CureFit Appoints Independent Directors Before IPO

Indian fitness startup CureFit has appointed four independent directors to its board, signaling preparations for a potential initial public offering (IPO). The move follows CureFit’s Series G funding round, where it raised ₹440 Cr.

The new board members include Kalpana Morparia, formerly chairman of JPMorgan South and Southeast Asia; Arun M. Kumar, managing partner at Celesta Capital; Indu Bhushan, ex-CEO of Ayushman Bharat; and Pragya Misra, head of strategy and global affairs for OpenAI in India.

Morparia’s prior experience includes a 17-year tenure as chairman at JPMorgan South and Southeast Asia, along with roles at ICICI Bank. Kumar previously served as chairman and CEO of KPMG India before joining Celesta Capital in 2022. Bhushan brings four decades of experience in economy, policy and healthcare sectors, including his role as the CEO of ‘Ayushman Bharat: Pradhan Mantri Jan Arogya Yojana’ and positions at the World Bank Group and Asian Development Bank. Misra’s background includes communication and public affairs roles at tech companies such as WhatsApp and Truecaller.

According to CureFit chairman and founder Mukesh Bansal, the appointments aim to enhance governance and bring institutional perspectives to the board as the company scales.

CureFit, founded in 2016 by Mukesh Bansal and Ankit Nagori, operates the Cult.fit platform, which provides gym subscriptions through self-owned, franchised, and marketplace models. The company has a network of 700 gyms across more than 40 cities. To date, CureFit has raised over $660 million from investors including Zomato, Tata Digital, Temasek, Accel, Kalaari Capital, and Chiratae Ventures. CureFit achieved unicorn status in 2021.

The company has reportedly shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers for its potential ₹2,500 Cr public offering. In FY25, CureFit narrowed its net loss by 83% to ₹483 Cr, while operating revenue increased by 31% to ₹1,215 Cr.