SoftBank may invest in health startup CureFit, deal to make Mukesh Bansal co a unicorn

SoftBank Vision Fund is in talks to invest over $200 million in Bengaluru-based healthcare and wellness startup CureFit, reports The Times of India. The deal, if it goes through, may push the Mukesh Bansal company’s valuation to unicorn status (over $1 billion).

The total size of the capital raise is still being discussed by the parties involved as talks are still at an early stage. The article quoted a source as saying that the investment amount may be around $200-250 million and SoftBank is likely to invest around $350 million.

The plan is to take CureFit global with this round of funding, the report stated. Moneycontrol couldn’t independently verify the report.

Recently, the startup had raised around $75 million from existing backers when its valuation stood at $500 million.

Co-founded by former CEO of Myntra Mukesh Bansal, CureFit has mobilised over $245 million from its investors, including $120 million it raised last year and $75 million that it raised earlier this year. The company’s key investors -- Accel Partners, Kalaari Capital and Chiratae Ventures -- have all backed Bansal at Myntra as well. Its smaller investors include Ratan Tata-advised UC-RNT Fund and Piramals’ realty business in-charge Anand Piramal.

The health and wellness company opened with its fitness chain Cult.Fit and gradually expanded via its food delivery platform Eat.Fit, diagnostic services unit Care.Fit and its wellness unit Mind.Fit. With 130 Cult.Fit centres across the country, it plans to take this number to 250 across 10 cities by 2019-end.

SoftBank had recently led the investment in online grocery startup Grofers, which saw a significant increase in its valuation since its last round of funding in 2018.

According to news reports, the $100 billion fund already has 75 unicorns (privately held companies valued over $1 billion) within two years of its operation.