Curefit bolsters board ahead of IPO; listing likely during festive season

Curefit adds four independent directors including Kalpana Morparia and Arun M Kumar as it readies a roughly ₹2,500 crore IPO targeting a $2 billion valuation

By Aishwarya Anand

Fitness and wellness platform Curefit has appointed four independent directors to its board as it gears up for a potential public market debut.

The company has onboarded Kalpana Morparia, Arun M. Kumar, Dr Indu Bhushan and Pragya Misra, strengthening its governance framework in line with IPO readiness.

The newly appointed directors bring experience across banking, global consulting, public policy and technology.

Morparia, former Chairperson of JPMorgan South and Southeast Asia, brings deep financial and governance expertise, while Arun M. Kumar, Managing Partner at Celesta Capital and former CEO of KPMG India, adds global business and policy experience.

Dr Indu Bhushan, founding CEO of Ayushman Bharat, brings healthcare and public systems expertise and Pragya Misra, who leads strategy and global affairs for OpenAI in India, adds a technology and policy perspective.

Commenting on the appointments, Mukesh Bansal, chairman and founder of Curefit, said, “As organisations grow in scale and complexity, strong governance and clarity of thought become increasingly important. We have been thoughtful about onboarding independent voices who bring rigour, accountability and a wider institutional perspective to the board.”

The board expansion comes as Curefit prepares for a listing, but is likely to wait for more favourable macroeconomic conditions before moving ahead.

As per the sources, the company is tentatively looking at an IPO later this year, around the festive season, including Diwali, subject to market visibility.

The IPO is expected to be sized at around ₹2,500 crore, with the company targeting a valuation of roughly $2 billion, according to industry estimates. The company has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as book-running lead managers for the issue.

The development follows a recent capital infusion from Singapore’s sovereign wealth fund Temasek, which invested ₹440 crore in the company, taking its stake to around 12% and reinforcing investor confidence ahead of a potential listing.

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Founded in 2016, Curefit operates a multi-format fitness and wellness platform under the cult brand, offering gyms, group workouts, sports facilities and fitness products.

The company has built a strong presence across multiple cities, combining offline centres with digital offerings and corporate wellness programmes.

Financially, the company has shown strong growth alongside improving unit economics.

Curefit reported revenue of ₹1,216 crore in FY25, marking a 31% year-on-year increase, while significantly narrowing its EBITDA losses to ₹36 crore. Its EBITDA margin improved sharply to -3% from -22% a year earlier, driven by better utilisation, higher retention and operational efficiencies.

Over the past few years, Curefit has focused on balancing growth with profitability, aligning with the broader shift in investor sentiment towards sustainable and capital-efficient business models.

With fresh capital, improved financials and a strengthened board, Curefit appears to be positioning itself for a public listing. However, the timing of the IPO will depend on broader market conditions and investor appetite in the months ahead.