Cult.match, the health chain previously often called Remedy.match, has raised Rs 440 crore ($47 million) from Singapore’s state funding agency Temasek, because it prepares for a possible inventory market itemizing.

A submitting with India’s Registrar of Corporations reveals the corporate has accredited the allotment of 9,098,052 Collection G compulsorily convertible choice shares at Rs 483.62 every to MacRitchie Investments, an affiliate of Temasek.

The deal comes weeks after India’s Competitors Fee accredited MacRitchie’s proposal to purchase a partial stake within the firm. Temasek can be reported to be in search of an extra 10.71% holding.

Based in 2016 by Mukesh Bansal and Ankit Nagori, Cult.match operates a community of gyms and health centres, whereas additionally providing digital companies by way of its app. The corporate stated it runs greater than 700 gyms beneath the Cult.match model and is current in additional than 40 cities, with reviews additionally describing its wider attain throughout tons of of areas by way of its hybrid mannequin.

The fundraising is seen as a possible ultimate personal spherical earlier than an preliminary public providing. Indian media reviews have stated the corporate has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Monetary to handle a deliberate Rs 2,500 crore share sale.

Cult.match is reportedly aiming for a valuation of about $2 billion by way of the itemizing.

In line with filings and reviews, the corporate’s valuation within the newest spherical remained broadly unchanged at about Rs 13,668 crore ($1.45 billion) post-money.

The corporate has raised greater than $660 million, and by some estimates over $720 million, from buyers together with Zomato, Tata Digital, Temasek, Kalaari Capital, Chiratae Ventures and South Park Commons. It was valued at greater than $1billion in 2021, making it a unicorn.

Cult.match’s monetary efficiency has improved within the run-up to its anticipated itemizing. For the 12 months to March 2025, working income rose 31% to about Rs 1,216 crore, whereas losses narrowed to about Rs 481-483 crore, down from roughly Rs 888 crore a 12 months earlier.