In what is one of the largest Series A investment rounds of this year, CureFit raised $15 million in a round led by Accel Partners, IDG Ventures and Kalaari Capital. The health and fitness start up is owned by Mukesh Bansal and Ankit Nagori, the two high-profile Flipkart executives who left the e-commerce giant in February.
CureFit was incorporated on 24 May 2016 and aims to provide state-of-the-art health and fitness solutions. The company currently comprises of a small team of eight. Most of whom are tech engineers and analysts.
The latest investment round was led by Accel Partners, IDG Ventures and Kalaari Capital. Both the founders of the company have also put in their personal capital in this round. Following this, the firm is reported to start its services in the first quarter of 2017.
The company will be using the capital from the latest round to expand its team to a total of 20 by the end of this year.
Healthcare is one of the largest growing segments in India and will be $280 billion by end of this decade. We aim to build out an innovative product which will help the consumers manage their health proactively with heavy use of technology and data. We are building the best technology team in the country to drive disruption in this space,
Bansal said.
The three investors who participated in the latest investment round have already worked with Bansal directly as an investor in Myntra.
We believe that proactive health management is a large space, and requires the right mix of online & offline expertise to master, which we believe this team can effectively put together. It’s a complex problem, and therefore needs the right entrepreneur to address. This is where the combined strength of Mukesh and Ankit would be invaluable. Mukesh is an outstanding entrepreneur & CEO. Adding Ankit provided the right balance of strategy & execution to the team,
Subrata Mitra of Accel Partners added.
Until now, health and fitness startups haven’t gotten much wind in the Indian market. This is a great advantage for CureFit. But there are still challenges to overcome. Also, CureFit has managed to raise fresh funds at a time when Indian start-ups are witnessing shrinking series-A round sizes.
Another startup, Play Your Sport, is also trying to convey the benefits of a healthy mind and body using their hyperlocal sport services. The company’s aim is to bring together like-minded people to book sports and fitness activities in nearby locations. The company has recently raised an undisclosed amount in seed funding from angel Ashish Gupta.
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