Cult.fit’s Strategic Moves Ahead of IPO

Curefit Healthcare Pvt Ltd, the parent of the fitness and wellness platform Cult.fit, is advancing towards a public listing by appointing four independent directors. This action follows the recent infusion of Rs 440 crore ($47 million) received from Temasek last month, as reported by Startup Superb. A statement released by the company confirms the board’s new appointments: Kalpana Morparia, Arun M. Kumar, Indu Bhushan, and Pragya Misra.

Profile of New Independent Directors

Kalpana Morparia, who previously held the position of Chairman at JPMorgan South and Southeast Asia, has a long history in banking, having served in key roles at ICICI Bank and currently sitting on various global boards. This noteworthy professional was honoured with the Padma Shri award in January 2024.

Arun M. Kumar is presently the Managing Partner at Celesta Capital. Indu Bhushan, a former IAS officer from the Rajasthan cadre, is the founding CEO of Ayushman Bharat–Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). Meanwhile, Pragya Misra leads Strategy & Global Affairs for India at OpenAI.

Cult.fit’s Business Model

Founded in 2016, Cult.fit utilises a hybrid fitness approach that merges digital services via its app with physical fitness centres located in 300 cities throughout India. The platform offers subscription-based fitness plans known as Cultpass, which provide access to gyms, group classes, and virtual training sessions.

Cult.fit has successfully raised over $720 million to date, with investments coming from prominent entities such as Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons, among others.

Upcoming IPO Plans

The fitness unicorn has engaged with Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as underwriters for its anticipated IPO. The company is reportedly aiming to secure Rs 2,500 crore (approximately $300 million), giving it an estimated valuation of around $2 billion.

For the fiscal year ending March 2025, Cult.fit has reported a year-on-year increase in operating revenue of 31%, rising from Rs 927 crore in the previous fiscal year (FY24) to Rs 1,216 crore, while its losses decreased by 10% to Rs 480.8 crore.