IPO-Bound CureFit Nets ₹440 Cr From Temasek

IPO-bound fitness unicorn CureFit, which operates the Cult.fit gym chain, has raised ₹440 Cr ($47.2 Mn) in its Series G funding round from Singapore’s sovereign wealth fund, Temasek.

As per its filings with the Registrar of Companies (RoC), the company’s board approved the allotment of nearly 91 Lakh (90,98,052 to be precise) Series G compulsorily convertible preference shares (CCPS) at ₹483.62 each to Temasek’s affiliate entity MacRitchie Investments.

Post the transaction, MacRitchie’s stake in the startup will increase to 11.88% from 8.95% earlier.

This comes weeks after Competition Commission of India (CCI) approved MacRitchie’s proposal to acquire a partial stake acquisition in CureFit. Temasek is said to be looking to acquire a further 10.71% stake in the fitness unicorn. 

Entrackr was the first to report the development. 

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

The fundraise comes as CureFit is looking to list on the bourses. Previous reports indicated that the company has already shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers to helm its potential ₹2,500 Cr public offering.

As per reports, the fitness chain is targeting a valuation of $2 Bn (₹18,141 Cr) via its IPO.

Meanwhile, on the financial front, the unicorn managed to trim its net loss by 83% to ₹483 Cr in FY25 as against ₹888 Cr reported in the previous financial year. Operating revenue surged 31% to ₹1,215 Cr in the fiscal under review from ₹926.6 Cr in FY24. 

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