Cult.Fit Files IPO Papers With SEBI, Plans ₹950 Crore Fresh Issue 2 Fund Expansion

New Delhi, Jul 7: Fitness services platform Cult.fit Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

IPO structure and shareholders

The proposed IPO comprises a fresh issue of equity shares worth up to Rs 950 crore and an offer-for-sale (OFS) of up to 17.86 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi on Monday.

MacRitchie Investments Pte Ltd, Fitness First Luxembourg SCA, IDG Ventures India Fund III LLC, Tata Digital, Chiratae Trust, Schroders Capital Private Equity Asia Mauritius IV Ltd, Twenty Nine Capital Partners Ltd Partnership and Accel India V (Mauritius) Ltd are among the selling shareholders participating in the offer-for-sale (OFS).

In addition, Mukesh Bansal, Bruno Eduard Raschle, and actor Hrithik Rakesh Roshan are offloading shares through the OFS.

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Use of IPO proceeds

The Bengaluru-headquartered company proposes to utilise the proceeds from the fresh issue towards repayment or prepayment of certain borrowings, expansion of its fitness centre network, investment in subsidiary Cultsport Pvt Ltd for setting up new exclusive brand outlets, lease-related payments for existing centres, brand marketing and general corporate purposes.

The company may undertake a pre-IPO placement of equity shares aggregating up to Rs 190 crore before filing the Red Herring Prospectus (RHP). If the pre-IPO placement is completed, the size of the fresh issue will be reduced to the extent of the amount raised.

Company growth and operations

Cult.fit, formerly Curefit Healthcare Pvt Ltd, is India's largest fitness and active lifestyle platform by the number of fitness centres in its network as of March 31, 2026, according to a Redseer report cited in the DRHP.

As of March 31, 2026, the company operated 708 fitness centres across 77 cities.

In FY26, it had a transacting base of 9.87 lakh paid fitness services members and shipped over 42.3 lakh fitness products.

Financial performance and managers

The company's revenue from operations rose 36.26 per cent year-on-year to Rs 1,720.61 crore in FY26 from Rs 1,262.80 crore in FY25. It derives around 70 per cent of its revenue from fitness services, while the remaining 30 per cent comes from its fitness products business.

Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India are the book-running lead managers to the issue.

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