Cult.fit Files IPO Papers with Sebi; Aims to Raise ₹950 Crore

New Delhi, India Jul 7, 2026 ALN: Fitness services platform Cult.fit Ltd has recently taken a significant step towards entering the public capital markets by filing preliminary papers with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). This move reflects the growing trend of fitness and wellness companies seeking to capitalize on the increasing consumer interest in health and fitness, particularly in the post-pandemic landscape where many individuals have become more health-conscious.

The proposed IPO comprises a fresh issue of equity shares worth up to ₹950 crore, along with an offer-for-sale (OFS) of up to 17.86 crore equity shares by existing shareholders, as detailed in the draft red herring prospectus (DRHP) submitted to Sebi. The presence of established investors in the OFS indicates a strong backing for the company, which is aiming to leverage its market position to attract further investment from public markets.

Among the notable selling shareholders participating in the offer-for-sale are MacRitchie Investments Pte Ltd, Fitness First Luxembourg SCA, IDG Ventures India Fund III LLC, Tata Digital, Chiratae Trust, Schroders Capital Private Equity Asia Mauritius IV Ltd, Twenty Nine Capital Partners Ltd Partnership, and Accel India V (Mauritius) Ltd. These stakeholders represent a mix of venture capital and private equity firms, which have supported Cult.fit's growth trajectory over the years. Additionally, prominent figures associated with the company, including Mukesh Bansal, Bruno Eduard Raschle, and Bollywood actor Hrithik Rakesh Roshan, are also offloading shares through the OFS, further enhancing the visibility and credibility of this IPO.

The company, headquartered in Bengaluru, is poised to utilize the proceeds from the fresh issue for several strategic initiatives. These include the repayment or prepayment of certain borrowings, which can help strengthen its balance sheet, as well as the expansion of its fitness centre network. Investment in its subsidiary, Cultsport Pvt Ltd, is also on the agenda, with plans to set up new exclusive brand outlets. Furthermore, the funds will be allocated for lease-related payments for existing centres, brand marketing efforts, and general corporate purposes. This multi-faceted approach to utilizing the IPO proceeds highlights Cult.fit's commitment to not only enhancing its operational capabilities but also to solidifying its market presence.

In addition to the main IPO, the company is considering a pre-IPO placement of equity shares aggregating up to ₹190 crore before filing the Red Herring Prospectus (RHP). This pre-IPO placement could potentially reduce the size of the fresh issue to the extent of the amount raised, allowing the company to optimize its capital structure ahead of the public offering.

Cult.fit, previously known as Curefit Healthcare Pvt Ltd, has established itself as India's largest fitness and active lifestyle platform, based on the number of fitness centres in its network as of March 31, 2026. According to a Redseer report cited in the DRHP, the company has made significant strides in the fitness industry, operating 708 fitness centres across 77 cities as of the end of the fiscal year 2026. This expansive network not only underscores the company's growth but also its ambition to cater to a diverse clientele across various regions in India.

As of March 31, 2026, Cult.fit boasted a transacting base of 9.87 lakh paid fitness services members, a testament to its popularity and the effectiveness of its model. The company has also shipped over 42.3 lakh fitness products during the same period, indicating a robust demand for its offerings beyond just fitness services. This diversification of revenue streams is crucial, especially in a competitive market, as it allows Cult.fit to mitigate risks associated with reliance on a single source of income.

The company's revenue from operations has shown impressive growth, rising 36.26% year-on-year to ₹1,720.61 crore in FY26 from ₹1,262.80 crore in FY25. This growth trajectory is indicative of both the increasing consumer demand for fitness services and the company's ability to scale its operations effectively. Notably, around 70% of its revenue is derived from fitness services, while 30% comes from its fitness products, reflecting a balanced approach to revenue generation.

The IPO process is being managed by a consortium of leading financial institutions, including Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial, and Morgan Stanley India, who are serving as the book-running lead managers to the issue. The involvement of these well-respected firms is likely to enhance investor confidence and facilitate a smoother transition to the public markets.

The implications of Cult.fit's IPO are significant, not only for the company but also for the broader fitness and wellness industry in India. As consumers increasingly prioritize health and fitness, companies in this sector are likely to attract more investment and attention. Cult.fit's successful IPO could pave the way for other fitness startups to consider going public, creating a more competitive and dynamic market environment.

Moreover, the IPO could enable Cult.fit to further innovate and expand its offerings, enhancing its competitive edge. With the funds raised, the company may invest in technology to improve customer experience, develop new fitness programs, and expand its product range. This could lead to better engagement with existing members and attract new customers, ultimately contributing to the company's long-term growth and sustainability.

In conclusion, Cult.fit's filing for an IPO marks a pivotal moment in its journey as a leader in the fitness industry. The anticipated capital influx, combined with strategic utilization of funds, positions the company well for future growth, while also reflecting the increasing importance of health and wellness in the lives of consumers. As the IPO process unfolds, all eyes will be on Cult.fit to see how it navigates this critical phase and what it means for the future of fitness in India.