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Cure.fit may raise up to $100 mn from Singapore’s Temasek: Report

Singapore-based investment firm Temasek is reportedly in talks to invest up to $100 million in fitness startup Cure.fit. The Bengaluru-headquartered startup, which was last valued at $575 million in June, is seeking a valuation of nearly $800 million from the transaction.

Health & fitness start-up Curefit is set to receive an investment of $ 100 mn. As per a Mint report, Singapore’s government-owned investment firm Temasek is reportedly in talks with CureFit to invest $100mn. The transaction is expected to conclude in the next six to eight weeks.

It is understood that the Singapore based investment firm has been diversifying its investment strategy and for some time has been focusing more on tech-based start-ups. Earlier their focus had been on the finance & infrastructure sector. Temasek’s Indian portfolio is worth $11bn as of the recent financial year. In India, they have invested in multiple Indian start-ups like cab-aggregator Ola and payment platform Pine Labs.  While Temasek, has reduced its global investments, its Indian portfolio is aggressively investing in multiple Indian start-ups. As per ET report dated July 10, 2019, the company had been looking at investing $200mn in PharmEasy, the online pharmacy.

Curefit is presently valued at $ 575 mn, and after this investment, its market value will be at $800mn.  Earlier in June, the company raised $120mn in equity and debt funding in Series D funding from its existing investors like Chiratae Ventures, Accel Partners, Kalaari Capital, and Oaktree Capital. To date, the company has received total funding of $365 Mn. Tech-enabled health and fitness start-ups in India have lately become a hot ground for investments with companies like HealthifyMe, &Me and FitInMe gaining ground in the market.

CureFit, founded in 2016 by former Flipkart executives Mukesh Bansal and Ankit Nagori has its presence in 16 cities in India mostly through its gym centers, Cult.fit. The company also caters to other sectors of health and fitness, including mental fitness through “Mind.Fit” and nutrition and diet recommendations through “Eat.Fit”. Cure.Fit also expanded its operation to Dubai in 2019. The company is planning to expand its operations to 50 cities with 800 centers by 2020. The company’s food and diet portfolio, Eat.Fit is already providing revenue of about 10-12 crore a month.

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