Healthcare and fitness start-up
CureFit Healthcare Pvt. Ltd has bought Oaktree Capital backed fitness chain
Fitness First to expand its presence in Delhi and enter the lucrative Mumbai
market.
CureFit will retain the Fitness
First brand and add 10 fitness centres to bring its overall centre count to 50
fitness outlets. The firm will sell food subscriptions and its products to
users of Fitness First. CureFit currently operates in Bengaluru and NCR.
Fitness First is the latest
acquisition for CureFit, which previously bought boutique fitness brands Cult
and The Tribe, yoga chain a1000yoga as well as Bengaluru-based kitchen Kristys
Kitchen to launch its food business. CureFit was founded in 2016 by Bansal, who
was co-founder of fashion retailer Myntra, and Nagori, ex-chief business
officer at Flipkart. Bansal and Nagori worked closely at Flipkart after the
company bought Myntra in 2014.
CureFit
was in talks to raise $75 million from new and existing investors to expand its
fitness and food verticals and enter new businesses. The company has so far
raised $55 million in equity and debt from Accel Partners, IDG Ventures,
Kalaari Capital, UC-RNT Fund and others.
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