In what is likely its final private funding round before heading to the public markets, fitness unicorn Cult.fit (formerly Cure.fit) has raised ₹440 crore ($47 million). The investment, led by Temasek through its arm MacRitchie, was confirmed on March 21, 2026.
This latest injection of capital values the company at $1.45 billion (approximately ₹13,668 crore), keeping its valuation relatively flat compared to its 2021 Series F round.
IPO Roadmap: The “Rs 2,500 Crore” Workout
The funding serves as the final “pre-IPO” fuel for the company. Cult.fit has already made significant strides toward its D-Street debut:
- Bankers Appointed: The company has selected a high-profile syndicate including Goldman Sachs, Morgan Stanley, Jefferies, Axis Capital, and JM Financial.
- Target IPO Size: Cult.fit aims to raise roughly ₹2,500 crore (nearly $300 million).
- Implied Listing Valuation: While the private valuation sits at $1.45B, the company is reportedly targeting a $2 billion valuation for its public listing.
Financial Performance (FY25 Snapshot)
Cult.fit has shown a marked improvement in its unit economics, a critical factor for investor confidence ahead of an IPO.
| Metric | FY24 | FY25 | YoY Change |
| Operating Revenue | ₹927 Crore | ₹1,216 Crore | +31% |
| Net Loss | ₹535 Crore | ₹480.8 Crore | -10% (Narrowed) |
| EBITDA Margin | -22% | -3% | Significant Improvement |
Strategic Shifts: From “Cure” to “Cult”
Under the leadership of CEO Naresh Krishnaswamy (who took over from Mukesh Bansal in 2024), the company has pivoted toward three core pillars:
- Cult Neo (Mass Segment): A major push into non-metro cities with a lower-priced gym format (₹10,000–₹12,000/year) to tap into the “unorganized” fitness market.
- Cultsport (Retail Expansion): The apparel and equipment arm now contributes 33% of total revenue. The brand is opening 15–20 new physical stores this year to compete directly with Decathlon.
- Profitability Target: The company has already turned cash flow positive in early FY26 and expects to reach full EBITDA profitability by the end of this financial year.
Ownership Structure (Post-Round)
Cult.fit continues to be backed by a “who’s who” of the Indian tech ecosystem. Temasek’s stake has increased to ~12% following this round. Other major stakeholders include:
- Tata Digital (The primary corporate backer)
- Zomato (~6.4% stake)
- Accel (The largest institutional shareholder)
