Funding News
Cult.fit Is Coming to Dalal Street: Temasek Pumps ₹440 Crore, Ex-JPMorgan and OpenAI Executives Join Board — ₹2,500 Crore IPO Is Moving Fast
By Mustafa Shariff, Editor Iin chief · April 09,2026 · 5 min read
Summary
- Cult.fit parent Curefit Healthcare is preparing for a ₹2,500 crore IPO. Temasek has invested ₹440 crore, a power board has been assembled, and five bankers are engaged. Here is everything to know about this landmark healthcare IPO.
India's health and wellness sector is about to get its most significant public market debut in years. Cult.fit — the Bengaluru-based fitness unicorn that operates 700 gyms across 40 Indian cities, runs a fast-growing digital subscription business, and has diversified into sports apparel and healthcare services — is moving decisively toward a ₹2,500 crore initial public offering. The preparations are real, structured, and accelerating.
Temasek, the Singaporean sovereign wealth fund, has invested ₹440 crore in Cult.fit's Series G round, channeled through its investment arm MacRitchie. This latest infusion raises Temasek's ownership in the fitness unicorn to 11.88% and values Cult.fit at a post-money valuation of approximately ₹13,668 crore — around $1.45 billion. Goldman Sachs, Morgan Stanley, Jefferies, Axis Capital, and JM Financial have been engaged as bankers to manage the listing. And the company has assembled a board that signals it is serious about institutional governance.
The Board That Means Business
The four independent directors appointed by Curefit Healthcare ahead of its IPO are not ceremonial appointments. Kalpana Morparia is a veteran of JPMorgan India where she served as CEO, and one of the most respected corporate governance voices in Indian business. Arun M. Kumar brings decades of experience from KPMG's India operations. Indu Bhushan brings nearly four decades of experience in policy, healthcare, and development — including his pivotal role as the first CEO of Ayushman Bharat: Pradhan Mantri Jan Arogya Yojana, giving Cult.fit direct boardroom access to India's most important public health programme's architect. And Pragya Misra serves as OpenAI's head of strategy and global affairs for India — a signal that Cult.fit is positioning itself at the intersection of fitness and AI.
This is not a board assembled to satisfy SEBI's independent director requirements. It is a board assembled to make the company credible to institutional investors who will anchor the IPO.
What Cult.fit Has Built
Founded in 2016 by Mukesh Bansal and Ankit Nagori — both alumni of Flipkart and Myntra — Cult.fit has grown into India's most recognisable fitness brand. The company operates a hybrid model: approximately 700 gyms across 40 cities, a combination of company-run and franchise facilities, serving members through its Cultpass subscription. The digital business provides online classes, app subscriptions, and home-based training. And Cultsport — its D2C fitness apparel and equipment vertical — contributes over ₹250 crore annually.
The financial trajectory tells a story of genuine improvement. Revenue grew to ₹1,216 crore in FY25 — a 31% increase year on year. Net losses reduced dramatically, from ₹888 crore to ₹481 crore — an 83% reduction that represents extraordinary operational improvement in a single year. Investors approaching this IPO will be watching whether this loss reduction trajectory continues, and whether Cult.fit can reach profitability before or shortly after listing.
The Backers Behind the Story
Cult.fit has raised more than $660 million since its founding from an impressive roster: Zomato, Tata Digital, Temasek, Accel, Kalaari Capital, and Chiratae Ventures. The company entered the unicorn club in 2021. This IPO is not a distress exit — it is a planned market debut for a company that has been building toward public markets for several years.
CCI approval for Temasek's stake acquisition was secured in March 2026, clearing one of the key regulatory prerequisites for the IPO process. The appointment of five senior investment banks signals that the formal filing process is imminent.
Why This IPO Matters for Indian Healthcare
Cult.fit's listing is significant for a reason that goes beyond its own financials. India's health and wellness sector — preventive fitness, digital health subscriptions, functional nutrition, mental wellness — has attracted billions in investment but has never had a major public market benchmark. A successful Cult.fit IPO at scale creates a reference valuation for the entire category, potentially unlocking capital for dozens of smaller companies building in adjacent spaces.
Indu Bhushan's presence on the board also signals something specific: Cult.fit is not positioning itself purely as a fitness company. With a former Ayushman Bharat CEO as an independent director, the company is signalling ambitions toward preventive health and potentially the broader healthcare services market. This is worth watching closely.
BHC Perspective
At Bengaluru Health Community, Cult.fit's IPO is a Bengaluru story and a healthcare ecosystem story simultaneously. The company was founded in our city, its leadership team is embedded in the Bengaluru startup community, and its success would validate the health and wellness category as a serious public market investment in India. For founders building in preventive health, digital fitness, or wellness technology — the Cult.fit IPO will either open the capital markets for your category or set expectations you will need to manage carefully.
Frequently Asked Questions
Q: When is Cult.fit planning its IPO?
A: Cult.fit is actively preparing for a ₹2,500 crore IPO in 2026 after Temasek's ₹440 crore investment, appointment of four independent directors, and engagement of five investment banks including Goldman Sachs and Morgan Stanley.
Q: What is Cult.fit's current valuation?
A: Following Temasek's Series G investment of ₹440 crore, Cult.fit is valued at approximately ₹13,668 crore (around $1.45 billion) on a post-money basis.
Q: Who are Cult.fit's key investors?
A: Cult.fit's major investors include Temasek, Zomato, Tata Digital, Accel, Kalaari Capital, and Chiratae Ventures. The company has raised more than $660 million total since its 2016 founding.