Cult.fit Files DRHP With SEBI for IPO; Plans ₹950 Crore Fresh Issue

Cult fit IPO: Fitness and wellness platform Cult.fit has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed IPO.

The IPO will include a fresh issue of shares worth up to ₹950 crore and an Offer for Sale (OFS) of up to 17.86 crore equity shares by existing shareholders.

The Bengaluru-based company is backed by investors including Temasek, Accel, Schroders and Tata Digital. Eternal, formerly known as Zomato, is also an investor in the company.

Who Will Sell Shares in Cult.fit IPO?

Several existing investors will sell shares through the OFS component of the IPO.

The selling shareholders include MacRitchie Investments, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, Twenty Nine Capital Partners and Accel India V (Mauritius).

The OFS will involve the sale of up to 17.86 crore shares. Since this part of the IPO involves existing shareholders selling their holdings, Cult.fit will not receive funds from the OFS.

Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India Company have been appointed as the book-running lead managers for the IPO.

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How Will Cult.fit Use the IPO Funds?

Cult.fit plans to use the funds raised through the fresh issue to expand its gym network, with a focus on franchise-led growth in Tier 2 and Tier 3 cities.

The company also plans to strengthen AI-based health analytics on its consumer platform.

The expansion into smaller cities could be an important growth area for the company as demand for organised fitness services grows beyond large metro cities.

What Does Cult.fit Do?

Founded in 2016 by Mukesh Bansal and Ankit Nagori, the company initially started as Cure.fit before being rebranded as Cult.fit.

The company operates a fitness and active lifestyle platform covering gyms, fitness memberships, digital fitness services, sportswear and fitness equipment.

Cult.fit follows an online and offline model. Customers can buy memberships through its app and website, corporate partnerships or directly at its fitness centres.

The company also operates Cultsport, its sportswear and fitness equipment business, along with Care.fit.

Cult.fit Has 708 Fitness Centres

As of 31 March 2026, Cult.fit operated 708 fitness centres across India and had more than 987,000 paid members.

Its fitness business has a presence across more than 77 cities and serves around one million paid active subscribers.

The company's D2C brand, Cultsport, shipped more than 4 million units during FY26.

Fitness services contributed nearly 70% of the company's revenue, while the D2C business accounted for the remaining 30%.

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Cult.fit Financial Performance

Cult.fit is estimated to have reported revenue of around ₹1,700 crore in FY26, representing growth of nearly 40% over the previous financial year.

The growth was supported by demand for its premium hybrid subscription plans.

The company reportedly turned EBITDA positive in Q4FY26. Over the past year, Cult.fit has also taken steps to improve profitability, including reducing the number of premium gyms operated under its Fitness First partnership.

Cult.fit Investors and Major Shareholders

In March 2026, Singapore's Temasek invested ₹440 crore through its MacRitchie unit, increasing its stake in the company to nearly 12%.

Cult.fit has raised more than $714 million across 16 funding rounds. The company was last valued at around ₹12,600 crore, or approximately $1.5 billion, following a $47.6 million Series G funding round in March 2026.

Zomato invested $100 million for a 6.4% stake in Cult.fit in November 2021. The transaction valued the company at around $1.56 billion at the time.

Other investors in the company include Accel, Tata Digital, Temasek, Kalaari Capital and Chiratae Ventures.