Cult.fit to File for ₹3,500-4,000 Cr IPO, DRHP Expected Soon

Mukesh Bansal-led Cult.fit is expected to file its draft red herring prospectus (DRHP) for an initial public offering worth ₹3,500 to 4,000 crore this month, according to a report by Moneycontrol. The IPO will be a combination of a fresh issue and an offer for sale (OFS) by existing shareholders, the report added.

Axis Capital, Goldman Sachs, Jefferies, JM Financial and Morgan Stanley are advising the company on the offering.

Founded in 2016, Cult.fit operates a multi-format fitness platform offering gyms, group workouts, outdoor formats, at-home workouts and fitness products including apparel, footwear, accessories and equipment. In FY26, the company had a transacting base of 1 million paid subscribers across more than 75 cities for its fitness services business, and shipped over 4 million products through its fitness products business. Fitness services contribute roughly 70% of the company's revenues, with the remaining 30% coming from the fitness products business, as per the report.

The company turned EBITDA-positive in the last quarter of FY26, recording double-digit EBITDA improvement, the report further said. Revenues have crossed ₹1,700 crore, reflecting 40% year-on-year (YoY) growth.

The IPO filing comes months after Cult.fit raised ₹440 crore in fresh funding from Singapore-based Temasek through its investment arm MacRitchie in March this year. Following the allotment, Temasek's stake in the company rose to 11.88%.

Over the years, Cult.fit has raised more than $720 million from investors including Tata Digital, Zomato, Temasek, Kalaari Capital and South Park Commons, among others. The company has achieved unicorn status through multiple funding rounds.

Ahead of the DRHP filing, Cult.fit has appointed Kalpana Morparia, Arun M Kumar, Indu Bhushan and Pragya Misra as independent directors to its board.