Cult.fit flexes $50m Temasek raise as IPO workout begins

Cult.fit, a Bengaluru-based fitness-tech company preparing for a potential public listing, has raised 4.2 billion rupees (US$50 million) in fresh funding from its existing investor, Singapore state-linked fund Temasek.

Sources familiar with the transaction said the funding was a primary round, valuing Cult.fit at around US$1.6 billion.

The valuation is in the same range as when the company, previously named CureFit, raised its series F round of US$2 million in March 2025, sources added.

Photo credit: Cult.fit

According to media reports, Cult.fit is expected to raise around US$300 million through the IPO at a valuation of US$2 billion.

Although the final size, structure, and timing of the offering remain under discussion, bankers have been appointed, and an IPO is currently the company’s primary fundraising option, sources said. However, “alternatives are still being evaluated.”

Founded in 2016 by Mukesh Bansal and Rishabh Telang, Cult.fit’s services include fitness centers, group classes, digital workouts, as well as nutrition and mental wellness offerings. The company runs over 700 gyms across 60 cities, with nearly 80% of its footprint in Tier 1 markets.

“Expanding in Tier 2 and Tier 3 cities is on the cards,” said a source. However, the company’s headquarters in Bengaluru remains its largest hub with over 25 centers, according to sources.

Cult.fit recorded US$147 million in revenue from operations for the financial year ended March 2025 (FY25), up 50% from US$112 million in FY24, as per filings. Fitness subscriptions, including Cultpass and center-based memberships, accounted for 68% of gross revenue.

Net loss halved to about US$53.3 million from US$98.6 million year on year, as per filings.

EBITDA loss narrowed to US$15 million in FY25 from US$63 million in the previous financial year, according to sources.

Arun Natrajan, founder of research firm Venture Intelligence, noted that with its IPO approaching, Cult.fit is improving its unit economics, reducing its losses, and improving its margins.

Investors in the fitness-tech startup say that the company has broken even in FY26, and that it expects revenue growth of 25% year on year.

Investors eye an exit

Cult.fit has raised US$667 million across 14 funding rounds to date and counts Accel, Kalaari Capital, Chiratae Ventures, and Temasek among its institutional investors, as per research firm Tracxn.