The Bengaluru based health and fitness startup CureFit has lapped up $25 million (Rs 160 crore) in series B funding from its existing investors, according to the statement issued by the company. The existing investors include Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund. Almost one week earlier, various reports in media had suggested that Curefit is looking to raise fresh funds in the range of $25 to 30 mn.
Curefit plans to use fresh funds to expand its geographical footprints, including the plan to start its cult fitness center in Gurgoan by October this year. The startup has also lined up other potential cities for expanding its cult fitness center. Additionally, both co-founders (Mukesh Bansal & Ankit Nagori) have informed the media that they soon plan to launch new product around medical checkups and primary healthcare by early 2018.
The startup, which currently offers services only in Bengaluru city, provide healthcare services via an app through three verticals: eat.fit, cult.fit and mind.fit. Through these three verticals, it claims to offer a comprehensive & healthy lifestyle and habits for its customers.
While most startups struggle to get adequate representation in the media, Curefit has hogged lot of media limelight ever since its inception in March last year. The reason behind this hype is its two co-founders Bansal and Nagori, who are established veterans in the e-commerce industry. Bansal was former CEO and co-founder of fashion e-tailer Myntra, while Nagori was one of the senior most leaders in Flipkart.
With established names like Bansal and Nagori at its helm, Curefit obviously faced no problems in getting funds from investors. In fact, the Bengaluru startup is apparently one of the well-funded startups in the Indian startup eco system. Its $15 million fund raising in July 2016 is widely hailed as the largest seed funding received by an Indian startup. The company has so far managed to raise $45 – $50 million through various fund raising rounds.
Buoyed by good cash reserves, Curefit hasn’t shied from taking some bold decisions, including the recent move to sign 100 crore brand endorsement deal with Bollywood superstar Hrithik Roshan. The deal has already been touted as the largest endorsement deal by an Indian startup. The company has also used its deep cash reserves for acquisition purposes, with so far three companies being acquired including the acquisition of Yoga center 1000yoga.
However, some critics have casted apprehension over Curefit’s penchant for huge spending. They fear that this one year old startup may suffer due to deep cash burn sooner or later, a fate that many of the high profile startups have suffered in the past.
However, Curefit’s co-founders have brushed aside these criticisms, claiming that its business is backed by a robust business model that has already boosted its revenue. In fact, Bansal told in a latest media interview that his firm is all set to clock $1 million in monthly revenue by the next quarter.