Fitness and wellness platform Cult.fit has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India, moving a step closer to its long-awaited public listing. The company plans to raise Rs 950 crore through a fresh issue of equity shares, alongside an Offer for Sale (OFS) of shares worth Rs 1,786 crore by existing shareholders. This takes the total IPO size to approximately Rs 2,736 crore, subject to market conditions and final pricing.
The Bengaluru-based company, backed by investors including Zomato and Temasek, said it intends to use the proceeds from the fresh issue to expand its fitness and wellness ecosystem, invest in technology, support inorganic growth opportunities through acquisitions, and meet general corporate purposes.
According to the DRHP, the OFS will see several existing investors partially exit their holdings. Selling shareholders include Kalaari Capital Partners II, Peak XV Partners, Chiratae Ventures, Temasek, and entities affiliated with co-founders Mukesh Bansal and Ankit Nagori. The company itself will not receive any proceeds from the Offer for Sale, with those funds going directly to the selling shareholders.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has evolved from a chain of fitness centres into an integrated health and wellness platform spanning fitness memberships, digital workouts, sportswear, diagnostics, mental wellness and healthy food offerings. Over the years, the company has expanded both organically and through acquisitions, including the purchase of Tread, OneFitPlus, and Furlenco’s fitness equipment business, strengthening its presence across multiple wellness categories.
The company has also shown improving financial performance. For the financial year ended March 31, 2025, Cult.fit reported a significant rise in operating revenue while narrowing its losses, reflecting stronger demand across its fitness centres and digital offerings. The improvement comes as India’s organised fitness market continues to recover following the pandemic, supported by growing consumer spending on preventive healthcare and wellness.
Cult.fit currently operates hundreds of fitness centres across India under the Cult brand and has diversified its revenue streams through subscriptions, at-home fitness products, nutrition services and healthcare offerings. The company has positioned itself as a full-stack health and wellness platform rather than a conventional gym operator, allowing it to tap into multiple consumer segments.
FAQs
- Has Cult.fit filed for an IPO?
Yes. Cult.fit has filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch its initial public offering (IPO).
- How much does Cult.fit plan to raise through its IPO?
The company plans to raise Rs 950 crore through a fresh issue, along with an Offer for Sale (OFS) worth ₹1,786 crore by existing shareholders.
- What will Cult.fit use the IPO proceeds for?
The fresh issue proceeds will be used for business expansion, technology investments, acquisitions, and general corporate purposes.
- Who founded Cult.fit?
Cult.fit was founded in 2016 by Mukesh Bansal and Ankit Nagori.
- What does Cult.fit do?
Cult.fit is a health and wellness platform offering fitness memberships, gyms, digital workouts, sportswear, nutrition, diagnostics, and wellness services.
