CureFit had held discussions with SoftBank Vision Fund over a $200m investment, but Unilever Ventures has instead stepped up as part of a $120m round.

India-based healthcare and wellness services provider CureFit has closed a $120m funding round that featured Unilever Ventures, the corporate venturing arm of consumer goods conglomerate Unilever, the Economic Times reported yesterday.

Financial services firm Kotak Mahindra Bank also took part in the round, as did Epiq Capital, Innoven Capital, Accel Partners, Kalaari Capital, Oaktree Capital and Chiratae Ventures, the venture capital firm formerly known as IDG Ventures India.

The round was filled out by Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust, and it valued CureFit at more than $575m. The transaction consisted of equity and debt financing.

Founded in 2016, CureFit’s core business is a network of gyms under a brand called Cult.Fit that is present in four Indian cities. It has also entered the food delivery space with Eat.Fit, launched a diagnostic services provider dubbed Care.Fit and provides mindfulness services through the Mind.Fit brand.

The funding will enable CureFit to drive a domestic expansion in which it aims to open gyms in 10 cities by the end of 2019 and 50 cities by the end of 2020, as well as international growth that is expected to begin with Dubai.

The company had held discussions with telecommunications and internet group SoftBank’s Vision Fund concerning a $200m investment last week, but those talks have not yet come to fruition. Investment bank Goldman Sachs similarly withdrew from a potential commitment last week.

CureFit secured $120m in series C capital from Oaktree Capital, Kalaari Capital, Accel Partners and Chiratae Ventures in July 2018, after the latter three had injected $15m in series A funding in 2016. UC-RNT Fund provided a further $25m in August 2017.

CureFit also collected $940,000 in funding from Endiya Partners and private investor Brun Raschle in December 2017, before adding a $600,000 investment from Binny Bansal and Ananth Narayanan in April 2018.