CureFit, an India-based healthcare and wellness services provider backed by consumer goods conglomerate Unilever, has entered discussions with Singaporean state-owned investment firm Temasek to raise $100m, LiveMint reported today.
The company is targeting a valuation of approximately $800m, up from $575m six months ago. The deal is expected to close within six to eight weeks according to a person familiar with the matter.
Founded in 2016, CureFit operates a network of fitness centres across 16 Indian cities called Cult.Fit. It also provides a healthy food delivery service, Eat.Fit, mindfulness platform Mind.Fit and diagnostic services tool Care.Fit.
The new funding would go towards the expansion of Eat.Fit and Care.Fit. The company has already opened a first Eat.Fit café (pictured), and has raised more than $281m in equity and debt financing to date.
CureFit most recently collected $120m in a round backed by Unilever’s corporate venture capital subsidiary, Unilever Ventures, in late June 2019.
Financial services firm Kotak Mahindra Bank also contributed to the round, as did Epiq Capital, Innoven Capital, Accel Partners, Kalaari Capital, Oaktree Capital, Chiratae Ventures, Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust.
The company had received $120m in series C funding from Oaktree Capital, Kalaari Capital, Accel Partners and Chiratae Ventures in July 2018, after UC-RNT had injected $25m the year before.
Accel, Chiratae and Kalaari had already provided $15m in series A funding for CureFit in 2016. Its shreholders also include Endiya Partners, Binny Bansal, Ananth Narayanan and Brun Raschle.
Photo courtesy of CureFit.
