Curefit IPO: Curefit is entering a decisive phase in its journey to the public markets, and it’s starting from the boardroom.
The fitness and wellness platform has appointed four independent directors, Kalpana Morparia, Arun M. Kumar, Dr Indu Bhushan and Pragya Misra, as it prepares for a potential initial public offering. The move reflects a clear shift toward stronger governance, a step often seen as critical for companies transitioning from startup scale to public market scrutiny.
Each of the new board members brings a distinct layer of institutional experience. Kalpana Morparia, former Chairperson of JPMorgan South and Southeast Asia, adds financial and governance depth. Arun M. Kumar, Managing Partner at Celesta Capital and former CEO of KPMG India, brings global consulting and policy expertise. Dr Indu Bhushan, the founding CEO of Ayushman Bharat, contributes experience in public health systems, while Pragya Misra, who leads strategy and global affairs for OpenAI in India, adds a technology and policy lens.
The broader message is clear: Curefit is preparing not just for an IPO, but for life after it.
Founder and chairman Mukesh Bansal has emphasised the need for stronger institutional thinking as companies scale, highlighting the importance of accountability, independent oversight and diverse perspectives at the board level. The timing of these appointments reinforces that philosophy, coming just as the company readies itself for public market entry.
The IPO itself is expected to be sizable. Market estimates suggest a potential issue size of around ₹2,500 crore, with a targeted valuation of roughly $2 billion. The company has already lined up major investment banks, including Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial, as book-running lead managers.
However, the final call on timing appears to be cautious. While preparations are underway, Curefit is likely to wait for favourable market conditions before moving ahead. The current expectation places the listing window around the festive season, including Diwali, subject to market visibility.
The company enters this phase with improving financial momentum. In FY25, Curefit reported revenue of ₹1,216 crore, marking a 31% year-on-year increase. More importantly, it has significantly narrowed its EBITDA losses to ₹36 crore, with margins improving sharply to -3% from -22% a year earlier. The shift points to better utilisation, stronger customer retention and tighter operational control.
Investor confidence has also received a boost. Singapore’s sovereign wealth fund Temasek recently infused ₹440 crore into the company, increasing its stake to around 12%. The investment adds weight to Curefit’s positioning ahead of a potential listing.
Founded in 2016, Curefit operates a multi-format fitness and wellness platform under the cult brand, combining physical centres with digital offerings and corporate wellness programmes. Over the years, the company has focused on building a hybrid model that integrates offline experiences with online engagement, an approach that has gained traction as consumer behaviour evolves.
Now, with stronger financials, fresh capital and a more seasoned board, Curefit appears to be aligning itself with a broader shift in investor expectations, one that favours sustainable growth over aggressive expansion.
The coming months will test whether that positioning is enough. For now, the company seems intent on ensuring that when it does step into the public markets, it does so with both credibility and control.
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