Cure.Fit success has the biggest expansion to experiment fitness. Be it yoga, exercise, Zumba, boxing and all its verticals to set further stories of benchmarks. Easy, fun and love are how cure.fit took it the heights of fitness.
What is it that accounts to the change in shape, body and mindset next to work-out? FOOD!
Eat.fit is another vertical that helps your taste-buds relish the non-fat food and satiate your hunger-pangs and fire diet plans.
FYI, BENGALURU Health and fitness start-up Cure.fit have closed a $120 million funding round, in a mix of equity and debt, with new investors including Unilever Ventures. Here is what you’re missing out on!
The story behind the cure.fit ventures…
Epiq Capital, Innoven Capital and Kotak Mahindra Bank coming on board.
The round was led by existing investors including Chiratae Ventures (formerly IDG Ventures), Accel Partners, Kalaari Capital, and Oaktree Capital.
ET was the first to report on April 15 that the Mukesh Bansal and Ankit Nagori-founded company had racked up $75 million in new capital and was looking to take the financing round to about $120-$150 million.
Besides the all-day menu, healthy snacks are what the eat.fit primarily helps you ascertain your diet and hunger pangs. The company has now been valued at more than $575 million. CureFit has raised about $290 million in the capital till date, including the latest round.
CureFit had held discussions with SoftBank Vision Fund, but they have not resulted in a deal yet. Discussions with Goldman Sachs for a potential investment through debt and equity fell through recently, two people familiar with the matter told ET.
Curefit raised Rs 521.8 crore ($75 million) at a valuation of Rs 3,869.6 crore ($557 million), regulatory filings showed.
This was the first tranche of the $120 million investment, which also counts Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust as backers. CureFit is building a platform offering health, wellness, food and merchandising through multiple brands.
This includes a chain of 180 fitness centres under the brand CultFit, a healthy food-delivery offering under EatFit with over 35,000 deliveries per day, a few healthcare clinics called CareFit, and 35 centres for its mental wellness service under the brand MindFit.
The investment will fund CureFit’s expansion plans in India and globally.
“There is significant cross-category purchase which is happening and in well-penetrated markets it’s up to 40%,” Bansal, CEO, said.
“In a couple of years, when we have all categories live in most cities, we will be able to launch overarching subscriptions and digital tools to track health goals,” he added.
The company has around 500,000 active subscribers across various offerings with strong cross usage between services, he said.
CureFit claims its annualised revenue stood at $100 million, growing at 200% every year. In fiscal 2018, the company earned revenue of Rs 34.6 crore on a loss of Rs 98.6 crore, regulatory filings show. Food is the company’s fastest-growing category.
“We are adding packaged food category in our portfolio and will expand that to top four cities by the end of the year,” said Bansal.
This year, the company plans to expand its Cultfit centre to 10-plus cities including Chennai, Pune, Ahmedabad, Jaipur, and Chandigarh and launch one in the international market — Dubai. By the end of 2020, the company plans to expand to at least 50 cities.
The next launch in Kashmir…
Post revising article 370, trust start-ups to be the first ones to grab on to an opportunity. The two articles had a crippled private investment in Jammu and Kashmir and made it hard for companies to expand into the state.
As the Indian government scrapped articles 370 and 35A, three-year-old fitness startup Cure.fit has become the first private company to publicly declare that it will expand into Kashmir.
“We are happy to announce our foray into the newly created union territory of Jammu & Kashmir through cult.fit fitness centres,” said Ankit Nagori, co-founder of Cure.fit. “As India’s most loved fitness brand, we want to make our services accessible to everyone in line with our mission to propagate healthy living in India,” he added.
Cure.fit said that it would open five fitness centres in the newly-created Union Territory, before expanding further into the area. “The recent announcement from the government of India potentially opens up opportunities for our business growth and also create job opportunities.
We intend to foray with five cult.fit fitness centres and keep on working to expand our offerings,” said Nagori.
“We look forward to delighting our customers in Jammu & Kashmir and empowering them in their journey towards healthier living.”
On 5th August, the Indian government had announced that it was splitting the state of Jammu and Kashmir into two separate Union Territories, Jammu and Kashmir and Ladakh. The move had also done away with controversial Articles 370 and 35A, which accorded special status to Jammu and Kashmir, and prevented outsiders from owning land in the state.
From the very Prime Minister of India…
But in his address to the nation on Thursday, Prime Minister Narendra Modi said that the removal of the articles would spur investment in the state, and bring prosperity to the region. Curefit appears to have taken his advice to heart, and in double-quick time at that.
The situation in Kashmir is still pretty tense, and it’s unclear how the bifurcation will go down with the locals. Curefit, though, appears confident that security won’t be an issue, and instead appears to be sensing the opportunity that the announcement brings.
It’s perhaps fitting that an Indian startup became the first private company to announce its plans to expand into Kashmir — nobody is more used to dealing with risk daily than startups.
Startups must contend with constant worries about funding, constant worries about changing government regulations, and constant worries about the moves of their competitors — a 70-year old geopolitical conflict might just be par for the course.
But startups also keep an eye out for opportunities, and there’s perhaps no bigger business opportunity in India right now than a state with a population of over a crore that’s suddenly open for business.