IDG, Accel, Kalaari lead $120m round for India's CureFit

Oaktree Capital, an existing investor in CureFit, also joined the round, as did Chiratae Ventures, a domestic fund for which IDG is an advisor. The capital will be used to improve CureFit’s technology platform, invest in brand building, and expand into new markets. The company also plans to launch its own line of wearable fitness products.

CureFit was founded in 2016 and offers four flagship products: meal planning and food ordering app Eat.fit; Mind.fit, a platform for booking yoga and meditation classes; Cult.fit, which helps users plan workouts and book gym sessions; and Care.fit, a personalized healthcare app. In addition, it operates a line of fitness and meditation centers and intends to open a line of health food stores under the Eat.fit brand in the next six months.

The latest funding round brings CureFit’s total funding to more than $160 million. The company raised $15 million from Accel, IDG, and Kalaari in 2016, followed by a $3 million investment in 2017 by RNT Associates, an investment firm backed by Tata Group chairman emeritus Ratan Tata and the University of California. All four investors took part in a $25 million Series B round last August.

Oaktree’s investment in CureFit follows the company’s purchase earlier this year of the India business of Fitness First, a global fitness chain acquired by Oaktree in 2012. The firm has been breaking up Fitness First’s Asia business, having sold the Australia operation to Quadrant Private Equity in 2016 and exited the Hong Kong and Southeast Asia branch to Navis Capital Partners-backed Celebrity Fitness last year.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• IDG Ventures
• Accel Partners
• Kalaari Capital
• Oaktree Capital