Fitness and active lifestyle platform Cult.fit has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) estimated at ₹3,500-4,000 crore, marking another venture-backed consumer internet company preparing to tap the public markets.
The proposed IPO comprises a fresh issue of equity shares worth ₹950 crore and an offer for sale (OFS) of up to 178.6 million shares by existing investors and individual shareholders. The final issue size will be determined after the price band is announced. The company plans to list its shares on both the BSE and the NSE.
The selling shareholders in the OFS include Chiratae Ventures, Temasek, Fitness First, Tata Digital, Accel, Kalaari Capital, Schroders Capital, Epiq Capital, Valecha Investments, and Cult.fit Managing Director and Executive Chairman Mukesh Bansal. Actor Hrithik Roshan will also partially divest his stake in the offering.
The company may also undertake a pre-IPO placement of up to ₹190 crore, which could reduce the size of the fresh issue.
Funds to Support Expansion
According to the DRHP, Cult.fit plans to utilise ₹276.6 crore from the fresh issue to establish new Cult Elite and Cult Neo fitness centres. Another ₹217.5 crore will be allocated towards lease, rent and licence payments for identified existing centres, while ₹120 crore will be used to repay or prepay borrowings.
Additionally, the company has earmarked ₹75 crore for brand marketing and business promotion, and ₹23.4 crore to invest in its subsidiary Cultsport for setting up exclusive retail outlets. The remaining proceeds will be used for general corporate purposes.
Strong Revenue Growth, Narrowing Losses
For FY26, Cult.fit reported revenue from operations of ₹1,720.6 crore, reflecting a 41.6% year-on-year increase from ₹1,215.5 crore in FY25. The company’s net loss narrowed to ₹251.9 crore, compared with ₹480.8 crore in the previous fiscal.
Adjusted EBITDA turned positive at ₹144.8 crore in FY26, compared with an adjusted EBITDA loss of ₹33.5 crore in FY25. The adjusted EBITDA margin improved to 8.41%, up from a negative 2.76% a year earlier.
The company’s fitness services business remained its largest revenue contributor, generating ₹1,197.8 crore, or nearly 70% of total operating revenue, while the products business contributed ₹522.8 crore.
Expanding National Presence
Citing a Redseer report, Cult.fit describes itself as India’s largest fitness and active lifestyle platform by number of centres. As of March 31, 2026, the company operated 708 fitness centres across 77 cities and had nearly 9.9 lakh paid members. Its network includes company-owned and franchised Cult gyms, marketplace gyms and Gold’s Gym-branded centres.
The company has raised more than $650 million to date and was last valued at around $1.4 billion. Its most recent funding came in March 2026, when it secured $47 million from Singapore’s Temasek through MacRitchie.
Cult.fit stated in the DRHP that it does not have an identifiable promoter. Mukesh Bansal serves as Managing Director and Executive Chairman, while Naresh Krishnaswamy is the Chief Executive Officer and Whole-time Director.
Axis Capital, Goldman Sachs India, Jefferies India, JM Financial, and Morgan Stanley India are acting as the book-running lead managers for the proposed IPO.
