CureFit, the fitness unicorn known for its Cult.fit gym chain, has successfully raised ₹440 Cr (approximately $47.2 million) in its Series G funding round. This investment comes from Temasek, Singapore's sovereign wealth fund.
According to filings with the Registrar of Companies (RoC), CureFit's board has approved the issuance of nearly 91 lakh (90,98,052) Series G compulsorily convertible preference shares (CCPS) at a price of ₹483.62 each to MacRitchie Investments, an affiliate of Temasek.
Following this transaction, MacRitchie's stake in CureFit will rise from 8.95% to 11.88%. This investment follows the recent approval from the Competition Commission of India (CCI) for MacRitchie's partial stake acquisition in the company. Reports suggest that Temasek aims to acquire an additional 10.71% stake in CureFit.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit operates the Cult.fit platform, which offers various gym memberships through self-owned, franchised, and marketplace models. The company currently manages over 700 gyms across more than 40 cities.
CureFit has raised over $660 million to date from notable investors including Zomato, Tata Digital, and Accel. The company achieved unicorn status in 2021 and is now preparing for a public listing.
Reports indicate that CureFit has shortlisted several investment banks, including Axis Capital, Jefferies, and Goldman Sachs, to assist with its potential ₹2,500 Cr IPO, targeting a valuation of $2 billion (₹18,141 Cr).
On the financial side, CureFit has significantly reduced its net loss by 83% to ₹483 Cr in FY25, compared to ₹888 Cr the previous year. Operating revenue also saw a 31% increase, reaching ₹1,215 Cr from ₹926.6 Cr in FY24.
