On Friday, March 13, 2026, CureFit (the parent company of Cult.fit) reported a significant turnaround in its financial performance for the fiscal year ending March 2025 (FY25). The fitness unicorn managed to slash its net loss by 83%, bringing it down to ₹483 crore from the ₹888.5 crore reported in FY24.
This performance is being viewed as a “critical cleanup” as the company prepares for its scheduled ₹2,500 crore IPO later in 2026.
FY25 Financial Snapshot
The narrowing of losses was driven by a robust 31% jump in top-line revenue and a newfound focus on “hardcore” cost discipline.
| Metric | FY25 (Reported Mar 2026) | FY24 (Actual) | Growth / Change |
| Operating Revenue | ₹1,215 Crore | ₹926.6 Crore | +31% |
| Net Loss | ₹483 Crore | ₹888.5 Crore | -83% |
| EBITDA Loss | ₹36 Crore | ₹209 Crore | -83% |
| EBITDA Margin | -3% | -22% | Improved significantly |
Key Growth Engines
- Service Dominance: Nearly 73% of the revenue (approx. ₹889 crore) came from fitness subscriptions, including the flagship Cultpass and group classes.
- Product Push: The D2C fitness apparel and equipment brand, Cultsport, contributed ₹326.4 crore, showing 27% year-on-year growth.
- Geographic Concentration: CEO Naresh Krishnaswamy confirmed that just six major hubs—Bengaluru, Hyderabad, Delhi NCR, Mumbai, Pune, and Chennai—now contribute 90% of total revenue.
Cost Cutting: The “Efficiency” Drive
The massive 83% reduction in losses wasn’t just due to sales; it involved a deep trim of operating expenses:
- Employee Costs: Remained largely flat at ₹347.4 crore, despite the scaling of the business, following a restructuring exercise in early 2024 that saw nearly 150 layoffs.
- Marketing Spend: Advertising and promotional expenses were kept steady at ₹202.9 crore, ending the era of hyper-aggressive brand spending.
- Revenue Efficiency: The startup’s “expense-to-earning” ratio improved to ₹1.44, meaning it now spends much less to earn every rupee of revenue than it did in previous years (₹1.69 in FY24).
Road to the 2026 IPO
With Tata Digital and Zomato as key backers, CureFit is now in the “pre-IPO” home stretch:
- IPO Target: The company is reportedly seeking a valuation of $2 billion (~₹17,000 crore) for its public debut.
- Profitability Timeline: Management has signaled that the services business is expected to turn profitable by mid-FY26, with overall company-wide profitability targeted by the end of the 2026 fiscal year.
- Internal Funding: To bridge the gap to the IPO, CureFit recently raised a small $2 million internal round from First Luxembourg (Life Jacket Group) at a steady $1.5 billion valuation.
