CureFit Raises $2M, Hits $1.6B Valuation
CureFit, a Bengaluru-based fitness unicorn, has raised $2 million in fresh funding, pushing its valuation to $1.6 billion. The company, which operates an integrated health and wellness platform under the Cult.fit brand, reported a 33.6% increase in operating revenue to Rs 926.6 crore in FY24.
The funding round was led by existing investor First Luxembourg SCA and saw the issuance of 340,000 compulsorily convertible preference shares (CCPS) at Rs 483.62 apiece. Naresh Krishnaswamy, CEO of CureFit, confirmed the fundraise, stating it was initiated by the investors. This latest round brings CureFit's cumulative funding to $660 million, backed by marquee investors including Zomato, Tata Digital, Temasek, Accel, Kalaari Capital, and Hrithik Roshan, as well as Nexus Venture Partners and Think Investments.
CureFit's revenue is primarily generated in six metropolitan hubs, accounting for 90% of its overall business. The company's fitness chain, Cult.fit, boasts over 700 centers across more than 40 Indian cities, operating under a hybrid model of company-owned, franchised, and third-party partner-operated gyms. Despite the revenue growth, CureFit's net loss widened by 42% to Rs 888.5 crore in FY24, largely due to increased cash burn.
CureFit's latest funding round at a flat valuation of $1.6 billion reflects investors' confidence in the company's growth potential. With a strong focus on expanding its integrated health and wellness platform, CureFit continues to solidify its position in the Indian fitness market.
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