Accel, IDG in $25m Series B for India's CureFit
Indian health and fitness start-up CureFit has raised a $25 million Series B round from a group of investors including Accel Partners and IDG Ventures.
Kalaari Capital also participated in the round, as did RNT Associates, an investment firm backed by Tata Group chairman emeritus Ratan Tata and the University of California. All four are existing backers of the company, according to AVCJ Research: Accel, IDG and Kalaari committed $15 million in July 2016, while RNT participated in a $3 million investment earlier this year.
CureFit will use the new capital to expand its line of fitness centers, which specialize in equipment-less exercise such as martial arts, boxing and yoga. The company operates 15 centers in Bangalore and plans to grow to over 30 by the end of the year, with another five slated to open in Gurgaon. CureFit will also improve its technology platform by launching a new app focused on medical check-ups and primary care.
CureFit was founded last year and claims its centers currently have over 10,000 active users. It recently began offering health food services through the acquisition of online food delivery start-up Kristys Kitchen.
A number of companies leveraging technology to help Indian consumers manage their healthcare more effectively have received PE backing. Health and fitness app developer HealthifyMe raised a $6 million Series A round last May led by IDG, Inventus Capital and Blume Ventures, while Sequoia led an INR800 million ($12 million) Series E round for online health products vendor Healthkart last August.
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