CureFit cuts to $109m round

CureFit, an India-based wellness services app developer backed by UC-RNT Fund, has received Rs 8.32bn ($109m) in funding from investors including consumer goods producer Unilever, Entrackr has reported, citing a regulatory filing.
Singaporean state-owned Temasek invested $71m to lead the round, which also featured Accel, Chiratae Ventures, GableHorn Investments, Castle Investments, Epiq Capital, Pathiti Investment Trust and Ascent Capital.
Unilever’s corporate venturing subsidiary, Unilever Ventures, supplied $2.8m for the round.
CureFit offers a unified health and wellness service that combines access to live fitness classes, healthy meals, stress reduction tools and medical care through a single mobile app.
The company has not disclosed how it intends to allocate the funding or a valuation for the round, though reports in December 2019 suggested it was targeting a valuation of $800m. It has now secured $390m in equity and debt financing in total.
Unilever Ventures’ first disclosed investment in CureFit was as part of a $120m round in June 2019 that valued it at more than $575m.
The round included financial services firm Kotak Mahindra Bank, Epiq Capital, Innoven Capital, Accel Partners, Kalaari Capital, Oaktree Capital and Chiratae Ventures, Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust.
Curefit’s earlier funding came from Accel, Chiratae Ventures, Kalaari Capital, Oaktree Capital, Endiya Partners and individual backers. Its shareholders also include UC-RNT Fund, a joint investment fund formed by University of California with industrial group Tata Sons’ chairman emeritus Ratan Tata, which injected $25m in 2016.
– A version of this article first appeared on our sister site, Global Corporate Venturing.