Accel-Backed Cult.fit IPO In Focus As VC Firm Expects 6-7 Portfolio Companies To Go Public, Steps Up AI And Deep-Tech Bets

Accel-backed Cult.fit’s proposed IPO comes into focus as the venture capital firm expects six to seven companies from its India portfolio to tap the public markets over the next one to two years.

Prashanth Prakash, partner at Accel, said the firm expects six to seven portfolio companies to potentially go public during this period. HomeLane and BookMyShow are among the companies identified as potential candidates for future public-market listings. Moneyview, meanwhile, listed on the Indian exchanges on October 1.

The comments come as Accel's portfolio sees a rise in public-market activity. Moneyview listed on Indian stock exchanges on October 1, while RentoMojo made its market debut in September. Cult.fit has also filed draft IPO papers with Sebi.

Alongside the IPO pipeline, Accel is increasing its focus on artificial intelligence, deep-tech and defence technology as it looks for companies that can build for both Indian and global markets.

Cult.fit IPO Details

Cult.fit filed its draft red herring prospectus with Sebi in July for a ₹950 crore fresh issue along with an offer for sale of up to 17.86 crore shares by existing shareholders.

Accel is among the investors selling shares in the IPO. Other selling shareholders include Temasek, Fitness First Luxembourg, Tata Digital, Chiratae Ventures, Schroders Capital and co-founder Mukesh Bansal.

The fresh issue proceeds are proposed to be used for opening new Cult centres, lease and rent payments, repayment of borrowings and brand marketing.

Cult.fit reported an adjusted EBITDA margin of 8.4% in FY26, compared with a negative 2.8% a year earlier. The company operates fitness centres across India and also has businesses under the Cultsport, Gold's Gym and Fitness First brands.

Accel's IPO Pipeline And New Investment Bets

The proposed Cult.fit listing is part of a wider IPO pipeline at Accel. Prakash said Moneyview, HomeLane and BookMyShow are among the portfolio companies that could potentially access public markets over the next one to two years.

Moneyview listed on October 1 after building its digital lending business over more than a decade. The company had ₹22,520 crore in assets under management as of June 2026, according to Accel.

RentoMojo, another Accel-backed company, listed in September after raising ₹1,255.57 crore through its IPO. Accel sold shares worth about ₹317 crore through the offer for sale.

Prakash said Accel is increasingly looking for companies that can combine strong growth with improving profitability before entering the public markets. He said businesses approaching an IPO should ideally have growth of more than 30% and double-digit EBITDA margins at the time of listing or within a foreseeable period.

The venture capital firm is also increasing its focus on AI and deep-tech. Its investment areas include consumer-focused voice AI, physical AI for defence and manufacturing, and Indian AI products that can be taken to global markets.

Accel recently raised $550 million for its ninth India early-stage fund as part of a broader fundraising exercise across its global funds.

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