Cult.fit has secured Rs 440 crore ($47 million) from Temasek, reinforcing its status as one of the rapidly growing direct-to-consumer (D2C) brands in India. This recent investment indicates rising investor interest in the D2C sector, particularly among wellness startups with significant growth potential.
The funds were invested through Temasek’s MacRitchie arm, increasing its stake to 11.88%. This move further strengthens Cult.fit’s position within the landscape of venture capital-backed and top-funded D2C companies. In this funding round, the company issued 9,098,052 Series G compulsorily convertible preference shares (CCPS) at Rs 483.62 each, valuing the company at Rs 13,668 crore ($1.45 billion) post-money. This valuation underscores relative stability in the D2C startup space amid shifting market dynamics.
Since its founding in 2016, Cult.fit has established a notable presence by integrating digital fitness services with a widespread offline network. Operating in around 300 cities, it employs an omnichannel approach that combines its app-based offerings with physical fitness centers. The subscription-based Cultpass model supports recurring revenue streams and enhances customer engagement, reinforcing the company’s business model in India’s D2C market.
Coming two years after the previous round, this funding marks a significant point in Cult.fit’s development and is expected to be its final private capital raise before pursuing an initial public offering (IPO). The company plans to raise Rs 2,500 crore (~$300 million) in this IPO, targeting a valuation close to $2 billion. This positions Cult.fit as a noteworthy player within the D2C IPO landscape and among forthcoming direct-to-consumer exits.
On the financial side, Cult.fit reported a 31% increase in operating revenue to Rs 1,216 crore in fiscal year 2025, up from Rs 927 crore in fiscal year 2024. Concurrently, losses decreased by 10% to Rs 480.8 crore, reflecting enhanced operational efficiency and stronger fundamentals—indicators relevant to investors monitoring private equity and growth in the D2C sector.
The company’s focus on scalable, sustainable growth aligns with overall trends in the Indian D2C market for 2025, where wellness, fitness, and preventive healthcare are gaining a greater share of consumer spending. Alongside sectors like beauty, skincare, and food and beverage, fitness is emerging as a key vertical in current D2C market developments.
To date, Cult.fit has raised over $720 million from prominent investors including Zomato, Tata Digital, Kalaari Capital, and South Park Commons, consolidating its leadership within the D2C industry. Continued investor support reflects confidence in the company’s long-term strategy, infrastructure, and potential for category expansion.
Leadership changes are also underway, with co-founder Naresh Krishnaswamy assuming the CEO role while Mukesh Bansal moves to executive chairman. This transition is designed to support operational scaling, enhance governance, and facilitate growth plans within the D2C sector.
Cult.fit’s trajectory exemplifies current dynamics in India’s D2C ecosystem, where companies are creating integrated platforms, leveraging technology, and reshaping consumer relationships. With solid funding, steady growth, and a clear IPO plan, Cult.fit remains a leading example in India’s D2C market, setting benchmarks for innovation and sustainable value creation.
