India’s CureFit bags $110m in Temasek-led round

Health and wellness startup CureFit might be inching closer to unicorn status after securing about US$110 million in a funding round led by Temasek.

The round included participation from new backer GableHorn Investments as well as existing investors Accel Partners, Chiratae Ventures, and the VC arm of consumer goods giant Unilever, local media reported.

Photo credit: Curefit

Temasek confirmed the investment but did not disclose any other financial figures.

“We can confirm the investment in CureFit, as per the filings made with the Ministry of Corporate Affairs, government of India,” Temasek told Tech in Asia in an emailed statement. “Beyond that, we have nothing further to add on the investment at this point in time.”

CureFit has yet to respond to Tech in Asia’s request for comment.

It was reported in December last year that Temasek was in discussions with CureFit about a potential US$100 million investment. At the time, the startup was said to be seeking a post-money valuation of US$800 million.

It was also earlier reported that CureFit was in talks with Japanese conglomerate SoftBank for a possible investment round that might value the startup at over US$1 billion. No deal, however, has materialized yet.

In April 2019, the Bengaluru-based startup closed its series D round at US$120 million, pushing its total capital raised at the time to US$290 million. It was valued at over US$575 million.

According to Livemint, Temasek’s interest in backing CureFit falls in line with its plans to increase its focus on late-stage deals in India.

Prior to its capital injection into CureFit, the Singapore investment company also led a US$30 million top-up for ShopBack’s US$45 million funding round last year. In January 2020, it led the US$40 million series B financing of New Zealand AI research firm Soul Machines and joined US-based ClassPass’ US$285 million raise.