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Wed, 21 Oct 2026
10:06:21 pm
Wed, 21 Oct 2026
10:06:21 pm
Rudransh Sangwan
Published at: July 23, 2026, 11:26 AM
Synopsis
Cult.fit IPO DRHP: Mukesh Bansal-led fitness platform files for a ₹950 crore IPO with a 17.86 crore share OFS. Check IPO details, financials, use of funds, business overview, risks, and key highlights
Cult.fit IPO: Fitness and wellness platform Cult.fit Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). The proposed issue comprises a fresh issue of equity shares worth up to ₹950 crore along with an Offer for Sale (OFS) of up to 17.86 crore equity shares by existing shareholders. The company may also undertake a pre-IPO placement of up to ₹190 crore, which would reduce the size of the fresh issue if completed.
The IPO marks another significant listing from India's consumer internet and fitness ecosystem. Founded by Mukesh Bansal, Cult.fit has evolved into one of India's largest integrated fitness and active lifestyle platforms, operating gyms, digital fitness services, activewear, fitness equipment, and wellness products through a technology-driven ecosystem. The filing comes after the company achieved its first full year of positive Adjusted EBITDA in FY26 while continuing to expand its nationwide footprint.
| Particular | Details |
|---|---|
| Fresh Issue | Up to ₹950 crore |
| Offer for Sale | Up to 17.86 crore shares |
| Pre-IPO Placement | Up to ₹190 crore |
| Face Value | ₹1 per equity share |
| IPO Status | DRHP Filed |
Source: Draft Red Herring Prospectus
The company plans to utilize the net proceeds from the fresh issue to expand its fitness centre network, strengthen the Cultsport retail business, repay borrowings, support lease-related payments, invest in marketing initiatives, and meet general corporate requirements.
| Proposed Use | Amount |
|---|---|
| New Cult Centres | ₹276.6 crore |
| Lease, Rent & Licence Payments | ₹217.5 crore |
| Debt Repayment | ₹120 crore |
| Brand Marketing | ₹75 crore |
| New Cultsport Stores | ₹23.4 crore |
| General Corporate Purposes | Balance Amount |
Cult.fit operates an integrated fitness and active lifestyle platform offering gym memberships, trainer-led fitness classes, digital workouts, fitness equipment, recovery products, apparel, footwear, and accessories through its app, website, and offline channels. As of March 31, 2026, the company served nearly 9.87 lakh paid members through a network of 708 fitness centres across India while also operating 29 Cultsport exclusive brand outlets.
The company has reported consistent revenue growth over the last three financial years while significantly improving profitability.
| Metric | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹1,720.6 crore | ₹1,215.5 crore | +41.6% |
| Adjusted EBITDA | ₹144.8 crore | Loss of ₹33.5 crore | Turned Positive |
| Adjusted EBITDA Margin | 8.41% | -2.76% | Improved |
Several early investors and existing shareholders will partially exit through the Offer for Sale, including MacRitchie Investments, Mukesh Bansal, Fitness First Luxembourg, Tata Digital, IDG Ventures, Accel India, Chiratae, Schroders Capital, and others.
Cult.fit enters the IPO market after demonstrating strong revenue growth and improving operating profitability. The company intends to accelerate expansion across fitness centres and retail while strengthening its omnichannel presence. However, investors should continue monitoring execution of its expansion strategy, sustained profitability, competitive intensity in the fitness industry, and future cash flow generation after listing. The DRHP also highlights customer acquisition, brand reputation, franchise operations, and supply chain dependence among its key business risks.
The IPO consists of a fresh issue of up to ₹950 crore along with an Offer for Sale of up to 17.86 crore equity shares.
Yes. The company may raise up to ₹190 crore through a pre-IPO placement before the public issue.
The proceeds will primarily be used for opening new fitness centres, lease-related payments, debt repayment, marketing, Cultsport expansion, and general corporate purposes.
Cult.fit reported its first full year of positive Adjusted EBITDA in FY26, although it continued to report a consolidated loss after accounting for depreciation, finance costs, and other expenses.
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