CureFit Board Expansion: 4 Independent Directors Appointed Ahead of IPO Plans

CureFit is strengthening its board structure as it prepares for a potential public listing. The development follows a recent funding round and reflects the company’s focus on governance ahead of its planned IPO. 

Board Expansion and Governance Focus 

As per news reports, the company has appointed Kalpana Morparia, Arun M. Kumar, Indu Bhushan, and Pragya Misra as independent directors. This move comes shortly after CureFit raised ₹440 crore in its Series G funding round. 

Kalpana Morparia brings extensive experience, having served as chairman of JPMorgan South and Southeast Asia for 17 years. She has also worked with ICICI Bank and is a Padma Shri awardee. 

Arun M. Kumar, managing partner at Celesta Capital, previously led KPMG India as chairman and CEO. He also held a senior position in the US government as assistant secretary of commerce under former President Barack Obama. 

Indu Bhushan contributes nearly 4 decades of experience across policy, healthcare and economics. He served as CEO of Ayushman Bharat for almost three years and has worked with the World Bank Group and Asian Development Bank.  

Pragya Misra, currently heading strategy and global affairs for OpenAI in India, brings experience in public affairs, having worked with companies such as WhatsApp and Truecaller. 

IPO Plans and Business Operations 

The appointments come as CureFit prepares for a potential ₹2,500 crore IPO. The company has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers for the proposed offering. 

Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit operates the Cult.fit platform. Its business model includes self-owned gyms, franchised centres and a marketplace model for fitness services. The company currently operates more than 700 gyms across over 40 cities. 

Funding and Financial Performance 

CureFit has raised over $660 million from investors including Zomato, Tata Digital, Temasek, Accel, Kalaari Capital and Chiratae Ventures. It entered the unicorn club in 2021. 

Financially, the company has shown improvement, with net losses narrowing by 83% to ₹483 crore in FY25 from ₹888 crore in FY24. Revenue grew 31% to ₹1,215 crore compared to ₹926.6 crore in the previous year. 

Read More: IPO Bound Zetwerk Revamps its Board and Leadership Structure! 

Conclusion 

With fresh capital, improved financial performance and a strengthened board, CureFit is positioning itself for a potential public market debut while focusing on governance and scale. 

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