Funding · Professional & Local Services
Cult.fit raises Rs 440 crore from Temasek
By Startup Enthusiast ·
- Date
- Company
- Cult.fit
- What it does
- Fitness chain with gyms and app services
- Kind
- Funding
- Amount
- ₹440 crore
- Stage
- Series G
- Founded
- 2016
What they do
Cult.fit raised Rs 440 crore from Temasek affiliate MacRitchie Investments
What happened
The company appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial for a Rs 2,500 crore IPO
Why it matters
Temasek is seeking a further 10.71% holding in the company
The details
- Cult.fit has raised Rs 440 crore ($47 million) in fresh funding.
- Temasek invested through its affiliate MacRitchie Investments in this round.
- MacRitchie received 9,098,052 Series G CCPS at Rs 483.62 per share.
- CCPS stands for Compulsorily Convertible Preference Shares (shares that become equity later).
- Temasek is seeking to increase its holding by a further 10.71%.
- The Competition Commission approved MacRitchie's stake buy proposal weeks prior to the investment.
- Cult.fit targets a $2 billion valuation for its initial public offering.
- The post-money valuation after this round is approximately Rs 13,668 crore ($1.45 billion).
The bigger picture
- This funding supports preparations for a planned initial public offering.
- Cult.fit appointed Axis Capital, Jefferies, Goldman Sachs, and Morgan Stanley as advisers.
- These banks are managing a Rs 2,500 crore share sale for existing shareholders.
- Temasek's continued investment signals confidence in the company's growth trajectory.
- The company aims to list publicly after completing these financial preparations.
About the business
- Cult.fit formerly operated under the name Cure.fit before rebranding.
- It runs a hybrid model combining physical gyms with digital app services.
- The chain operates more than 700 gyms under the Cult.fit brand.
- It has a presence in over 40 cities across India.
- FY March 2025 operating revenue reached approximately Rs 1,216 crore.
- This represents a 31% year-on-year growth in revenue.
- Operating losses narrowed to Rs 481-483 crore in FY March 2025.
- Previous year losses were significantly higher at around Rs 888 crore.
- The company achieved unicorn status with a valuation above $1 billion in 2021.
What happens next
- Cult.fit is preparing for an initial public offering.
- The company plans a Rs 2,500 crore share sale.
- Global banks are advising on the listing process.
The deal
- Type
- Series G Funding
Investors
- Temasek (lead) — Invested via affiliate MacRitchie Investments.
- Zomato (existing) — Past investor listed in the facts.
- Tata Digital (existing) — Past investor listed in the facts.
- Kalaari Capital (existing) — Past investor listed in the facts.
- Chiratae Ventures (existing) — Past investor listed in the facts.
- South Park Commons (existing) — Past investor listed in the facts.
Founders
- Mukesh Bansal, Co-founder
- Ankit Nagori, Co-founder
About Cult.fit
- Product
- Hybrid fitness model combining digital workout offerings through app with 700+ physical gym locations
- Customers
- Fitness enthusiasts seeking gym memberships and digital workout programs
- How it makes money
- Recurring gym membership revenue plus digital subscription
Other articles talking about it
More on Cult.fit
- Cult.fit co-founder seeks to quash forgery FIR25 August 2026 · Legal
- Cult co-founder accused of forging signatures8 August 2026 · Legal
- Cult.fit files DRHP for up to ₹4,000 crore IPO on BSE and NSE7 July 2026 · IPO · up to ₹4,000 crore
- Cult.fit expands into retail and products to boost profitability21 June 2026 · Launch
- Cult.fit appoints board members ahead of Rs 2500 crore IPO7 April 2026 · IPO · Rs 2,500 crore
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