Temasek Ups Stake in Cult.fit to 11.88% with INR 440 Cr Infusion
MacRitchie, the investment arm of Temasek, participated in the funding round, helping increase its stake in Cult.fit.
Naresh Krishnaswamy, Co-founder & CEO, Cult.fit
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Health and wellness platform Cult.fit has raised INR 440 crore (about USD 47 million) in a fresh funding round led by Temasek through its investment arm MacRitchie.
The latest investment comes after a gap of nearly two years and is expected to be the company’s final private funding round ahead of a planned public listing.
According to regulatory filings with the Registrar of Companies, the Bengaluru-based firm allotted over 90 lakh Series G compulsory convertible preference shares at a price of INR 483.62 each to complete the fundraise. Reports indicate that the company had been targeting a round of around USD 50 million.
Founded in 2016, Cult.fit operates a hybrid fitness model that combines digital services with physical fitness centres. Its app-based platform offers subscription plans, including access to gyms, group classes, and virtual training sessions. The company currently has a presence across more than 300 cities in India.
Cult.fit has raised over USD 720 million so far from investors such as Zomato, Tata Digital, Temasek, Kalaari Capital, and South Park Commons. Following this latest round, Temasek’s stake in the company stands at 11.88%.
The company has also appointed multiple investment banks, including Goldman Sachs, Morgan Stanley, Axis Capital, Jefferies, and JM Financial, to manage its upcoming initial public offering (IPO). It is reportedly aiming to raise around INR 2,500 crore, which could value the firm at close to USD 2 billion.
For the financial year ending March 2025, Cult.fit reported a 31% increase in operating revenue to INR 1,216 crore. Its losses also narrowed by 10% to INR 480.8 crore during the same period.
In a leadership change last year, co-founder Naresh Krishnaswamy was appointed chief executive officer, while co-founder Mukesh Bansal moved into the role of executive chairman.
Health and wellness platform Cult.fit has raised INR 440 crore (about USD 47 million) in a fresh funding round led by Temasek through its investment arm MacRitchie.
The latest investment comes after a gap of nearly two years and is expected to be the company’s final private funding round ahead of a planned public listing.
According to regulatory filings with the Registrar of Companies, the Bengaluru-based firm allotted over 90 lakh Series G compulsory convertible preference shares at a price of INR 483.62 each to complete the fundraise. Reports indicate that the company had been targeting a round of around USD 50 million.
