IPO · Professional & Local Services

Curefit appoints four independent directors ahead of IPO

By Startup Enthusiast · 7 April 2026

What they do

Curefit runs Cult.fit gyms, group workouts, sports facilities and fitness products across 40+ cities

It appointed four independent directors and expects a ₹2,500 crore IPO later in 2026

The company cut its net loss 83% to ₹483 crore in FY25 and operates 700 gyms

Curefit appointed four independent directors to its board: Kalpana Morparia, Arun M. Kumar, Dr Indu Bhushan and Pragya Misra.
The company is preparing for an IPO expected to raise around ₹2,500 crore.
The target valuation is roughly $2 billion.
Book-running lead managers appointed are Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial.
Temasek invested ₹440 crore in Curefit, taking its stake to about 12%.
The IPO is likely later in 2026 around the festive season, subject to market conditions.
Curefit entered the unicorn club in 2021 and has raised over $660 million to date.

Appointing independent directors strengthens governance ahead of a public listing.
The company's losses have narrowed sharply, making it more attractive to public market investors.

Curefit was founded in 2016 by Mukesh Bansal and Ankit Nagori.
It operates a multi-format fitness and wellness platform under the Cult.fit brand.
Services include gyms, group workouts, sports facilities and fitness products.
Cult.fit gym subscriptions are offered through three models: self-owned gyms, franchised gyms and a marketplace model.
The company operates 700 gyms across more than 40 cities.
FY25 revenue was ₹1,216 crore, a 31% year-on-year increase.
FY24 operating revenue was ₹926.6 crore.

Curefit plans to launch its IPO later in 2026 around the festive season, subject to market conditions.

Temasek (existing) — Singapore-based investment company that invested ₹440 crore in Curefit, taking its stake to ~12%.
Zomato (existing)
Tata Digital (existing)
Accel (existing)
Kalaari Capital (existing)
Chiratae Ventures (existing)

Product: and fitness startup
Customers: Consumers seeking fitness, wellness and related health services
How it makes money: Direct-to-consumer fitness and wellness services under the Cult.fit brand
What sets it apart: Integrated health and wellness platform spanning physical fitness and wellness offerings
Operations: Operates physical fitness centers and other wellness formats under Cult.fit