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Health-tech startup CureFit raises $10 million Debt Financing

Bengaluru-based fitness startup CureFit has raised debt financing of $10 million from Axis Bank and HDFC Bank.
BY BEx Bureau
BusinessEx
Jan 30, 2018

Currently, the revenue of Indias fitness segment is $475 million. It is projected to grow at a CAGR of 12.4 per cent annually in the timeframe of 2018-2022. At this growth rate, the market volume will reach to $759 million by 2022, as per Statista report. The fitness platform CureFit working in this segment has raised debt funding of $10 million from private lenders Axis Bank and HDFC Bank.

In 2016, the healthcare startup was founded by Mukesh Bansal and Ankit Nagori. The startup has three verticals cult.fit, mind.fit and eat.fit on its platform. The cult.fit vertical has sessions for training and fitness in order to get the body in shape while mind.fit vertical has meditation sessions and eat.fit vertical offers chargeable meals to stay fit.

The startup plans to use the equity funding to improve its technology and marketing while credit will be used to improve its cult fitness centres and other revenue activities, ET reported.

Bansal told ET, "Right now, we are doing an annualised run rate of Rs 100 crore from just one part of Bengaluru. Next six to nine months, we will focus very heavily on the Delhi-NCR region and then on other cities like Hyderabad, Mumbai, Pune, etc.

He added that all of their four products cult, care, food, and mind will be ready for the next six months.

In 2016, the startup raised its first funding of $15 million from Accel Partners, kalaari Capital and IDG Ventures. Last year, the startup raised 43 million funding in May in a venture round led by RNT Capital, Ruchi Sanghvi, Square, and Aditya Agarwal. In August, the startup further raised $3 million debt funding from Trifecta Capital and Prathithi Investment Trust. Also, in the same month, it further raised $25 million in Series B round led by its existing investors Accel Partners, IDG Ventures, Kalaari Capital and UC-RNT Fund. In December, it bagged another $9.37 million funding from Brun Raschle, Endiya Partners.

He added, "Almost 80 per cent of our capex has been funded through debt, and I expect that even in the future. The attitudes (of banks) have changed significantly. They continue to focus on unit economics and return on capital, but they like the asset-heavy model."

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