Healthcare startup CureFit is in advanced talks to raise around $30 million of fresh funding to expand its fitness brand Cult, enter new markets and launch other health related services, Mint reported recently.
The existing partners of CureFit- Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT fund are all likely to put in money as part of the new round, which may also see at least one new investor come in, the people said. CureFit’s valuation may exceed $100 million, though final terms are yet to be decided, they added.
The majority of the capital will be going towards the opening of Cult fitness centres. CureFit is currently operating through Bengaluru, and is planning to enter Gurgaon in the next quarter and expand its food delivery network. The company will also introduce health-related services to complement its fitness and food offerings, they said.
Its $15 million fund raising in July 2016 from venture Kalaari Capital, Accel and IDG was one of the largest early rounds of funding ever by an Indian start-up. This month, CureFit raised roughly Rs2.2 crore from Trifecta Capital and Pratithi Investment Trust, the family office of Infosys Ltd co-founder Kris Gopalakrishnan.
The large amount of capital has driven one of the most aggressive launches by a start-up. Last month, CureFit bought Bengaluru-based yoga centre brand a1000yoga to expand its mental wellness offering—its third acquisition after Cult and Tribe, another offline fitness centre.