Cult.fit Set To File DRHP For ₹3,500–4,000 Crore IPO

Cult.fit, India's largest fitness services provider, is preparing to enter the public markets with an initial public offering (IPO) worth ₹3,500-4,000 crore, according to people familiar with the matter.

The Cult.fit IPO will include a mix of fresh shares and an offer for sale (OFS) by existing investors. The company is expected to file its draft red herring prospectus (DRHP) later this month.

The Bengaluru-based company, founded by entrepreneur Mukesh Bansal in 2016, has emerged as one of the country's biggest fitness platforms. It offers gym memberships, group workout sessions, outdoor fitness programmes, at-home training and a range of fitness products.

What Is Driving Cult.fit's IPO Plans?

People aware of the development said Cult.fit turned earnings before interest, taxes, depreciation and amortisation (EBITDA)-positive in the final quarter of FY26, marking an important milestone in its journey towards profitability. The company also recorded double-digit improvement in EBITDA during the year, backed by stronger operational performance.

Revenue crossed ₹1,700 crore in FY26, reflecting nearly 40% year-on-year growth, according to the sources. The business has built a diversified revenue model, with fitness services contributing around 70% of total revenue, while fitness products account for the remaining 30%.

Strong User Base Across India

Cult.fit's fitness services arm had roughly 1 million paid subscribers in FY26, spread across more than 75 cities. The products division shipped over 4 million units that year, a sign of rising demand for fitness gear and equipment.

The company has also strengthened its board ahead of the public issue by appointing Kalpana Morparia, Arun M. Kumar, Indu Bhushan and Pragya Misra as independent directors.

Also Read - NSE IPO: SBI, CPPIB, GIC Among Key Sellers In OFS; LIC Stays Out

Cult.fit is backed by a strong brand presence and counts actor Hrithik Roshan among its brand ambassadors. Axis Capital, Goldman Sachs, Jefferies, JM Financial and Morgan Stanley are advising the company on the proposed IPO.

Source:

Moneycontrol