About Cult.fit IPO
Cult.fit IPO Details
Cult.fit IPO is a book-built issue comprising a fresh issue of equity shares worth up to ₹950 crore and an offer for sale (OFS) of up to 17.86 crore equity shares by existing investors and promoters. The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 6, 2026. The price band and official dates for subscription and listing will be announced later, but the shares are proposed to be listed on the NSE and BSE. The total issue size is estimated at ₹3,500–₹4,000 crore, though the final amount will be determined after the price band is set. The book-running lead managers for the issue are Axis Capital, Goldman Sachs (India), Jefferies India, JM Financial and Morgan Stanley India, while the registrar to the issue is KFin Technologies Limited. Cult.fit may also undertake a pre-IPO placement of up to ₹190 crore, which would be deducted from the fresh issue size.
Cult.fit IPO Date & Timeline
The Cult.fit IPO is officially set to open for subscription on [.] and will close on [.]. The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 6, 2026 and has now initiated the regulatory review process. Once the subscription window closes, allotment is expected on [.]. Following this, the firm will initiate refunds and credit shares to the demat accounts of successful investors on [.]. Finally, shares of Cult.fit Limited are tentatively scheduled to list on the stock exchanges on [.].
Cult.fit IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Basis of Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Cult.fit IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue + Offer For Sale |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 950 Cr) |
| Offer for Sale | 17,86,09,200 shares of ₹1 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 8,39,63,997 shares |
| Share Holding Post Issue | 88,13,12,017 shares |
Cult.fit IPO GMP (Grey Market Premium)
“Grey Market Premium” (GMP) is the premium at which IPO shares are traded in the grey market before they are officially listed on the stock exchange.
The Cult.fit IPO GMP is currently trading at ₹[.], reflecting unofficial investors' sentiment ahead of the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Cult.fit Healthcare Limited (formerly Cure.fit) was founded in 2016 in Bengaluru, Karnataka, by serial entrepreneurs Mukesh Bansal and Ankit Nagori. Mukesh Bansal, the founder of Myntra and former head of Flipkart’s commerce platform and Ankit Nagori, former Chief Business Officer at Flipkart, established the company to build a comprehensive health and fitness ecosystem for India. The company rebranded from Cure.fit to Cult.fit and operates as a digital and offline health and fitness platform. Today, Cult.fit is headquartered in Bengaluru and operates over 708 fitness centres across India, serving as the country's largest fitness chain by number of centres.
Operations & Product Range
Cult.fit operates as a hybrid fitness and wellness platform combining offline centres with digital services. It primarily deals in four segments: fitness subscriptions and services, including flagship offerings such as Cultpass, Cult.fit centres and platform services; Cultsport, which sells fitness apparel, equipment and accessories through company-owned stores, online channels and marketplaces; online classes for physical and mental wellbeing; and value-added services including nutrition planning, mental health support and wellness content. The company offers training programmes across cardio, strength, yoga, boxing and dance, with both equipment-based and equipment-free formats.
Facilities & Capacity
Cult.fit operates primarily through a network of physical fitness centres combined with a cloud-based digital platform. The company operates 708 fitness centres across India as of FY26, with plans to significantly expand this network. The technology stack supports over 500,000 active online subscribers. The company is headquartered in Bengaluru, Karnataka, and operates through a hybrid model that integrates physical infrastructure with digital delivery.
Brands & Market Presence
Cult.fit operates under the single "Cult.fit" brand and has established itself as India’s largest fitness chain by number of centres. The company serves a diverse member base ranging from individual fitness enthusiasts to corporate wellness programmes, with a growing presence across Tier-2 and Tier-3 cities. It is widely recognised for its group-class fitness model, technology-enabled experience and integration of physical and digital wellness services. The brand also includes Cultsport, a fitness merchandise and equipment line.
Revenue Streams & Business Model
The main sources of revenue for Cult.fit include subscription fees from fitness memberships and centre services, product sales from fitness apparel and equipment and digital platform services. For FY26, Cult.fit's operating revenue reached ₹1,720.6 crore, up 41.4% from ₹1,215.5 crore in FY25. The services segment contributed ₹1,197.8 crore (nearly 70% of revenue), while the products segment generated ₹522.8 crore (over 30%). The company achieved a key profitability milestone, reporting positive EBITDA of ₹45 crore in FY26 at a margin of 2.62%, compared with an EBITDA loss in FY25. Net loss narrowed by 48% to ₹251.9 crore in FY26 from ₹480.8 crore in FY25. The company has raised over $800 million to date from marquee investors.
Management & Shareholding
Cult.fit’s promoters include Mukesh Bansal, who holds an 8.35% stake. Under the OFS structure, major investors, including Temasek (via MacRitchie Investments, holding 20.32%), Fitness First Luxembourg, Accel (13.45%), Kalaari Capital (7.8%), Eternal (Zomato, 4.88%), Tata Digital (3.58%), Schroders Capital and LifeFit Group, are selling portions of their stakes. Co-founder Mukesh Bansal is divesting up to 1.60 crore shares. Around 22 institutional investors and 13 individual shareholders, including actor Hrithik Roshan, will participate in the OFS. There is no disclosure of the exact pre-IPO and post-IPO shareholding percentages for all selling shareholders at this time.
Board & Key Management
Cult.fit is led by its founder, Mukesh Bansal, who serves as the company's Chairman. Naresh Krishnaswamy serves as the Chief Executive Officer, overseeing daily operations and strategic direction. Ankit Nagori is a co-founder. Details on the full board composition, independent directors and other key management personnel are expected to be available in the final prospectus.
Cult.fit IPO Financial Information
Latest Revenue
1,720.6
₹ Crore
Profit After Tax
-251.86
₹ Crore
Net Worth
669.87
₹ Crore
Total Borrowing
260.76
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 3,103.2 | 1,720.6 | -251.86 | 669.87 | -577.8 | 260.76 | |||
| 31 Mar 2025 | 2,926.23 | 1,215.53 | -480.83 | 914.76 | -308.31 | 326.92 | |||
| 31 Mar 2024 | 3,031.85 | 926.66 | -888.49 | 1,276.87 | -114.6 | 307.51 | |||
| Amount in ₹ Crore | |||||||||
Cult.fit Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | 2.6 |
| RoNW | -37.6 % |
| PAT Margin | - |
| EBITDA Margin | 8.41 % |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -3.27 | - |
| P/E (x) | - | - |
Cult.fit IPO Objectives
The proceeds from the fresh issue of up to ₹950 crore are earmarked for specific strategic purposes. The company plans to allocate approximately ₹217 crore toward centre lease and rental payments, ₹120 crore to repay borrowings, and ₹75 crore to brand marketing initiatives. Additional funds will be deployed to expand the network of Cult Elite and Cult Neo fitness centres, invest in the subsidiary Cultsport to open new exclusive-brand outlets, and for general corporate purposes.
Cult.fit IPO Review
Cult.fit operates in the organised fitness and wellness sector as a hybrid digital and offline platform. Financially, the company has demonstrated strong growth momentum, with revenue rising 41% during FY26 to ₹1,720.6 crore, while achieving EBITDA positivity and narrowing net losses by 48%. The company is reportedly targeting a valuation of around $2 billion (approximately ₹16,000–17,000 crore).
Still, investors need to be aware of potential risks, including low gym penetration in India (0.6% compared to 22% in the US); stiff competition from local and international fitness chains; execution challenges in scaling from 708 centres to a planned 20,000; lease-related liabilities for physical infrastructure; and the path to sustained consolidated profitability. To summarise, Cult.fit's IPO represents a leading fitness platform with growing revenues, improving unit economics and a strong brand presence in India's emerging organised fitness market.
Conclusion
Cult.fit IPO will allow investors to participate in India's largest fitness and wellness platform. The business strengths include its 708+ fitness centres, 500,000+ active online subscribers, a hybrid digital-offline model, a diversified revenue stream covering services and products and improving profitability metrics. Through the offering, the firm intends to expand its physical centre network, strengthen its Cultsport brand, reduce debt and invest in marketing. The most important monitorables from the IPO are expected to be the final pricing, OFS supply from multiple investors and the trajectory toward sustainable profitability.
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Competitive Strengths
A strong, founder-led team with Mukesh Bansal’s proven track record in building Myntra and Flipkart’s commerce business
India’s largest fitness chain by number of centres with a hybrid digital and offline model
Diversified, integrated product suite (fitness subscriptions, physical centres, digital classes and fitness merchandise through Cultsport)
Subscription and transaction-based recurring revenue model with expanding product revenue streams
708+ fitness centres, 500,000+ active online subscribers and growing Tier-2 and Tier-3 city penetration
Technology-enabled platform with data-driven fitness experiences and corporate wellness offerings
EBITDA positive in FY26 with improving margins and narrowing losses, demonstrating operational leverage
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |