CureFit Appoints Four Independent Directors Ahead Of IPO

Days after raising ₹440 Cr in its Series G funding round, fitness unicorn CureFit has onboarded four independent directors on its board ahead of its potential IPO.

Kalpana Morparia (former chairman of JPMorgan South and Southeast Asia ), Arun M. Kumar (managing partner of Celesta Capital), Indu Bhushan (former IAS officer and CEO of Ayushman Bharat), and Pragya Misra (head of strategy and global affairs for OpenAI in India) are the newly appointed directors on the board. 

Prior to this, Morparia served as the chairman at JPMorgan South and Southeast Asia for 17 years. She also worked with companies like ICICI Bank and is a recipient of Padma Shri award. 

Kumar, prior to joining Celesta Capital in 2022, was the chairman and CEO of KPMG India. He also held a senior role in former US president Barack Obama’s administration as assistant secretary of commerce for global markets.

Meanwhile, Bhushan brings four decades of experience in economy, policy and healthcare sectors. For almost three years, he served as the CEO of ‘Ayushman Bharat: Pradhan Mantri Jan Arogya Yojana’. He also worked with World Bank Group as the senior economist, and the director general of East Asia Department at Asian Development Bank. 

Misra brings prior experience in communication and public affairs at tech companies like WhatsApp and Truecaller.

“As organisations grow in scale and complexity, strong governance and clarity of thought become increasingly important. We have been thoughtful about on-boarding independent voices who bring rigour, accountability and a wider institutional perspective to the board,” CureFit chairman and founder Mukesh Bansal said.

The appointment comes at a time when CureFit is looking to make its public market debut soon. As per reports, CureFit has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers to helm its potential ₹2,500 Cr public offering. 

Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit is a health and fitness startup that runs physical fitness platform Cult.fit, under which it offers various gym subscriptions via three models – self-owned gyms, franchised gyms, and the marketplace model.

It operates 700 gyms under the Cult.fit umbrella and has a presence in more than 40 cities. The startup has raised more than $660 Mn to date from the likes of Zomato, Tata Digital, Temasek, Accel, Kalaari Capital, Chiratae Ventures, and others. CureFit entered the unicorn club in 2021.

On the financial front, the unicorn managed to trim its net loss by 83% to ₹483 Cr in FY25 from ₹888 Cr in the previous financial year. Operating revenue surged 31% to ₹1,215 Cr from ₹926.6 Cr in FY24.

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