Anand Piramal, who is in charge of the realty business of the Piramals, along with existing backers like Accel Growth, Kalaari Capital and IDG Ventures India (now called Chiratae Ventures) have invested $75 million in healthcare startup Cure.fit at a valuation of over $500 million, according to company filing documents obtained through Paper.vc. This is as per a report in the Economic Times.
Anand Piramal Family Trust invested approximately Rs 75 lakh in the round. Accel Growth is leading the round with investment of over Rs 200 crore while IDG Ventures along with its limited partners has also invested over Rs 120 crore. Other investors in the round include Epiq Capital, Makan Family Trust and Hadley Family Trust.
This is the first tranche of the company’s ongoing series D round with lead investor Accel Growth pumping in around $30 million.
Cure.fit was founded in 2016 by Myntra co-founder Mukesh Bansal and senior Flipkart executive Ankit Nagori. CureFit operates gyms under Cult.Fit, healthy food offerings under Eat.Fit, mental wellness through Mind.Fit and diagnostic centres through Care.fit. The company has opened 100 centres across Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, and recently expanded into international markets like Dubai.
The company has made a slew of acquisitions, rare for an early-stage startup, starting with two boutique fitness brands—Cult, in 2016, and The Tribe, in 2017—that have now become its fitness centres in Bengaluru.
The company also acquired yoga chain a1000yoga and Bengaluru-based health food delivery firm Kristys Kitchen to launch its food business in 2017. Earlier this year, CureFit acquired health beverage brand Rejoov.
Cure.Fit also launched an incubator programme for startups engaged in creating healthy snacks and beverages in April.
The company last raised $120 million in June in a round led by Chiratae Ventures, Accel Partners and Kalaari Capital, along with participation from Accel Partners US and Oaktree Capital.