21 Mar 2020
Cure.fit raises Rs 832 Crore fresh round led by Temasek

    Healthcare and wellness startup Curefit, cofounded by Myntra co-founder Mukesh Bansal, has raised Rs 832 crore in a new round of funding led by Singapore's state investment firm Temasek with other new investors like consumer goods maker Unilever's investment arm and private equity firm Ascent Capital.

    According to regulatory filings, Cure.fit has allotted 3,17,53,993 Series D2 compulsorily convertible preference shares (CCPS) to a dozen investors. Temasek invested Rs 540 crore while Accel and Chiratae have put in 106.98 crore and 14.26 crore.

    The deal would value the company close to Rs 4,300 crore, a premium of about 15% to its previous round of funding which valued the company at over Rs 3,700 crore, according to filings from ministry of corporate affairs

    In April 2019, Cure.fit had secured a $120 million Series D round across two tranches. It raised $75 million in April and $45 million later in June. The company was valued in the range of $550-575 million at that time.

     Cure.fit has introduced multiple services in a bid to become a super-app centered around better health. Starting with gyms in 2015, the company expanded to Eat.fit for healthy eating, Mind.fit for yoga and mental wellness and Care.fit for primary healthcare.

    In its core business, Cure.fit’s revenue grew 7.3X to Rs 181 crore in FY19 from Rs 24.7 crore in FY18. Its losses also jumped four folds to Rs 373.5 crore in FY19 from Rs 95.4 crore in FY18. Almost 70% of its operating revenues around Rs 124.5 crore were generated by offering fitness and healthcare services while the sale of food surged over 10X to Rs 55.2 crore in the last fiscal.

    CureFit's top competitors include MyFitnessPal, HealthifyMe, FitCircle, FitPass, Growfit & others.

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