Bengaluru-based health-tech unicorn CureFit has secured $2 million (~₹16.8 crore) in fresh funding from First Luxembourg SCA a step-down subsidiary of German wellness conglomerate LifeFit Group. The raise comes ahead of CureFit’s anticipated IPO and was executed through the issuance of 340,000 compulsorily convertible preference shares (CCPS) at ₹483.62 per share.
The investment, finalized at a flat valuation of $1.6 billion, mirrors CureFit’s last reported valuation from four years ago indicating a focus on operational growth over aggressive valuation play.
“This was an investor-initiated round. We didn’t actively seek funding, as our current operations are sufficiently capitalized,” shared CureFit CEO Naresh Krishnaswamy in a statement to Inc42.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit operates under the Cult.fit brand an integrated platform offering physical fitness centers, mental wellness services via Mind.fit, and primary healthcare through Care.fit. Today, Cult.fit operates over 700 centers across 40+ Indian cities, driven by a mix of company-owned, franchised, and partner-managed models.
To date, CureFit has raised $660 million from marquee investors including Zomato, Tata Digital, Temasek, Accel, Kalaari Capital, and Hrithik Roshan. Despite reporting ₹926.6 crore in revenue in FY24 a 33.6% YoY increase the company posted a widened net loss of ₹888.5 crore due to higher operating costs and continued expansion.
Roughly 90% of CureFit’s revenue remains concentrated across six key metro hubs: Bengaluru, Hyderabad, Delhi NCR, Mumbai, Pune, and Chennai.
As the company edges closer to a public listing, the latest infusion signals continued investor confidence in its long-term play in India’s wellness economy.
