A popular healthcare start-up, CureFit, recently raised $120 million in a series C round of funding that was led by investors – Accel Partners, Kalaari Capital, and IDG Ventures. Oaktree Capital, Accel Partners US, and Chiratae Ventures also participated in the funding round.
CureFit, since April 2016 has raised a total of $175 million. The company requires big money in order to make a significant mark in the industry and create a separate category for health tech.
The company, CureFit Healthcare Pvt. Ltd., caters to various needs of people such as physical fitness through Cult.fit, healthcare solutions through Care.fit, healthy diets through Eat.fit, and mental wellbeing through Mind.fit.
The company plans to invest the capital raised in the series C funding round to develop their technology and; focus on Artificial Intelligence in health planning. The funds will also be used to expand their markets in South-east and West Asian countries. CureFit also wishes to buy companies, create tech products, and offer products like weighing scales, glucometers, and fitness wearables. Further, the fresh capital will be utilised to enlarge its offline reach to 1,000 centres. The company currently has 80 centres. The company stated that by 2022, the fitness vertical – Cult, will have 500 centres and the rest – Care.fit, Eat.fit, and Mind.fit will have 500 centres collectively.
CureFit Healthcare is based in Bengaluru and was started by Mukesh Bansal and Ankit Nagori. While Mukesh Bansal was the Chief Business Officer, Ankit Nagori was the Head of Commerce at Flipkart.
Source: LiveMint and Your Story