ago. These two back-to-back fundraising activities clearly demonstrate the Bengaluru based company’s aggressive fundraising ability. A feet that probably today no health and fitness startup can even come close to emulating it.
Rumors are also abound that Japanese tech giant SoftBank is in talks to pump $200- 350 Mn in CureFit. Unconfirmed reports also claim that the company was also courting Goldman Sachs for fresh investment but the talks have apparently fallen apart.
The company is evidently pursuing for fresh rounds for its international expansion. As part of this expansion program, the Bengaluru headquartered company announced the launch of Cult.fit center in Dubai barely 24 hours ago. This is company’s first foreign venture as it plans to add 10 more Cult.fit centers across Dubai by the end of 2019.
CureFit claims to earn annual revenue of more than $100 million through its four main verticals: Cult.Fit, Eat.Fit, Mind.Fit, and Care.Fit. With these verticals, the two year old firm is trying to create holistic health and fitness solution for the urban residents. For instance, Cult.Fit centers that are spread across India purely focuses on building physical health while Mind.Fit is purely concerned with controlling stress and enhancing mental peace.
Industry expert claims that growing health awareness among Indian cosmopolitan residents has helped CureFit in achieving significant traction during the last two years.