India-based preventative health app operator Curefit has launched a $5m incubator that is also backed by its health food subsidiary, Eatfit, the Economic Times has reported.
The corporate intends to create eight to 10 startups in the next two years through the initiative, and it is focusing on producing organic food and healthful supplements. The incubator will help portfolio companies with funds, nutrition research and development (R&D), distribution and growing their customer base.
Curefit was founded in 2016 and has received $170m in funding so far. It is in the process of raising a further $75m in a round set to be co-led by Accel Growth and Chiratae Ventures, ET reported on Monday.
Ankit Nagori, co-founder of Curefit, said: “A lot of innovation is happening in the health packaged food business. However, most of these new brands struggle getting shelf space.
“Eatfit will be a custom sales channel for these brands, and we will also bring in consumer insights and branding and R&D capabilities.”
