CureFit, the health solutions startup founded by former Flipkart senior executives Mukesh Bansal and Ankit Nagori, has raised about $10 million in debt financing with a significant portion coming from two of India’s largest private sector lenders — HDFC Bank and Axis Bank. The startup plans to raise more going forward to fund its capital expenditure (CAPEX).
Bengaluru-based fitness startup CureFit has raised $10 Mn in debt financing from HDFC Bank and Axis Bank. The latest fundraiser is part of an earlier round, wherein it secured $3.2 Mn debt funding from Trifecta Capital and Kris Gopalakrishnan-founded Prathithi Investment Trust in August 2017.
Speaking on the latest fundraising, CureFit co-founder Mukesh Bansal stated that almost 80% of their capital expenditure is financed through debt funding and the trend is most likely to continue in the future. He added further that banks attitude towards startup has undergone significant change, but maintained that they tend to back up those startups that operate on an asset-heavy model.
Ever since its inception in 2016, Curefit has been successfully raising big funding rounds. In fact, this Bengaluru based fitness firm is one of the well-funded startups in the entire Indian startup ecosystem. This is no small achievement by any means, given that Curefit started its journey nearly the same time when funding drought had just about begun to hit the Indian startup world real hard.
Bansal told ET, “Right now, we are doing an annualised run rate of Rs 100 crore from just one part of Bengaluru. Next six to nine months, we will focus very heavily on the Delhi-NCR region and then on other cities like Hyderabad, Mumbai, Pune, etc.
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.”