Curefit Raises $10M in debt financing
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.”