CureFit, the Bengaluru-headquartered health and fitness unicorn, has secured fresh funding of $2 million (approximately Rs 16.8 crore) from its existing investor, First Luxembourg S.C.A., a subsidiary of the German wellness giant LifeFit Group. The raise comes as part of a strategic move while the company is gearing up for its much-anticipated IPO.
Investor-Initiated Funding Amid Strong Growth Momentum
Unlike typical fundraising driven by capital needs, CureFit’s CEO Naresh Krishnaswamy confirmed that this funding round was initiated by the investor and not due to an immediate requirement for capital infusion. “While we do not have a pressing need to raise funds for corporate purposes, it was an inbound request from an existing investor, which we accepted,” Krishnaswamy stated.
The transaction involved the issuance of 340,000 compulsorily convertible preference shares (CCPS) at Rs 483.62 per share, valuing CureFit at a steady $1.6 billion, unchanged since their last valuation four years ago.
CureFit’s Holistic Health Ecosystem: More than Just Fitness
Founded in 2016 by entrepreneurs Mukesh Bansal and Ankit Nagori, CureFit operates under the prominent brand Cult.fit, offering a comprehensive health and wellness platform that integrates:
Physical fitness centres (over 700 spread across 40+ Indian cities)
Mental health services under Mind.fit
Primary healthcare through Care.fit clinics
The fitness centres operate on a hybrid model — encompassing company-owned, franchised, and third-party gyms. With key markets including Bengaluru, Hyderabad, Delhi NCR, Mumbai, Pune, and Chennai, these metropolitan hubs generate about 90% of the company’s revenue.
Financial Snapshot: Growth Coupled with Increased Cash Burn
CureFit posted a strong revenue growth in FY24, with operating revenues reaching Rs 926.6 crore, marking a 33.6% increase from Rs 693.7 crore in FY23. However, the net loss widened by 42% to Rs 888.5 crore, reflecting intensified cash burn as the company pushes toward increasing scale and profitability.
The company is actively pursuing EBITDA profitability by FY26, aiming to balance growth with fiscal discipline.
Backed by Industry Heavyweights and Iconic Investors
Since inception, CureFit has accumulated funding of approximately $660 million from heavyweight investors like:
Zomato
Tata Digital
Temasek
Accel
Kalaari Capital
Celebrity investor Hrithik Roshan
These marquee backers have propelled CureFit’s rise in India’s rapidly growing wellness and fitness sector.
Why This Funding Matters for Indian Fitness and Health Startups
Despite the funding round’s modest size, it signals continued investor confidence in CureFit’s business model and growth path ahead of its IPO. The fitness and wellness space in India remains booming, boosted by rising health consciousness and digital adoption.
CureFit’s hybrid service ecosystem, blending offline and online solutions, positions it well to tap into India’s evolving consumer preferences while aiming for profitability and operational excellence.
Looking Ahead: IPO and Market Positioning
With this fresh capital and sustained investor trust, CureFit is strategically positioned to finalize its IPO roadmap. The company’s leadership is focused on scaling operations, optimizing costs, and fortifying its presence in top Indian cities.
Its IPO, anticipated in 2026, could be a landmark for India’s health-tech sector, underlining the growing appetite for integrated wellness solutions among Indian consumers.
In summary, CureFit’s latest funding round reinforces its status as a leading Indian fitness unicorn. With robust revenue traction, strategic overseas backing, and a diversified health platform, CureFit is navigating its path to profitability and public listing amidst a burgeoning wellness market in India.