Cult.fit IPO: Who Stands to Earn How Much from the Share Sale

Fitness and wellness platform Cult.fit's proposed initial public offering (IPO), valued between ₹3,500 crore and ₹4,000 crore, will see several early investors, the company's co-founder, and actor Hrithik Roshan sell part of their holdings, according to its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

The IPO comprises a fresh issue of shares worth ₹950 crore and an offer for sale (OFS) of up to 17.86 crore equity shares by existing investors and individual shareholders. The company may also carry out a pre-IPO placement of up to ₹190 crore, which would reduce the size of the fresh issue. The exact value that each selling shareholder earns will depend on the price band, which has not yet been announced. Cult.fit plans to list its shares on the BSE and the NSE.

Investors Selling the Largest Stakes

Among the selling shareholders, Chiratae, through IDG Ventures India Fund III and Chiratae Trust, will sell the largest block of up to 2.81 crore shares. Temasek follows with up to 2.47 crore shares on offer, while Fitness First will sell up to 1.96 crore shares and Tata Digital up to 1.59 crore shares. Other selling shareholders named in the DRHP include Bruno Eduard Raschle, Schroders Capital, Accel, Epiq Capital, Kalaari and Valecha Investments.

Co-founder Mukesh Bansal is selling up to 1.60 crore shares as part of the OFS. Bansal currently holds 8.02 crore equity shares in the company, representing an 8.35% stake. He is also the founder of Myntra and has previously served as CEO of Flipkart India, with over 19 years of industry experience. Separately, his annual salary from the company stood at a cost-to-company of ₹3.8 lakh, with total remuneration of ₹49.9 lakh in FY26, a relatively small sum compared to what his share sale could fetch once the price band is set.

Actor Hrithik Roshan, an early investor in Cult.fit, is set to sell 6.33 lakh shares through the OFS. According to the DRHP, Roshan currently owns a 0.20% stake in the company, comprising 19.01 lakh shares valued at ₹4 crore. Since the price band is yet to be finalised, the exact value of his stake sale cannot be determined at this stage.

While the OFS marks a significant earning opportunity for early backers, the DRHP also disclosed that Cult.fit's top executives are paid comparatively modest salaries. The company spent ₹4.8 crore on salaries, wages and bonuses for its leadership team in FY26, lower than the ₹5.34 crore paid in FY24 but higher than the ₹3.51 crore paid in FY25.

Chief Executive Officer Naresh Krishnaswamy had the highest annual cost-to-company among the leadership at ₹3.25 crore, with total remuneration of ₹2.53 crore in FY26. Krishnaswamy has been with Cult.fit since 2018 and previously held leadership roles at Myntra.

For FY26, Cult.fit reported revenue from operations of ₹1,720.6 crore, up 41.6% from ₹1,215.5 crore in FY25. Its net loss narrowed to ₹251.9 crore, from ₹480.8 crore in FY25 and ₹888.5 crore in FY24. As of March 31, 2026, the company operated 708 fitness centres across 77 cities. Cult.fit has raised more than $650 million to date and was last valued at around $1.4 billion, following a $47 million investment from Singapore's Temasek reported in March.