CureFit's New Set of Investors Include Flipkart's Binny Bansal and Myntra's Ananth Narayanan

The health and fitness program founded by former Flipkart executive Ankit Nagori and Myntra co-founder Mukesh Bansal, CureFit, was funded Rs. 4.18 crore in a recent funding round. This was raised by CureFit Healthcare Private Limited, which is the body that operates the health solutions startup CureFit. Among the investors were two new persons as reported by the Economic Times. These investors who were backing the firm were Myntra Chief Executive Ananth Narayanan and Flipkart's co-founder Binny Bansal.

The last time CureFit raised funds was in August 2017 in a Series B round where it raised a secure fund of 25 million dollars. This funding was raised by existing investors of the firm which include Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund. The UC-RNT Fund is a joint venture between Ratan Tata’s RNT Associates and the University of California. This organization invested in CureFit for 3 million dollars in a fresh funding round taken up in April-May, 2017. In July 2016, other investor had contributed to a funding of 15 million dollars for CureFit. The investors included IDG Ventures, Accel Partners, and Kalaari Capital.

CureFit plans on using both online and offline channels to address preventive health care. They plan to do so through a conjecture of coaching, engagement, and delivery. It has three different verticals called Cult.fit, Eat.fit, and Mind.fit. Cult.fit is a fitness chain and it provides equipment fewer workout solutions through its offline centers. These are some good workout solutions such as boxing, mixed martial arts, spinning, yoga, Zumba, strength and conditioning. Mind.fit focuses on mental health and includes yoga and meditation. The third vertical, Eat.fit, deals with health food delivery which is subscription based.

Going by the fillings data with the Registrar of Companies (RoC), CureFit made a net sale of Rs. 3 crore in the financial year 2016-17. However, this was very less as compared to the losses which were six times that amount. The total expenditure for that year was Rs. 21.87 crore and the losses recorded stood at Rs. 17.98 crores, as per the reports from VCEdge which is the data research platform of the News Corp VCCircle. The losses could be related to the business it acquired as a part of its business strategy which in turn increased the ratio of its expenses to sales. It invested in its Bangalore branch, Cult Fitness Private Limited in August 2016. The investment was of Rs. 20 crore for a controlling stake in the city.

In July 2016, it bought ‘a1000yoga’ which is a yoga chain, again based in Bangalore. It bought a majority stake in the fitness chain, The Tribe, in February 2017. Cult.fit acquired another Bangalore based company, Kristys Kitchen. It closed a cash and equity deal with the online food delivery startup.

Benny Bansal seemed confident about the company's future achievements in an interaction with Flipkart Offers which took place in the month of March 2018. He reported that their revenue was doubling every six months and that their current revenue run rate is 1 million dollars per month. He mentioned that they plan to open one new kitchen every month and they aim to open up 100 centers in the next 18 months. In the next 6 months, they will be doing 5000 food orders every day and the aim is to reach 25,000 orders per day by the end of the year.