Including other income of ₹56.4 Cr, the startup’s total revenue for FY25 stood at ₹1,272 Cr as operating revenue surged 31% to ₹1,215 Cr
Curefit discontinued operations for brands Onyx and Trade.fit, leading to it registering impairment costs in the fiscal year FY24
Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit is a health and fitness startup headquartered in Bengaluru
Fitness unicorn CureFit, which operates the Cult.fit gym chain, managed to trim its FY25 net loss by 83% to ₹483 Cr from ₹888 Cr reported in the previous financial year.
Operating revenue for the fiscal under review surged 31% to ₹1,215 Cr from ₹926.6 Cr reported in the previous fiscal. Including other income of ₹56.4 Cr, the startup’s total revenue for FY25 stood at ₹1,272 Cr.
The Cult.fit parent earned a large majority of its revenue from sale of services, which stood at ₹841.3 Cr. Apart from a fitness app and gym chain, CureFit also operates a D2C fitness apparel brand which contributed a revenue of ₹326.4 Cr during the fiscal year
Besides these, the startup also earned around ₹50 Cr from its franchise model, where it charges partner entities for set up costs, advertising charges and royalty.
Important to highlight that the startup discontinued operations for brands Onyx and Trade.fit, leading to it registering impairment costs in the fiscal year FY24.
“Accordingly, intangibles initially recognised during purchase price allocation worth ₹18.57 Cr (Onyx) and ₹61 Lakh (Trade.fit) were considered for impairment to the extent of carrying value of such intangible assets i.e. ₹10.7 Cr (Onyx) and ₹27 Lakh (Trade.fit) respectively in the financial statements,” the startup’s filings with the MCA read.
Notably, the Bengaluru-based health and fitness startup acquired Onyx in 2021 to improve its computer vision tech for at-home fitness products and expanding business internationally.
Besides these, the startup also sunsetted the Fitternity app during FY24 after integrating the business fully with CureFit. The startup acquired Fitternity in 2021 for an undisclosed amount.
“Given the group’s intention to promote cultpass/corp pass as they key sales SKU, the Group consequently decided to impair the intangible created as per PPA for the Fitternity acquisition to the extent of carrying value of such intangible assets, that is, ₹45.43 Cr.”
Lastly, the startup has also acquired Fitso in 2021, which was renamed in FY24 to ‘CultPlay’. Sunsetting the independent Fitso app after integrating it with CureFit led to it being recognised as an impairment cost of ₹30.96 Cr.
These events during FY24 resulted in a combined impairment cost on intangible assets worth ₹319.3 Cr. This was in addition to goodwill impairment recorded of entities F2 Fun and Fitness and Onyx worth ₹13.27 Cr in FY24.
In June 2025, CureFit’s CEO Naresh Krishnaswamy told Inc42 that the startup was on track to achieve EBITDA profitability in FY26, adding that its fitness services vertical is expected to be EBITDA positive from Q2 FY26.
“We have seen double-digit EBITDA momentum for the last 2 years, moving us closer to profitability and we expect this trend to continue. The key levers for us in the journey to sustainable profitability are the healthy rate of new centre expansion, higher SSSG (same store sales growth) over SSCG (same store cost growth) and a significant benefit from operating leverage on our fixed costs,” he had said back then.
Zooming Into CureFit’s Expenses
Expenses during the fiscal year stood at ₹1,751 Cr, up 12% from ₹1,563 Cr spent in FY24. Here’s a breakdown of its expenses:
Employee Benefit Expenses: CureFit’s spent ₹347.4 Cr on its workforce in FY25, up 7% from ₹324 Cr in the previous fiscal year.
Facility Management Expenses: Expenses under this head, which includes utilities and consumables charges incurred from gym facilities, grew 28% YoY to ₹129.3 Cr in FY25.
Promotion & Advertisement: CureFit trimmed its marketing expenses by 3% to ₹203 Cr in FY25 from ₹209 in FY24.
Services Fees: Expenses under this bracket stood at ₹260 Cr, marking a 37% uptick from ₹189 Cr spent in the prior year.
A Look At CureFit’s Operational History
Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit is a health and fitness startup headquartered in Bengaluru. It runs physical fitness platform Cult.fit, under which it offers various gym subscriptions via three models – self-owned gyms, franchised gyms, and the marketplace model.
It is pertinent to mention that the startup’s cofounders have exited day-to-day operations over the years. While CEO Bansal departed from his position to take up the role of executive chairman in 2024, Nagori had exited the startup in 2020 to set up Curefoods. Since October 2023, Krishnaswamy has been helming CureFit’s operations as its CEO.
CureFit achieved unicorn status in 2021 and has raised close to $660 Mn till date. It counts Zomato, Tata Digital, Temasek, Accel, Kalaari Capital, Chiratae Ventures, South Park Commons, Binny Bansal, and Hrithik Roshan among its investors. The startup is now looking to list publicly, and is reportedly in talks with bankers for a $2 Bn IPO.
Most recently, the Competition Commission of India (CCI) approved a partial stake acquisition in CureFit by MacRitchie Investments, a wholly owned subsidiary of Temasek Holdings.
Tesamesk, which previously led CureFit’s $110 Mn Series D2 round in 2020, is looking to acquire a further 10.71% stake in CureFit. The startup didn’t disclose the exact size of the round.
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