The Cult.fit IPO took its first concrete step toward the public markets on 7 July 2026, as publicly reported, when Cult.fit filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The proposed issue comprises a fresh equity raise of up to ₹950 crore alongside an Offer for Sale (OFS) of up to 17.86 crore equity shares by existing shareholders, as publicly reported on 2026-07-07. The total IPO size could touch ₹4,000 crore once the price band is fixed, given the scale of the OFS component.
Quick Highlights
- Founders: Mukesh Bansal and Ankit Nagori
- Headquarters: Bengaluru, Karnataka, India
- Announcement Date: 7 July 2026
- Last Reported Valuation: ₹12,600 crore (~$1.5 billion), following a $47.6 million Series G round in March 2026
- Existing Investor Background: Temasek, Tata Digital, Accel, Kalaari Capital, Chiratae Ventures, and Eternal (formerly Zomato) are among the notable existing backers
- Book-Running Lead Managers: Axis Capital, Goldman Sachs India Securities, Jefferies India, JM Financial, and Morgan Stanley India
- Proposed Listing: BSE and NSE
Funding Breakdown
Use of Funds
As publicly reported, the company plans to deploy the ₹950 crore fresh issue proceeds across specific heads disclosed in the DRHP. ₹276.6 crore is earmarked for opening new fitness centres, ₹217.5 crore for lease payments, ₹120 crore for debt repayment, and ₹75 crore for marketing initiatives. A portion of the funds will also go toward investment in subsidiary Cultsport Private Limited for capital expenditure to set up new Exclusive Brand Outlets. The remaining proceeds will be used for general corporate purposes. Additionally, the company may undertake a pre-IPO placement of up to ₹190 crore, and if completed, the size of the fresh issue will be reduced accordingly.
Funding Timeline
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit operates more than 700 fitness centres across India and also runs the Cultsport and Carefit businesses. The company has raised more than $714 million across 16 funding rounds and was last valued at around ₹12,600 crore (approximately $1.5 billion), following a $47.6 million Series G funding round in March 2026. In that round, Singapore’s Temasek invested ₹440 crore through its MacRitchie unit, increasing its stake in the company to nearly 12%. The current DRHP filing marks the company’s transition from private capital to a public market debut.
Expansion Plans
Cult.fit plans to use the funds raised through the fresh issue to expand its gym network with a focus on franchise-led growth in Tier 2 and Tier 3 cities, and also plans to strengthen AI-based health analytics on its consumer platform, as expansion into smaller cities represents significant headroom for organised fitness services. The company plans to venture into Tier-2 and Tier-3 cities and also plans to spend on brand building, marketing, and improving the technology behind its health and wellness platform.
Significance
Cult.fit is India’s largest fitness and active lifestyle platform by the number of fitness centres in its network as of March 31, 2026, according to the Redseer Report. Revenue from operations grew 36.26% year-on-year to ₹1,720.61 crore in FY26, while net loss narrowed sharply from ₹480.8 crore in FY25 to ₹251.9 crore in FY26 — a 48% reduction — and adjusted EBITDA margin turned positive at 8.4% in FY26 from a negative 2.8% the year before. This improving financial profile makes the IPO a significant milestone not only for the company but also for India’s organised fitness sector, which is attracting sustained investor attention. The IPO comes at a time when an increasing number of Indians are spending on fitness, preventive healthcare, and healthy lifestyles, and organised fitness chains have been growing fast, boosted by rising incomes and growing awareness of wellness.
These details have been verified against multiple publicly available reports as of 2026-07-07.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
