Curefit Healthcare Pvt Ltd, the parent company of fitness and wellness platform Cult.fit, has appointed four independent directors as it gears up for a potential public listing.
This development comes shortly after the company received Rs 440 crore ($47 million) from Temasek last month, as exclusively reported by Entrackr.
According to a press release, Cult.fit's board has appointed Kalpana Morparia, Arun M. Kumar, Indu Bhushan, and Pragya Misra as independent directors.
Kalpana Morparia, former Chairman of JPMorgan South and Southeast Asia, is a banking veteran who previously held leadership roles at ICICI Bank and serves on multiple global boards. She was awarded the Padma Shri in January 2024.
Arun M. Kumar currently serves as Managing Partner at Celesta Capital, while Indu Bhushan is the founding CEO of Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) and a former IAS officer from the Rajasthan cadre. Pragya Misra is the Head of Strategy & Global Affairs for India at OpenAI.
Founded in 2016, Cult.fit operates on a hybrid fitness model combining digital offerings through its app and physical fitness centers across 300 cities in India. It provides subscription-based fitness plans (Cultpass) that grant access to gyms, group classes, and virtual training.
Overall, Cult.fit has raised over $720 million to date from the likes of Zomato, Tata Digital, Temasek, Kalaari Capital and South Park Commons among others.
The fitness unicorn has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers for its upcoming IPO. The company is reportedly aiming to raise Rs 2,500 crore (nearly $300 million), valuing it at around $2 billion.
For the fiscal year ended March 2025, Cult.fit reported a 31% year-on-year hike in operating revenue to Rs 1,216 crore from Rs 927 crore in the previous fiscal year (FY24), while losses narrowed 10% to Rs 480.8 crore.