Cult.fit Files for ₹950 Crore IPO as Mukesh Bansal Takes Fitness Unicorn Public

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.

Cult.fit IPO Details

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

How Cult.fit Plans to Use IPO Proceeds

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 Business Overview

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.

Cult.fit Financial Performance

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

Key Selling Shareholders in the OFS

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.

What Investors Should Watch

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.

What is the size of the Cult.fit IPO?

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.

Will Cult.fit conduct a pre-IPO placement?

Yes. The company may raise up to ₹190 crore through a pre-IPO placement before the public issue.

How will Cult.fit use the IPO proceeds?

The proceeds will primarily be used for opening new fitness centres, lease-related payments, debt repayment, marketing, Cultsport expansion, and general corporate purposes.

Is Cult.fit profitable?

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.