Cult.fit Founders Mukesh Bansal and Ankit Nagori: One Startup, Two Very Different Paths
Two former Flipkart executives, Mukesh Bansal and Ankit Nagori, founded Cure.fit in 2016, which later became Cult.fit. A decade later, the company has received SEBI's observations for its IPO, while Nagori's separate food business, Curefoods, has reportedly postponed its own listing. Cult.fit reported FY26 revenue of ₹1,721 crore, but continued to make a net loss of ₹251.8 crore.
Two Flipkart careers, one 2016 decision
Mukesh Bansal previously founded Myntra, which was acquired by Flipkart in 2014, before leading its commerce business. Ankit Nagori joined Flipkart after building his own startup, Youthpad, and eventually became its Chief Business Officer. Both left Flipkart in February 2016 and decided to enter the health and fitness industry after identifying opportunities in a sector that had limited technology adoption.
Two former Flipkart executives, Mukesh Bansal and Ankit Nagori, founded Cure.fit in 2016, which later became Cult.fit. A decade later, the company has received SEBI's observations for its IPO, while Nagori's separate food business, Curefoods, has reportedly postponed its own listing. Cult.fit reported FY26 revenue of ₹1,721 crore, but continued to make a net loss of ₹251.8 crore.
Two Flipkart careers, one 2016 decision
Mukesh Bansal previously founded Myntra, which was acquired by Flipkart in 2014, before leading its commerce business. Ankit Nagori joined Flipkart after building his own startup, Youthpad, and eventually became its Chief Business Officer. Both left Flipkart in February 2016 and decided to enter the health and fitness industry after identifying opportunities in a sector that had limited technology adoption.
A gym with one centre, and a four-part plan
The founders acquired a majority stake in Bengaluru-based Cult in 2016 and expanded it into Cure.fit. Starting with a single fitness centre, the company grew rapidly and raised $15 million from Accel, Kalaari Capital and IDG Ventures. Its original business model covered four areas: Cult.fit for fitness, Eat.fit for food, Mind.fit for wellness and Care.fit for healthcare services.
How the Cult.fit founders parted: what the record shows
By 2020, Cure.fit began scaling back some of its business segments, including shutting Eat.fit operations in several cities. Differences over the company's direction were reported as a reason behind Nagori's departure, although the company disputed that account. Nagori eventually took the food business into a separate company called Curefoods, while Bansal continued leading Cult.fit. The company later received major investments from Tata Digital and Zomato and rebranded as Cult.fit.
What Cult.fit earns, and what it still loses
Cult.fit now operates fitness centres and an online sports products business. By March 2026, it had 708 centres across 77 cities and more than 987,000 paid members. Revenue increased from ₹927 crore in FY24 to ₹1,216 crore in FY25 and ₹1,721 crore in FY26. Although its net loss narrowed to ₹251.8 crore in FY26, the company is still unprofitable. Its IPO proceeds are expected to support new centres, rent payments and debt repayment.
Who backs Cult.fit, and who owns it
Cult.fit has attracted major investors, including Temasek affiliate MacRitchie, which invested ₹440 crore in March 2026. Its estimated valuation ranges between ₹12,600 crore and ₹13,668 crore, although these are not official figures. The company has raised more than $700 million so far, and its IPO process is progressing following SEBI's observations, with listing dates yet to be announced.
A gym with one centre, and a four-part plan
The founders acquired a majority stake in Bengaluru-based Cult in 2016 and expanded it into Cure.fit. Starting with a single fitness centre, the company grew rapidly and raised $15 million from Accel, Kalaari Capital and IDG Ventures. Its original business model covered four areas: Cult.fit for fitness, Eat.fit for food, Mind.fit for wellness and Care.fit for healthcare services.
How the Cult.fit founders parted: what the record shows
By 2020, Cure.fit began scaling back some of its business segments, including shutting Eat.fit operations in several cities. Differences over the company's direction were reported as a reason behind Nagori's departure, although the company disputed that account. Nagori eventually took the food business into a separate company called Curefoods, while Bansal continued leading Cult.fit. The company later received major investments from Tata Digital and Zomato and rebranded as Cult.fit.
What Cult.fit earns, and what it still loses
Cult.fit now operates fitness centres and an online sports products business. By March 2026, it had 708 centres across 77 cities and more than 987,000 paid members. Revenue increased from ₹927 crore in FY24 to ₹1,216 crore in FY25 and ₹1,721 crore in FY26. Although its net loss narrowed to ₹251.8 crore in FY26, the company is still unprofitable. Its IPO proceeds are expected to support new centres, rent payments and debt repayment.
Who backs Cult.fit, and who owns it
Cult.fit has attracted major investors, including Temasek affiliate MacRitchie, which invested ₹440 crore in March 2026. Its estimated valuation ranges between ₹12,600 crore and ₹13,668 crore, although these are not official figures. The company has raised more than $700 million so far, and its IPO process is progressing following SEBI's observations, with listing dates yet to be announced.
A gym with one centre, and a four-part plan
The founders acquired a majority stake in Bengaluru-based Cult in 2016 and expanded it into Cure.fit. Starting with a single fitness centre, the company grew rapidly and raised $15 million from Accel, Kalaari Capital and IDG Ventures. Its original business model covered four areas: Cult.fit for fitness, Eat.fit for food, Mind.fit for wellness and Care.fit for healthcare services.
How the Cult.fit founders parted: what the record shows
By 2020, Cure.fit began scaling back some of its business segments, including shutting Eat.fit operations in several cities. Differences over the company's direction were reported as a reason behind Nagori's departure, although the company disputed that account. Nagori eventually took the food business into a separate company called Curefoods, while Bansal continued leading Cult.fit. The company later received major investments from Tata Digital and Zomato and rebranded as Cult.fit.
What Cult.fit earns, and what it still loses
Cult.fit now operates fitness centres and an online sports products business. By March 2026, it had 708 centres across 77 cities and more than 987,000 paid members. Revenue increased from ₹927 crore in FY24 to ₹1,216 crore in FY25 and ₹1,721 crore in FY26. Although its net loss narrowed to ₹251.8 crore in FY26, the company is still unprofitable. Its IPO proceeds are expected to support new centres, rent payments and debt repayment.
Who backs Cult.fit, and who owns it
Cult.fit has attracted major investors, including Temasek affiliate MacRitchie, which invested ₹440 crore in March 2026. Its estimated valuation ranges between ₹12,600 crore and ₹13,668 crore, although these are not official figures. The company has raised more than $700 million so far, and its IPO process is progressing following SEBI's observations, with listing dates yet to be announced.
How the Cult.fit founders parted: what the record shows
By 2020, Cure.fit began scaling back some of its business segments, including shutting Eat.fit operations in several cities. Differences over the company's direction were reported as a reason behind Nagori's departure, although the company disputed that account. Nagori eventually took the food business into a separate company called Curefoods, while Bansal continued leading Cult.fit. The company later received major investments from Tata Digital and Zomato and rebranded as Cult.fit.
What Cult.fit earns, and what it still loses
Cult.fit now operates fitness centres and an online sports products business. By March 2026, it had 708 centres across 77 cities and more than 987,000 paid members. Revenue increased from ₹927 crore in FY24 to ₹1,216 crore in FY25 and ₹1,721 crore in FY26. Although its net loss narrowed to ₹251.8 crore in FY26, the company is still unprofitable. Its IPO proceeds are expected to support new centres, rent payments and debt repayment.
Who backs Cult.fit, and who owns it
Cult.fit has attracted major investors, including Temasek affiliate MacRitchie, which invested ₹440 crore in March 2026. Its estimated valuation ranges between ₹12,600 crore and ₹13,668 crore, although these are not official figures. The company has raised more than $700 million so far, and its IPO process is progressing following SEBI's observations, with listing dates yet to be announced.
What Cult.fit earns, and what it still loses
Cult.fit now operates fitness centres and an online sports products business. By March 2026, it had 708 centres across 77 cities and more than 987,000 paid members. Revenue increased from ₹927 crore in FY24 to ₹1,216 crore in FY25 and ₹1,721 crore in FY26. Although its net loss narrowed to ₹251.8 crore in FY26, the company is still unprofitable. Its IPO proceeds are expected to support new centres, rent payments and debt repayment.
Who backs Cult.fit, and who owns it
Cult.fit has attracted major investors, including Temasek affiliate MacRitchie, which invested ₹440 crore in March 2026. Its estimated valuation ranges between ₹12,600 crore and ₹13,668 crore, although these are not official figures. The company has raised more than $700 million so far, and its IPO process is progressing following SEBI's observations, with listing dates yet to be announced.
Who backs Cult.fit, and who owns it
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