India-based healthcare and wellness services provider CureFit is in talks to raise at least $200m from SoftBank Vision Fund, an investment vehicle managed by telecommunications conglomerate SoftBank, Times of India reported today.
The report cited three sources familiar with the development who said the deal could value CureFit at more than $1bn. One source suggested SoftBank’s commitment could be worth between $200m and $250m while a second stated that the investment could be as much as $350m.
Founded in 2016, CureFit initially focused on operating a gym chain called Cult.Fit before adding a food delivery unit called Eat.Fit, a diagnostic services division named Care.Fit and a wellness vertical dubbed Mind.Fit.
The company currently operates 130 Cult.Fit locations across four Indian cities and hopes to expand that presence to 10 cities and 250 gyms by the end of 2019. It also plans to expand internationally, beginning with Dubai, and would reportedly use SoftBank’s investment towards this goal.
CureFit most recently secured $120m in a series C round backed by Oaktree Capital, Kalaari Capital, Accel Partners and Chiratae Ventures in July 2018. The latter three had previously supplied $15m in series A funding for the company in 2016 before joining UC-RNT Fund to invest $25m in August 2017.
The company subsequently received $940,000 from Endiya Partners and private investor Brun Raschle in December 2017 and $600,000 from individual investors Binny Bansal and Ananth Narayanan in April 2018.
