Bengaluru-based multi-brand health tech chain CureFit plans to launch an incubator that will invest ₹35 crores ($5 million) in new and emerging food brands under its Eatfit business. After registering an impressive growth last year, Curefit is investing heavily to diversify its business portfolio.
Another US-based VC firm Silicon Road also launched its food-tech accelerator in Mysuru, India in partnership with Paris-based NUMA accelerator.
CureFit plans to incubate 10 brands across food categories like snacks, beverages, spa food, supplements and meal replacement through its incubator. Eatfit will serve as a custom sales channel for the incubated food brands and provide shelf space to them as well. CureFit will help the startups with consumer insights, branding and R&D.
Eatfit currently caters 35,000 orders every day including packaged foods and juices which contribute around 12-15 per cent of Eatfit’s revenue. Founded by Mukesh Bansal and Ankit Nagori, the startup has raised ₹1,225 crores ($174.6 million) since its inception from venture capital firms like IDG Ventures, Accel Partners, Kalaari Capital, Axis Bank, and HDFC Bank.
CureFit recorded an eight-fold increase in its revenue for the FY18 while losses also jumped from ₹18 crores to ₹96.6 crores. At present, CureFit operates four products – Care.fit, fitness advice as well as medicine delivery platform, Mind.fit, a mental wellness training platform, Eat.fit, healthy food and snacks retail chain, and Cult.fit, an app for physical fitness.
Curefit also has acquired about five startups in wellness space including Seraniti, a1000 yoga, Fitness First, The Tribe and Kristys Kitchen. The startup operates 100 CultFit outlets across Hyderabad, Delhi NCR and Bengaluru that caters to more than 1,00,000 customers. The startup plans to open 100 new centres by the end of this year in Dubai and 6 new cities in India.