Cult.fit Files DRHP for IPO, Plans Rs 950 Crore Fresh Issue
As of March 31, 2026, the Bengaluru-based company operated 708 fitness centres across India and served more than 9.87 lakh paid members.
Fitness and wellness platform Cult.fit has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The public issue comprises a fresh issue of equity shares worth up to ₹950 crore and an offer for sale (OFS) of up to 17.86 crore equity shares by existing shareholders. The overall IPO is expected to be valued at around ₹3,500 – 4,000 crore, subject to market conditions.
The OFS will see existing investors including Temasek Holdings (through MacRitchie Investments), Schroders Capital, LifeFit Group, Accel, Tata Digital, and co-founder Mukesh Bansal partially dilute their holdings.
According to the DRHP, the proceeds from the fresh issue will primarily be used to expand the company’s fitness centre network, fund lease and rental payments for existing centres, repay certain borrowings, invest in branding and marketing initiatives, and meet general corporate purposes.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has evolved into one of India’s largest omnichannel fitness and wellness platforms, offering gym memberships, group fitness classes, online workouts, mental wellness services, and a range of fitness products including equipment, apparel, footwear, accessories, and recovery solutions.
The company is currently led by CEO Naresh Krishnaswamy, while co-founders Mukesh Bansal and Ankit Nagori no longer manage day-to-day operations. Bansal now serves as Chairman of the company.
Financially, Cult.fit reported operating revenue of ₹1,720.6 crore in FY26 while narrowing its losses to ₹251 crore. The company also turned EBITDA positive during the year, marking a significant milestone as it prepares for its public market debut.
Cult.fit has raised more than $650 million from investors including Temasek, Accel, Kalaari Capital, Chiratae Ventures, Tata Digital, and Zomato, and was last valued at around $1.5 billion following Temasek’s investment earlier this year.
The IPO comes amid rising consumer spending on preventive healthcare, fitness, and wellness in India.