Zomato backed Curefit joins the Unicorn club
- ByTejika Bajaj | November 12, 2021
The food and delivery giant Zomato has bought a 6.4% stake in the health and well-being platform Curefit thus infusing $100 million in the startup. The recent infusion marks the entry of Curefit in the coveted unicorn club, making it the 37th unicorn startup of the year.
Zomato’s investment in Curefit was segmented into 2 parts. The first part was cross-selling of sports facilities provider Fitso (owned by Jojo Technologies) to Curefit for a $50 million stake in the company whereas the second part was a $50 million cash investment in the Bangalore based startup.
Commenting about the recent cross-selling, the CEO of Zomato, Deepinder Goyal stated, “The divestment versus shutdown debate starts and ends with two questions – Can we sell the business to someone for whom it is core, and can they realize disproportionate returns from what we have built? Is the divestment process worth the value that we will realize from the divestment? Fitso checked these boxes on divestment and we are in the process of selling Fitso to Curefit (Curefit Healthcare Pvt Ltd) for $50 million.”
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Curefit is a complete health and wellness startup that includes fitness centers, online fitness programs, doctor consultations, and therapy sessions, among other services. The startup has physical presences across 21 cities in India and aims to reach 50 cities by FY22.
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