Cult.fit Parent Curefit Appoints Four Independent Directors Ahead of IPO

Cult.fit’s parent company Curefit Healthcare has appointed four independent directors to its board as it prepares for a potential public listing, according to Entrackr.

The newly appointed directors are Kalpana Morparia, Arun M. Kumar, Indu Bhushan and Pragya Misra. The development comes just days after the company raised ₹440 crore in its Series G funding round and as it begins to line up bankers for a proposed ₹2,500 crore initial public offering (IPO).

Vision Behind the Move

The appointments are aimed at strengthening corporate governance ahead of the company’s market debut. Chairman and founder Mukesh Bansal said that the inclusion of independent directors would bring greater rigour, accountability and a broader institutional perspective as the company scales and its operations become more complex.

Morparia, a veteran banker and former chairman of JPMorgan South and Southeast Asia, has previously held leadership roles at ICICI Bank and was awarded the Padma Shri in 2024. Arun M. Kumar is the managing partner at Celesta Capital and has earlier served as chairman and CEO of KPMG India, as well as assistant secretary of commerce for global markets under former US President Barack Obama. Indu Bhushan brings nearly four decades of experience across policy, healthcare and development, including his role as CEO of Ayushman Bharat: Pradhan Mantri Jan Arogya Yojana. Pragya Misra has held roles in communications and public affairs at companies such as WhatsApp and Truecaller, and currently serves as OpenAI’s head of strategy and global affairs for India.

Curefit Financials

Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit operates a hybrid fitness model that includes digital subscriptions and physical gyms.

The company runs around 700 gyms and has a presence in more than 40 cities, offering memberships through a mix of owned gyms, franchise partners and marketplace arrangements.

Curefit has raised more than $660 million to date from investors including Zomato, Tata Digital, Temasek, Accel, Kalaari Capital and Chiratae Ventures, and entered the unicorn club in 2021. Its recent financial performance indicates improvement, with operating revenue rising 31% year-on-year in FY25 to ₹1,215 crore, while net losses narrowed significantly to ₹483 crore from ₹888 crore in FY24.

For its planned listing, Cult.fit has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as its investment bankers.