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Apr, 16 2018

Flipkart’s Binny Bansal and Myntra’s Ananth Narayanan invest in CureFit

The round saw a new set of investors backing the firm including Flipkart co-founder Binny Bansal and Myntra-Jabong chief executive Ananth Narayanan.

Health and fitness platform CureFit has raised Rs 4.18 crore (about $611,121) in a fresh funding round, a media report said.

The round saw a new set of investors backing the firm including Flipkart co-founder Binny Bansal and Myntra-Jabong chief executive Ananth Narayanan, said the reports.

CureFit’s Operator, CureFit Healthcare Pvt. Ltd, was launched by Myntra co-founder Mukesh Bansal and former Flipkart executive Ankit Nagori, aims to address preventive healthcare through a combination of engagement, coaching, and delivery, using both online and offline channels.

It has three verticals: Cult.fit, Eat.fit, and Mind.fit. Fitness chain Cult.fit’s offline centres offer equipment-less workout solutions, including strength and conditioning, spinning, boxing, mixed martial arts, Zumba, and yoga.

Eat.fit is a subscription-based food delivery vertical, while Mind.fit focuses on yoga and meditation.

CureFit last raised funds in August 2017, when it secured $25 million in a Series B round from existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund, a joint venture between Ratan Tata’s RNT Associates and University of California. Three months before that, the startup had secured $3 million (Rs 19.2 crore) in a fresh round of funding from UC-RNT Fund.

Accel Partners, IDG Ventures and Kalaari Capital had pumped $15 million into CureFit in July 2016.

The company posted net sales of Rs 3 crore in the financial year 2016-17 but its losses were six times that amount, filings with the Registrar of Companies (RoC) show. According to VCCEdge, the data research platform of News Corp VCCircle, CureFit recorded losses of Rs 17.98 crore in 2016-17. CureFit’s total expenditure stood at Rs 21.87 crore.

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