Cult.fit Files DRHP with SEBI for Proposed INR 950 Crore IPO
Cult.fit has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a proposed IPO that would consist of a fresh offering of up to INR 950 crore and an offer for sale by existing investors. The funds will go into expanding gyms, reducing debt, growing retail and developing the brand.
In preparation for its initial public offering (IPO), fitness and wellness business Cult.fit has submitted preliminary paperwork to the SEBI in India. In order to take advantage of the increasing demand for health and wellness services in India, the company is planning to launch an initial public offering (IPO) with the potential to attract fresh capital of up to INR 950 crore. Both new shares issued by the company and existing investors' offers to sell (OFS) will be part of the offering.
The IPO might raise up to INR 4,000 crore, according to various media reports. The offer for sale aims to sell up to 178.6 million shares, with existing investors such as Temasek, Fitness First Luxembourg, Chiratae Ventures, Tata Digital, Accel India, Kalaari Capital, and Schroders Capital participating. The par value of one equity share is INR 1.
Cult.fit’s Roadmap for the IPO
Doli Trading and Investments, the promoter entity of Asian Paints, Sun N Sand Hotels, the creator of Endiya Partners, Sateesh Andra, the family trust of former Myntra CEO Ananth Narayanan, and Extreme Brands, the investment vehicle of star Hrithik Roshan, are among the selling shareholders. Among Cult.fit's shareholders, 20.3% belong to MacRitchie Investments, 13.5% to Accel, 8.4% to co-founder Mukesh Bansal, and 7.8% to Kalaari Capital. A portion of 4.9% belongs to Eternal, while 3.6% is held by Tata Digital.
The business intends to pay off debt and grow its Cult Neo and Cult Elite gyms using the money. It would go toward expanding the Cultsport retail network, paying off debt, promoting the brand, investing in new stores, and other general business needs. Yoga, strength training, and boxing are just a few of the group exercise options available at Cult Elite, which also features conventional gym equipment. The premier gym format offered by the company is Cult Neo. The fitness items of the Cultsport brand are sold at company-owned retailers called Cultsport outlets.
As of March 31, 2026, Cult.fit boasts 708 fitness locations spread throughout 77 cities, making it the largest fitness and active-lifestyle platform in India, according to Redseer. In fiscal 2026, the company shipped over 4.2 million exercise goods and had almost 987,000 paying members. About 70% of income came from fitness services, with 30% coming from fitness products.
Financial Outlook of Cult.fit
Cult.fit's revenue increased from INR 927 crore in fiscal 2024 to INR 1,721 crore in fiscal 2026, a more than 100% increase. In addition, the company's adjusted EBITDA margin improved to 8.4% in fiscal 2026 from -2.8% in the previous year. Cult.fit says that their tech-driven platform, which mixes fitness services with branded items, is the reason for their rise. Personalisation of exercises, optimisation of processes, and network-wide consistency are all achieved through the application of artificial intelligence and data analytics by the company.
It also targets India's mass-premium fitness market by selling Cultsport brand apparel, footwear, equipment, and accessories. From an estimated INR 25,600 crore in 2025, Redseer predicts that the fitness services market in India will almost double to INR 48,700 crore–INR 53,100 crore by 2030, growing at a CAGR of 14%–16%. The research agency says that more discretionary income, more people paying attention to their health, and easier access to fitness platforms are all contributing to the surge.
