Health and fitness company Cure.fit on Friday announced that it has agreed to invest $10 million in a seed round in Sugar.fit, a health startup focused on diabetes.
The investment is expected to close by September.
The seed round will also see participation from Endiya Partners and Tanglin Venture Partners.
Launched two months ago, the startup was in stealth mode for the last nine months.
Sugar.fit is operational in Bengaluru and Delhi-NCR.
Since its launch, the company said it is on track to $1 million in annual recurring revenue this quarter.
It is also planning to expand to over 10 cities in the next few months.
After the investment, Cure.fit will support Sugar.fit with their fitness and wellness content and access to their customer base in the country.
The platform said scale, the network of doctors, and coaches are strong assets for Sugar.fit.
“90% of our users are seeing a significant drop in their blood sugar levels along with a drastic reduction in medication and weight and are on track for diabetes reversal.
Our customers have rated the product 3.9 on a scale of 4 and we are seeing referrals from word-of-mouth every day,” Madan Somasundaram, co-founder of Sugar.fit, said Several other health-tech ventures have attracted investor attention in the recent past.
Last month, VCCircle exclusively reported health tech startup SynergyX raising an angel round of funding from Asha Tripathi, wife of Anand Tripathi, chief manager, Bank of India.
In the same month, Bengaluru-based employee health benefits platform Onsurity raised a Series A funding round of $16 million (about Rs 118.6 crore) led by Quona Capital along with existing investors Nexus Venture Partners and Whiteboard Capital.
In July, LeapFrog and Khosla Ventures led $75 million (around Rs 560 crore) in a Series C round investment in Bengaluru-based health and fitness platform HealthifyMe.
Mid-market private equity firm SeaLink Capital Partners invested in clinical research and data analytics startup Sekhmet Technologies.
This year also saw e-pharmacy startup PharmEasy signing a definitive agreement to acquire a majority stake in diagnostics firm Thyrocare Technologies for Rs 4,546 crore ($613 million), in a defining deal that will see a startup buying a traditional listed company in India.