Fitness and wellness company Cult.fit has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) that could raise as much as ₹950 crore in fresh capital. Cyril Amarchand Mangaldas and Trilegal have been retained as the Cult.fit IPO legal advisors on the transaction, acting for the issuer and the book-running lead managers respectively. The proposed offering marks a significant milestone for one of India’s most prominent omnichannel health and fitness platforms.
Introduction
Cult.fit has taken the next step towards going public after filing its Draft Red Herring Prospectus (DRHP) with SEBI. The offering will include a fresh issue of shares and an offer for sale (OFS) by existing investors. Specifically, Cult.Fit Limited has proposed an initial public offering of equity shares, consisting of a fresh issue aggregating up to ₹950 crore and an offer for sale by the selling shareholders.
Existing investors, including Temasek, Fitness First Luxembourg, Chiratae Ventures, Tata Digital, Accel India, Kalaari Capital and Schroders Capital, plan to sell as many as 178.6 million shares in the offer for sale. Co-founder Mukesh Bansal, angel investor Bruno Raschle and actor Hrithik Roshan are also selling shares in the offering. The equity shares are proposed to be listed on BSE and NSE.
Deal Value
The IPO comprises a fresh issue aggregating up to ₹950 crore and an offer for sale of up to 178,609,200 equity shares of face value ₹1 each. The IPO could total as much as ₹4,000 crore, according to people familiar with the matter. The Bengaluru-based company may also consider raising up to ₹190 crore through a pre-IPO placement, which would form a component of the fresh issue.
Legal Teams Involved
Cyril Amarchand Mangaldas — Advising the Issuer (Cult.Fit Limited)
Cyril Amarchand Mangaldas is advising Cult.Fit on this IPO. The Capital Markets team advising the Issuer is led by Tanvi Kini (Partner). The general corporate team advising the Issuer is led by Sharada Ramachandra (Partner).
- Tanvi Kini — Partner (Capital Markets — Lead)
- Sharada Ramachandra — Partner (General Corporate — Lead)
- Biplab Lenin — Partner (Sector-Specific Advisory)
- Bharath Reddy — Partner (ESOP, Employment-Related Matters)
Trilegal — Advising the Book-Running Lead Managers
Trilegal is advising the book-running lead managers, including Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial, and Morgan Stanley India, on this IPO. The transaction is led by Vinay Sirohia (Parter), with support from Harshvardhan Lahiri (Senior Associate) and Associates Kohsheen Saraf, Olivia De, Jahnavi Jayasimha Rao, Hanna Vettoor, Dwija Vasavada, and Rishabh Shah.
- Vinay Sirohia — Parter (Transaction Lead)
- Harshvardhan Lahiri — Senior Associate
- Kohsheen Saraf — Associate
- Olivia De — Associate
- Jahnavi Jayasimha Rao — Associate
- Hanna Vettoor — Associate
- Dwija Vasavada — Associate
- Rishabh Shah — Associate
Significance and Impact
Cult.Fit is a leading omnichannel health and wellness company that operates subscription-based physical fitness centres, digital telehealth services, and sportswear and equipment retail. The company owns and operates the brand rights for Gold’s Gym in India and runs formats including Cult Elite and Cult Neo.
Cult.fit is India’s largest fitness and active-lifestyle platform, with 708 fitness centres across 77 cities as of March 31, 2026, according to Redseer. The company had nearly 987,000 paying fitness members in fiscal 2026 and shipped more than 4.2 million fitness products during the year, with fitness services accounting for about 70 per cent of revenue and fitness products contributing the remaining 30 per cent.
India’s fitness services market is projected to nearly double to ₹48,700 crore–₹53,100 crore by 2030 from about ₹25,600 crore in 2025, expanding at an annual rate of 14 to 16 per cent. The IPO represents a significant moment for venture-backed consumer internet firms seeking public-market exits, with an unusually wide coalition of five book-running lead managers underpinning the offering.
The company plans to use the proceeds to repay debt, expand its Cult Elite and Cult Neo fitness centres, invest in new Cultsport retail outlets, fund lease-related payments, and increase spending on marketing and brand promotion. The breadth of the legal advisory mandate — spanning capital markets, general corporate, ESOP, employment, and sector-specific regulatory workstreams — reflects the structural complexity of the transaction.
The Cult.fit proposed IPO, with a fresh issue of up to ₹950 crore and an OFS of up to 178,609,200 equity shares, brings together two of India’s top-tier law firms in Cyril Amarchand Mangaldas and Trilegal in a transaction that could be valued at up to ₹4,000 crore. The deal underscores the growing appetite among India’s health-tech and fitness platforms for public capital, and the depth of legal expertise now routinely marshalled for large-scale IPO mandates. For a running tracker of major Indian deal mandates, visit Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
