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 as the company looks to capitalize on growing demand for health and wellness services in India. The offering will include a fresh issue of shares and an offer for sale (OFS) by existing investors. The IPO could total as much as ₹4,000 crore, people familiar with the matter said.
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. The face value of each equity share is ₹1.
Co-founder Mukesh Bansal, angel investor Bruno Raschle and actor Hrithik Roshan are also selling shares in the offering.
The selling shareholders also include Asian Paints promoter entity Doli Trading and Investments, hospitality company Sun N Sand Hotels, Endiya Partners founder Sateesh Andra, former Myntra chief executive Ananth Narayanan’s family trust and actor Hrithik Roshan’s investment vehicle, Extreme Brands.
MacRitchie Investments is Cult.fit’s largest shareholder with a 20.3 per cent stake, followed by Accel at 13.5 per cent, co-founder Mukesh Bansal at 8.4 per cent and Kalaari Capital at 7.8 per cent. Eternal and Tata Digital own 4.9 per cent and 3.6 per cent, respectively.
The company plans to use the proceeds to repay debt, expand its Cult Elite and Cult Neo fitness centers. It would invest in new Cultsport retail outlets, fund lease-related payments, increase spending on marketing and brand promotion, and for general corporate purposes. Cult Elite combines traditional gym facilities with trainer-led group classes such as yoga, strength training and boxing. Cult Neo is the company’s premium gym format. Cultsport outlets are company-owned stores that sell the brand’s fitness products.
Cult.fit is India’s largest fitness and active-lifestyle platform, with 708 fitness centers 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. Fitness services accounted for about 70 per cent of revenue, with fitness products contributing the remaining 30 per cent.
Cult.fit has more than doubled its revenue over the past two fiscal years, with revenue rising to ₹1,721 crore in fiscal 2026 from ₹927 crore in fiscal 2024. The company also turned adjusted EBITDA margin positive at 8.4 per cent in fiscal 2026, from a negative 2.8 per cent a year earlier.
Cult.fit attributes its growth to a technology-driven platform that combines fitness services with branded products. The company uses artificial intelligence and data analytics to personalize workouts, improve operations and deliver a consistent experience across its network. It also sells apparel, footwear, fitness equipment and accessories under the Cultsport brand, targeting India’s mass-premium fitness market.
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 per cent to 16 per cent, according to Redseer. The research firm attributes the growth to rising disposable incomes, greater health awareness and improving access to organized fitness platforms.
The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges, being BSE and NSE.
Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited are the book running lead managers (BRLMs) to the issue.
The original Cult was founded in Bengaluru in 2015 by Rishabh Telang, offering a machine-free fitness approach built around martial arts, yoga, and outdoor activities. Serial entrepreneur and Myntra cofounder Mukesh Bansal acquired a controlling stake in 2016 and built a broader platform around it.
Cult.fit has raised $714 million to date from investors, including Temasek, Accel, and Fireside Ventures, according to Tracxn. Temasek raised its stake to 12 per cent this year with a ₹440 crore investment.
