Indian health and fitness startup Cure.fit is reportedly in talks with Singapore government investment arm Temasek Holdings to raise USD 100 million, local media Mint quoted two people familiar with the matter.
With this investment round, the health and fitness company co-founded by second time and much celebrated entrepreneur Mukesh Bansal, is seeking a valuation of about USD 800 million, compared to its USD 575 million valuation six months ago.
“Temasek is actively scouting for late stage technology investments in India and wants to cut cheques of at least USD 75 million. Cure.fit needs the capital to grow its food and diagnostics plays, and the deal is expected to close in 6–8 weeks,” the report said, citing one of the people.
The three-year-old company wants to offer services in the health and fitness space via different brands. Currently, it runs four separate brands namely CultFit which runs fitness centers like gyms; under MindFit it operates mental wellness activities such as yoga and meditation; EatFit is its cloud-kitchen brand which claims to offer a range of healthy food options; and lastly CareFit offers diagnostic services.
After 15 years of presence in India, Temasek now operates a USD 11 billion portfolio in India, which is just 5% of its global portfolio. A Temasek executive told KrASIA, that overall it has been increasing its exposure in India over the years.
“India remains an attractive market for us from the demographic perspective of rising affluence. We continue to be excited about the opportunities in India, across a number of sectors. Almost half our investments in India are currently in the financial services space, such as in banks and insurance. Beyond that we are also very active in technology and consumer and have made a number of investments in this space,” the company spokesperson said.
In India, Temasek has invested in companies such as cab-hailing major Ola and payments company Pine Labs, among many others.
