This Hugely Funded Indian Healthcare Startup Raises Over $50 Million in 4 Months
UPDATE: Health and fitness startup, Curefit has raised $41.8 million in a new funding round led by new investors Binny Bansal (Cofounder, Flipkart) and Ananth Narayanan (CEO, Myntra). In January, the company had raised $10 million in debt-financing round led by HDFC Bank and Axis Bank.
Last year, Curefit raised $25 million in a Series B funding round. The existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund participated in the round.
In the last few years, Indian health tech startups have gained lots of attention and investments. The lack of a sufficient number of healthcare professionals in proportion to the growing population has paved the way for health tech startups in India. They make the healthcare readily available and comparatively less expensive for the patients.
Apart from the big names Practo and Portea in the Indian healthcare startup spaces, many have been able to gain a firm foothold in the recent times and that too in a quite less time.
One among them is the health and wellness startup, CureFit which has been in the news since its foundation in 2016.
Let us see what the company has achieved in this small time frame.
#May 2017: CureFit Raised Second Funding from Ratan Tata and Silicon Valley Angels
Former Myntra co-founder Mukesh Bansal and ex-Flipkart Executive Ankit Nagori’s startup CureFit raised $3 million from Tata Sons Chairman Ratan Tata’s UC RNT Fund and angel investors from Silicon Valley.
Till now, the company has raised an impressive amount of $18 million in total.
#May 2017: Launched an App to Offer Integrated Health and Wellbeing Platform
The startup launched an app that can provide three services. Cult.fit for physical fitness would allow watching fitness workouts. Eat.fit would help to have nutritional recipes and guidance regarding calorie intakes and healthy eating. Mind.fit focuses on providing mental relief from stress and anxiety to the consumers by providing them meditation techniques.
#March 2017: CureFit Acquired Kristys Kitchen
CureFit acquired online health food company, Kristys Kitchen for an undisclosed amount of cash and stock deals. Kristys Kitchen was founded in 2016 by Cristina Maiorescu, Cedric Carvalho and Sumit Sinha.
#March 2017: Hrithik Roshan’s New HRX Workout for CureFit Consumers
CureFit managed to launch the Hrithik Roshan’s new HRX workout together. The workout will be available for all the consumers of CureFit-acquired fitness startup, Cult across all its 10 centres in Bangalore.
The workout is designed to provide the users the ideal fitness level within the time they could give for exercise.
#February 2017: CureFit Acquired Tribe Fitness Club
CureFit acquired Bangalore-based Tribe Fitness operators Gyms, and fitness studios along with specialized fitness programs like cross fit training, Yoga, Zumba, among others. CureFit bought a majority stake in Tribe Fitness Club. The company was founded in June 2016 by Shwetambari Shetty.
#August 2016: CureFit Acquired Cult
CureFit aims to provide an all-round solution to its consumer for better health management and to provide a better quality of life by reducing the chance of falling sick and decreasing the risk of various chronic diseases.
CureFit acquired majority stakes in the Bangalore-based Fitness startup Cult. CurFit invested INR 20 crore ($3 million) in the Cult.
Cult’s offline centres provide fitness regimes without equipment that comprises strength and conditioning, spinning, boxing, mixed martial arts, Zumba and yoga in groups. Currently, there are 10 Cult fitness centres, and the company plans to expand further out of Bangalore. The startup aims to reach 10 million customers in the next five years.
#July 2016: CureFit Received First Funding
CureFit raised $15 million from Accel Partners, IDG Ventures, and Kalaari Capital. The company aims to develop technology and data driven innovative products to help the consumers manage their health actively.
Editor’s Note: The article was originally published on 9, May 2017 and has been updated to include the latest information.