Temasek could reportedly invest in CureFit at a valuation of $800m, three years after UC-RNT Fund supplied $25m to the wellness services provider.

CureFit, an India-based healthcare and wellness services provider backed by UC-RNT Fund, has entered discussions with Singaporean state-owned investment firm Temasek to raise $100m, LiveMint reported yesterday.
The company is targeting a valuation of approximately $800m, up from $575m six months ago. The deal is expected to close within six to eight weeks according to a person familiar with the matter.
Founded in 2016, CureFit operates a network of fitness centres across 16 Indian cities called Cult.Fit. It also provides a healthy food delivery service, Eat.Fit, mindfulness platform Mind.Fit and diagnostic services tool Care.Fit.
The new funding would go towards the expansion of Eat.Fit and Care.Fit. The company has already opened a first Eat.Fit café (pictured), and has raised more than $281m in equity and debt financing to date.
CureFit most recently collected $120m in a round backed by Unilever’s corporate venture capital subsidiary, Unilever Ventures, in late June 2019.
Financial services firm Kotak Mahindra Bank also contributed to the round, as did Epiq Capital, Innoven Capital, Accel Partners, Kalaari Capital, Oaktree Capital, Chiratae Ventures, Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust.
The company had received $120m in series C funding from Oaktree Capital, Kalaari Capital, Accel Partners and Chiratae Ventures in July 2018.
UC-RNT Fund, a joint investment fund formed by University of California with industrial group Tata Sons’ chairman emeritus Ratan Tata, had injected $25m in 2016.
Accel, Chiratae and Kalaari had already provided $15m in series A funding for CureFit in 2016. Its shreholders also include Endiya Partners, Binny Bansal, Ananth Narayanan and Brun Raschle.
– Image courtesy of CureFit. A version of this article first appeared on our sister site, Global Corporate Venturing.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.