Cure.fit gets $120 mn in series C funding from IDG, Accel led group

Proceeds will be used to strengthen firm's tech platform, build national brand and scale geographical footprint of four flagship products -- Cult.fit, Eat.fit, Mind.fit and Care.fit

Cure.fit, a health tech and fitness startup promoted by Myntra co-founder Mukesh Bansal and former Flipkart top executive Ankit Nagori, has raised $120 million from a clutch of investors led by IDG Ventures and Accel Partners.

The third round of funding for the two-year-old startup also saw participation from Kalaari Capital, Chiratae Ventures and Oaktree Capital.

The fresh investment will be utilized by Cure.fit to strengthen its technology platform, invest in building a national brand apart from scaling the geographical footprint of the company’s four flagship products, namely Cult.fit, Eat.fit, Mind.fit and Care.fit.

"Health is over $100 billion category in India and is ready for new tech driven approach for much better consumer experience. With very high health awareness and rapid technology adoption among consumers, Cure.fit has a unique opportunity to become the go to destination for all health needs for India," said Mukesh Bansal, co-founder of Cure.fit.

Cure.fit, which has a presence in Bengaluru, Delhi-NCR region and Hyderabad, also eyes increasing its CULT and Mind centres to 500 from present 75 in next three years.

"We have cracked the model to scale profitably with our robust unit economics. Our focus now is to further our reach and deliver a more holistic customer experience," said another co-founder of the heatlcare startup, Ankit Nagori.

With $120 million of fundraising, the healthcare startup has seen one of the highest levels of interests from VC and PE fund houses in the recent time. Earlier, Cure.fit had raised $45 million in funding including $10 million of debt financing from HDFC Bank and Axis Bank.

A number of marque venture capital investors, including Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund- the joint investment vehicle of the University of California and Ratan Tata’s RNT Associates, had participated in previous rounds of fundraising.

Commenting on the latest round of fundraising, Subrata Mitra, partner at Accel Partners said, "Cure.fit has assembled one of the best start-up teams in India and the level of execution in just first two years is unprecedented. We are backing Cure.fit to be a pioneering global product company."