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Bengaluru-based fitness and wellness platform Cult.fit has raised $47 million (Rs 440 crore) from Singapore’s Temasek through its investment arm MacRitchie, according to Registrar of Companies (RoC) filings. The Series G round, completed after a two-year fundraising gap, allots 90,98,052 shares at Rs 483.62 each. With this deal, Temasek’s stake in Cult.fit rises to 11.88%.
Series G Deal Structure and Valuation of Cult.fit
The Rs 440 crore raise is structured entirely through the issuance of compulsory convertible preference shares (CCPS). According to RoC filings, the Cult.fit board approved the allotment of 90,98,052 Series G CCPS at a per-share price of Rs 483.62 to Temasek.
Cult.fit’s post-money valuation stands at approximately Rs 13,668 crore ($1.45 billion), broadly flat compared to its previous round, which had valued the company at over $1.5 billion. The latest round represents the company’s first institutional capital raise in nearly two years.
Following the allotment, Temasek’s stake in Cult.fit rises to 11.88%. The company has so far raised over $650 million from investors including Accel India, Temasek, Chiratae Ventures, Kalaari Capital, Tata Digital, and Zomato. Co-founders Mukesh Bansal and Ankit Nagori are among the key individual stakeholders in the company.
Why Investors Are Doubling Down on Cult.fit
The renewed commitment from Temasek, one of Singapore’s largest state-owned investment firms, signals sustained institutional confidence in Cult.fit’s hybrid fitness model. The startup operates a combination of physical fitness centres and a subscription-based digital platform — offering gym access, group classes, virtual training sessions, and its Cultsport retail line.
Cult.fit currently operates across more than 300 cities in India. Its app-based Cultpass subscription grants members access to gyms, group fitness classes, and virtual training — a model that differentiates it from asset-heavy competitors relying solely on physical infrastructure.
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Cult.fit FY25 Revenue Growth and Narrowing Losses
Cult.fit’s improving financials have drawn investor attention ahead of its planned public listing. For the fiscal year ended March 2025, the company reported a 31% year-on-year increase in operating revenue — rising to Rs 1,216 crore from Rs 927 crore in FY24.
Growth was driven by a combination of rising same-store sales, expanding online fitness equipment and accessories revenue under its Cultsport brand, and a broadening services business spanning group fitness classes, personal training, and partner gym memberships.
Net losses narrowed by 10% to Rs 480.8 crore in FY25, reflecting improving unit economics at physical centres and a higher-margin contribution from digital offerings.
Cult.fit IPO Plans and Banker Appointments
This Series G round is widely understood to be Cult.fit’s final private funding round ahead of a planned initial public offering. The company has appointed a high-profile investment banking syndicate — Goldman Sachs, Morgan Stanley, Axis Capital, Jefferies, and JM Financial — to manage the IPO process.
Cult.fit is reportedly targeting a raise of Rs 2,500 crore (approximately $300 million) through the public offering, which would value the company at close to $2 billion — a significant step up from its current post-money valuation of approximately $1.45 billion.
Cult.fit’s Position in India’s Fitness and Wellness Market
Cult.fit operates in a segment that has seen strong and sustained consumer demand, particularly in urban India. Founded in 2016 by Mukesh Bansal and Ankit Nagori, the company has scaled its hybrid model to become the most capitalised pure-play fitness platform in the country.
Its cumulative funding of over $650 million — across backers including Accel, Temasek, Kalaari Capital, Tata Digital, and Zomato — positions Cult.fit distinctly in an industry that has seen a mix of rapid growth and consolidation.
Cult.fit, by contrast, has maintained physical expansion while deepening its digital platform — a model that appears to have sustained investor confidence through multiple market cycles.
Leadership Transition at Cult.fit
In 2024, Cult.fit promoted co-founder Naresh Krishnaswamy to Chief Executive Officer. He succeeded co-founder Mukesh Bansal, who moved into the role of Executive Chairman. The leadership transition is seen as part of the company’s effort to professionalise its management structure in preparation for the public listing.
