Cult.fit Secures Rs 440 Crore in Funding

Health and wellness platform Cult.fit, previously known as Cure.fit, has successfully raised Rs 440 crore (approximately $47 million) in its latest funding round from Temasek via its investment arm MacRitchie. This funding is anticipated to be its final private round since the company is reportedly preparing for an upcoming public listing.

Based in Bengaluru, Cult.fit raised funds after a two-year hiatus. The last funding round occurred in February 2024, when the company secured $10.2 million in an extended Series F round led by Valecha Investments, as exclusively reported by Startup Superb.

Details of the Recent Funding Round

The board of Cult.fit has approved the issuance of 90,98,052 Series G CCPS to Temasek at a price of Rs 483.62 per share to accumulate the mentioned funds, as indicated in the filing with the Registrar of Companies (RoC).

According to an analysis by Startup Superb, the Tata-Digital-supported firm’s valuation has remained stable in this round at Rs 13,668 crore or $1.45 billion post-money.

About Cult.fit’s Operations

Launched in 2016, Cult.fit employs a hybrid fitness model, combining digital offerings through its app with physical fitness centres across 300 cities in India. The platform offers subscription-based fitness plans known as Cultpass, granting users access to gyms, group classes, and virtual training sessions. Cult.fit is reportedly aiming to raise an additional $50 million in this funding round.

Funding Overview

To date, Cult.fit has amassed over $720 million from various investors, including Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons. With the completion of this latest funding, Temasek’s stake in the firm will increase to 11.88%.

Plans for Initial Public Offering (IPO)

The fitness unicorn has engaged bankers for its forthcoming IPO, which includes Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial. Reports suggest that the company intends to raise Rs 2,500 crore (close to $300 million) through the IPO, which will place its valuation at approximately $2 billion.

Financial Performance Update

For the fiscal year ending March 2025, Cult.fit recorded a 31% year-on-year increase in operating revenue, rising to Rs 1,216 crore from Rs 927 crore in the previous fiscal year (FY24). Losses narrowed by 10%, amounting to Rs 480.8 crore.

After its funding round in 2024, Cult.fit also elevated co-founder Naresh Krishnaswamy to the position of chief executive officer, succeeding co-founder and long-time CEO Mukesh Bansal, who has transitioned to the role of executive chairman.