Cult.Fit has submitted draft documents to SEBI for an IPO comprising a fresh issue of Rs 950 crore and an offer-for-sale of 17.86 crore equity shares.
The Bengaluru-based fitness platform is co-founded by Mukesh Bansal and backed by major investors including Temasek, Accel, and Tata Digital.
The company plans to utilize Rs 276.6 crore of the fresh proceeds to set up new Cult Elite and Cult Neo fitness centres across India.
Fitness platform Cult.Fit submitted draft documents to the Securities and Exchange Board of India to launch an initial public offering. The proposed issue includes a fresh equity component of up to ₹950 crore and an offer-for-sale of 17.86 crore equity shares.
Co-founded by Myntra founder Mukesh Bansal, the Bengaluru-based company is backed by marquee investors including Temasek, Accel and Schroders. The company proposes to list its equity shares on both the BSE and the National Stock Exchange of India, Moneycontrol reported.
1 June 2026
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Shareholders and Pre-IPO
Cult.Fit may execute a pre-IPO placement of up to ₹190 crore. A successful placement will reduce the size of the fresh issue proportionately.
The offer-for-sale features multiple existing investors offloading stakes. Selling shareholders include Singapore-based Temasek Holdings-backed MacRitchie Investments, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, Twenty Nine Capital Partners and Accel India V (Mauritius).
MacRitchie Investments remains the largest shareholder with a 20.32% stake. Global venture capital firm Accel holds 13.45%, while Mukesh Bansal retains 8.35%. Other major backers include Kalaari Capital with 7.8%, food delivery giant Eternal with 4.88% and Tata Digital with a 3.58% stake.
Operations and Fund Utilisation
The company positions itself as India's largest fitness platform. It operates 708 fitness centres across 77 cities and recorded more than 9,87,000 paid members as of March 31, 2026.
Proceeds from the fresh issue will primarily fund expansion and operational costs. Cult.Fit plans to deploy ₹276.6 crore to establish new Cult Elite and Cult Neo centres. The company allocated ₹217.5 crore for lease, rent and licence payments related to existing locations.
Additional capital deployment includes ₹120 crore to repay existing debt and ₹75 crore for brand awareness initiatives. The firm will spend ₹23.4 crore to launch exclusive brand outlets under its subsidiary, Cultsport. Cult.Fit reported outstanding consolidated borrowings of ₹219.8 crore as of April 2026.
Financials and Managers
The active lifestyle firm reported improved financial metrics for the fiscal year ended March 2026. Cult.Fit narrowed its net loss to ₹251.8 crore, compared with a loss of ₹480.8 crore in the previous financial year.
Revenue for fiscal 2026 surged 41.6% to ₹1,720.6 crore, rising from ₹1,215.5 crore a year earlier. The services segment accounted for 69.62% of the total revenue, while the products division contributed the remaining 30.38%.
Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India Company are the merchant bankers managing the issue.
