Cult.fit founder accused of forgery as fitness startup moves toward IPO

Bengaluru-based fitness and wellness company Cult.fit is facing a legal dispute ahead of its proposed public listing, after former Cult Fitness co-founder Deepak Poduval accused fellow co-founder Rishabh Telang of allegedly forging his signatures on documents linked to the closure of Cult Fitness Private Limited, an earlier entity associated with the Cult brand.

The Bellandur Police in Bengaluru registered an FIR on August 6, 2026, naming Telang and Cult Fitness Private Limited as accused. The complaint involves allegations including forgery, cheating and criminal conspiracy. The allegations have not been adjudicated by a court and remain under investigation.

Deepak Poduval and Rishabh Telang founded Cult Fitness in 2015, initially building the business around group fitness programmes under the Cult brand. In 2016, CultFit Healthcare Private Limited acquired certain assets and intellectual property from Cult Fitness, including rights associated with the “Cult – The Workout Station” brand, under contractual arrangements between the parties.

Poduval has alleged that documents subsequently submitted to the Registrar of Companies (RoC) during the process of winding up Cult Fitness Private Limited contained signatures that were falsely attributed to him. He said he discovered the alleged discrepancies after reviewing corporate records available through the Ministry of Corporate Affairs (MCA) portal.

According to the complaint, Poduval has also disputed the circumstances surrounding the company’s closure and alleged that the winding-up effectively eliminated his reported 50% interest in the entity without compensation. He has separately contested claims that he received consideration for the transfer of assets and intellectual property to CultFit Healthcare in 2016.

Telang has denied the allegations, describing the complaint as unfounded. He has maintained that Poduval was aware of and participated in the transactions as well as the subsequent process of closing the company. Telang has also pointed to correspondence between the parties and communication from the MCA as evidence of Poduval’s involvement.

Cult.fit has also rejected the allegations and stressed that the company named in the FIR is separate from its current business structure. The company said neither Cult.fit Limited nor CultFit Healthcare Private Limited has been named as an accused in the FIR. It has further maintained that the 2016 acquisition of assets and intellectual property was carried out under contractual arrangements and that the agreed consideration was paid and acknowledged.

The dispute comes weeks after Cult.fit moved closer to a potential stock-market listing. The company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in July 2026.

According to the filing, the proposed IPO comprises a fresh issue of equity shares worth up to ₹950 crore and an Offer for Sale (OFS) of up to 17.86 crore shares by existing shareholders. The final size of the offering will depend on the eventual pricing and structure of the issue. Cult.fit may also consider a pre-IPO placement of up to ₹190 crore, which would reduce the size of the fresh issue if completed.