Temasek's $47.2M investment boosts CureFit's IPO prospects.
Singapore’s Temasek has invested ₹440 Cr ($47.2 million) in CureFit, the parent company of Cult.fit, through a Series G funding round, according to filings with the Registrar of Companies (RoC). The investment increases Temasek’s stake in the fitness unicorn as it prepares for a potential IPO.
The board approved the allotment of 9.1 million Series G compulsorily convertible preference shares (CCPS) at ₹483.62 each to Temasek’s affiliate, MacRitchie Investments. Following the transaction, MacRitchie’s stake in CureFit will increase from 8.95% to 11.88%.
The Competition Commission of India (CCI) recently approved MacRitchie’s proposal to acquire a partial stake in CureFit. Temasek is reportedly seeking to acquire an additional 10.71% stake in the company.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit operates the Cult.fit platform, offering gym subscriptions through self-owned, franchised, and marketplace models. It has raised over $660 million from investors including Zomato, Tata Digital, Accel, and Kalaari Capital. CureFit achieved unicorn status in 2021.
CureFit has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers for its potential ₹2,500 Cr public offering, targeting a valuation of $2 billion.
In FY25, CureFit reduced its net loss by 83% to ₹483 Cr, compared to ₹888 Cr in the previous fiscal year. Operating revenue increased by 31% to ₹1,215 Cr from ₹926.6 Cr in FY24.
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