Cult.fit IPO: One of India’s largest fitness brands is gearing up to hit the stock market. Bengaluru-based health and wellness platform Cult.fit has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO), marking the first concrete step towards becoming a public company.
The fitness chain plans to raise Rs 950 crore through a fresh issue of equity shares. The company will also make an Offer for Sale (OFS) on the IPO, allowing early backers and investors to offload some of their holdings.
Cult.fit has not yet announced the size of the IPO or the price band. Market speculation has pointed to the public offering being priced between Rs 3,500 crore and Rs 4,000 crore.
What is Cult.fit and why is its IPO important
Cult.fit was started as Cure.fit by Mukesh Bansal and Ankit Nagori in 2016. It was a chain of fitness centres and has now become a complete health and wellness platform.
The company now sells gym memberships, online workout classes, sportswear, fitness equipment, healthcare services and corporate wellness programmes.
Customers can avail themselves of these services from the Cult.fit app, website, corporate tie-ups or at its fitness centres.
The company had 708 fitness centres across India and over 9.87 lakh paid members as of March 31, 2026, according to the DRHP.
The IPO comes at a time when an increasing number of Indians are spending on fitness, preventive healthcare and healthy lifestyles. Organised fitness chains have been growing fast in recent years, boosted by rising incomes and growing awareness of wellness, creating new growth opportunities for companies like Cult.fit.
What will Cult.fit do with the IPO money?
The net proceeds from the fresh issue will go to the company and will be used to finance its expansion plans.
A large part of the funds will go towards opening more fitness centres, mainly through a franchise-driven model. The company also plans to venture into Tier-2 and Tier-3 cities, which still have significant headroom for organised fitness chains to grow.
Besides adding new centres, Cult.fit plans to spend on brand building, marketing and improving the tech behind its health and wellness platform.
Who is selling shares in the OFS?
The money raised through the Offer for Sale will go to the selling shareholders, unlike a fresh issue where the money goes to the company.
MacRitchie Investments (Temasek), Fitness First Luxembourg, Tata Digital, Accel India V (Mauritius), IDG Ventures India Fund, Chiratae Trust, Schroders Capital and Twenty Nine Capital Partners are among the investors likely to sell their shares.
Mukesh Bansal, managing director and executive chairman of Cult.fit’s holding, may also be sold, reports say. Actor and investor in the company Hrithik Roshan is also expected to participate in the OFS.
Who has invested in Cult.fit?
Cult.fit has attracted funding from many prominent global and Indian investors over the years.
Its shareholders include Tata Digital, Temasek, Accel, Schroders Capital, Chiratae Ventures, Kalaari Capital and Eternal (formerly Zomato).
In fact, Temasek raised its stake in the company to almost 12% earlier this year, investing Rs 440 crore through its arm MacRitchie Investments.
Cult.fit has raised around $714 million in 16 funding rounds so far. Its latest Series G funding round in March 2026 valued the company at nearly Rs 12,600 crore, or about $1.5 billion.
How’s the company doing?
Cult.fit has been working on expanding its business and inching closer towards profitability.
The company is reported to have earned a revenue of about Rs 1,700 crore in FY26, a growth of nearly 40% over the previous financial year.
The increase was largely due to increased demand for its premium hybrid fitness memberships that combine online and offline services.
It also reported that the company turned EBITDA positive in Q4 of FY26, helped by tighter cost control and a change in its premium gym portfolio.
Who is managing the IPO?
Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India are the bookrunning lead managers to the IPO.
More companies are preparing for the stock exchange
Cult.fit is among a number of companies getting ready to open their public issues this year.
Furniture and Appliance Rental Marketplace Rentomojo has already received SEBI’s nod for its IPO. The company proposes to raise Rs 150 crore through a fresh issue and offer for sale (OFS) of 2.84 crore equity shares. The proceeds will be used to finance working capital needs, to repay existing indebtedness and for other general corporate purposes.
SEBI has also given the nod to healthcare major Manipal Health Enterprises for its proposed IPO. The healthcare company is planning to raise about Rs 8,000 crore through a combination of fresh equity and an Offer for Sale (OFS). The proceeds of the fresh issue are primarily proposed to be used for debt repayment at its subsidiary Manipal Hospitals Pvt Ltd and acquiring a minority stake in Sahyadri Hospitals. It may also do a pre-IPO placement of up to Rs 1,600 crore, which could reduce the size of the fresh issue.
What should investors watch for
Cult.fit is one of the most well-known consumer brands to enter India’s growing IPO pipeline. The company is a closely watched public issue and has been enjoying strong revenue growth and is close to profitability.
Once the final prospectus is available, investors may wish to consider the company’s valuation, profitability, future expansion plans, competitive position and financial performance before making an investment decision.
The company is expected to announce the final issue size, price band and subscription dates after receipt of necessary regulatory approvals and filing of an updated prospectus.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
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Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
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