Cur­e­fit Raises $10M in debt fi­nanc­ing

PCQuest - - SMB CORNER -

Ban­ga­lore based health startup Cur­e­Fit has raised $10 mil­lion in debt fi­nanc­ing from HDFC Bank and Axis Bank. The startup plans to raise more go­ing for­ward to fund its cap­i­tal ex­pen­di­ture (CapEx).

Started in 2016 by Myn­tra co-founder Mukesh Bansal and for­mer Flip­kart ex­ec­u­tive Ankit Nagori, Cur­e­Fit op­er­ates an on­line-off­line model of fit­ness cen­ters in Ban­ga­lore called Cult. The health-tech startup also of­fers other ser­vices like men­tal well­ness, yoga and health food ser­vices.

Cur­e­Fit co-founder Bansal said, “Al­most 80 per­cent of our CapEx has been funded through debt, and I ex­pect that even in the fu­ture. The at­ti­tudes (of banks) have changed sig­nif­i­cantly. They con­tinue to fo­cus on unit eco­nomics and re­turn on cap­i­tal, but they like the as­set-heavy model.”

Bansal an­nounced that the fresh cap­i­tal will be used to bol­ster its tech­nol­ogy plat­forms as well as fi­nance its Cult fit­ness cen­ters and other of­fer­ings. A sig­nif­i­cant por­tion of the pro­ceeds will also go into mar­ket­ing.

Bansal said Cur­e­Fit, which has largely fo­cused on Ban­ga­lore till date, is now gear­ing up to ex­pand across the coun­try, par­tic­u­larly the top 6-8 cities. “Next six to nine months, we will fo­cus very heav­ily on the Delhi-NCR re­gion. Post that, we will go to Hy­der­abad, fol­lowed by Mumbai and Pune, and then to cities such as Kolkata.”

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