India's fitness and wellness industry is evolving rapidly, driven by increasing health awareness, digital fitness adoption, and premium gym memberships. At the centre of this transformation is Cult.fit, one of India's largest integrated fitness and active lifestyle platforms. After years of expanding its offline presence, strengthening its digital ecosystem, and acquiring leading fitness brands, the company is now preparing to enter the public markets.
In a significant development, Cult.fit Limited filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 6, 2026, to raise capital through an Initial Public Offering (IPO). The public issue comprises a fresh issue worth ₹950 crore along with an Offer for Sale (OFS) of up to 17.86 crore equity shares by existing shareholders.
The proceeds from the fresh issue will primarily be used to expand new fitness centres, strengthen the company's retail footprint, invest in Cultsport, repay borrowings, and enhance brand awareness across India.
In this article, we'll explore the Cult.fit IPO details, company profile, founders, financial performance, business model, strengths, risks, valuation insights, and everything investors should know before the IPO opens.
Axis Capital, Goldman Sachs India, Jefferies India, JM Financial, Morgan Stanley India
IPO Dates
Yet to be announced
Price Band
Yet to be announced
Lot Size
Yet to be announced
What is Cult.fit?
Founded in 2016, Cult.fit Limited has grown into India's largest fitness and active lifestyle platform by the number of fitness centres. The company offers an integrated ecosystem that combines physical fitness centres, digital workout programs, sports facilities, healthy food, wellness solutions, and fitness products under one technology-driven platform.
Unlike traditional gym chains that primarily generate revenue through memberships, Cult.fit has built a diversified business model spanning both online and offline fitness experiences. Customers can book trainer-led group classes, attend gym sessions, access digital fitness content, purchase active lifestyle products, and participate in sports activities—all through a single mobile application.
As of March 31, 2026, the company operated 708 fitness centres across 77 cities in India, making it one of the country's largest organised fitness networks.
Today, the Cult.fit ecosystem includes several well-known brands such as:
Together, these brands cater to nearly one million paid fitness members across India.
The Journey of Cult.fit: From Startup to India's Largest Fitness Platform
Cult.fit was incorporated in May 2016 by entrepreneurs Mukesh Bansal and Ankit Nagori, both of whom brought extensive experience from India's technology and startup ecosystem.
Mukesh Bansal had earlier founded Myntra, India's leading online fashion marketplace, which was acquired by Flipkart. After leading Myntra for several years, he shifted his focus towards preventive healthcare and technology-enabled wellness solutions.
Ankit Nagori previously served as the Chief Business Officer (CBO) at Flipkart, where he played a key role in scaling the company's operations before co-founding Cult.fit. Their vision was simple yet ambitious—to build an integrated platform that encourages healthier lifestyles through fitness, nutrition, sports, and preventive healthcare instead of focusing only on treating illnesses.
Over the years, Cult.fit expanded aggressively through organic growth as well as strategic acquisitions.
Some of the company's major milestones include:
Launch of Cult.fit fitness centres in multiple Indian cities
Expansion into digital fitness classes and online coaching
Introduction of Cultsport activewear and fitness equipment
Acquisition of Fitness First India
Acquisition of Gold's Gym India
Launch of Pilates Circle by Cult
Expansion of sports facilities and wellness services
Nearly one million paid members across India
708 fitness centres operating across 77 cities
Today, Cult.fit is regarded as one of India's most recognised consumer wellness brands.
Founders and Leadership Behind Cult.fit
One of Cult.fit's biggest strengths is its experienced leadership team, which combines expertise in technology, retail, healthcare, consumer businesses, and operations.
Mukesh Bansal is among India's most successful technology entrepreneurs. Before founding Cult.fit, he established Myntra, one of India's leading online fashion platforms, which was later acquired by Flipkart. He has also served in senior leadership roles at Flipkart and has invested in several technology startups.
At Cult.fit, Mukesh Bansal has been instrumental in building the company's long-term strategy, expanding the business across multiple fitness categories, and integrating technology into customer experiences.
Ankit Nagori previously served as the Chief Business Officer at Flipkart, where he helped build one of India's largest e-commerce companies. At Cult.fit, he played a significant role in expanding operations, scaling the company's fitness network, and strengthening its omnichannel business model.
Experienced Management Team
Beyond its founders, Cult.fit is supported by experienced professionals across:
Technology and Artificial Intelligence
Product Development
Customer Experience
Marketing
Finance
Supply Chain
Retail Operations
Digital Commerce
Corporate Strategy
As of March 31, 2026, the company employed 6,331 professionals across various business functions.
Cult.fit Business Model
Unlike traditional gym operators that rely almost entirely on membership fees, Cult.fit has developed a diversified, technology-driven business model with multiple revenue streams.
Its operations are broadly divided into two major segments:
1. Fitness Services
The company's core business revolves around providing premium fitness experiences through its extensive network of gyms and fitness centres. Its offerings include:
Gym memberships
Unlimited fitness classes
Personal training
Group workouts
Yoga
Dance fitness
Boxing
Strength training
Functional fitness
Sports facilities
Online fitness coaching
Digital workout subscriptions
Members can access these services through the Cult.fit mobile application, which provides seamless booking, scheduling, attendance tracking, and personalized workout recommendations.
2. Active Lifestyle Products
Apart from fitness services, Cult.fit has built a fast-growing consumer products business under Cultsport.
The company designs and sells:
Fitness equipment
Home workout machines
Treadmills
Exercise bikes
Dumbbells
Recovery products
Sports accessories
Activewear
Footwear
Wellness products
These products are sold through the company's own digital platform as well as leading online marketplaces, creating an additional revenue stream beyond gym memberships.
Cult.fit Brands: Building a Complete Fitness Ecosystem
One of Cult.fit's biggest competitive advantages is that it has evolved far beyond being just a gym chain. Over the years, the company has built a comprehensive fitness and wellness ecosystem by combining multiple brands under one platform. This diversified approach enables Cult.fit to serve customers across different income groups, fitness preferences, and age categories.
Cult.fit
Cult.fit is the company's flagship fitness brand and one of India's most recognized names in the health and wellness industry. It offers trainer-led group workouts, strength training, yoga, dance fitness, boxing, functional training, and personalized fitness programs.
Members can access workouts through both physical fitness centres and the Cult.fit mobile application, creating a seamless online-to-offline fitness experience.
Fitness First India
To strengthen its premium fitness portfolio, Cult.fit acquired Fitness First India, a globally recognized gym brand known for high-end fitness facilities, certified trainers, and premium memberships.
Fitness First primarily caters to urban professionals looking for premium gym infrastructure and personalized training experiences.
Gold's Gym India
Cult.fit further expanded its market presence by acquiring Gold's Gym India, one of the country's most established gym chains with decades of brand recognition.
The acquisition significantly increased Cult.fit's nationwide footprint while helping the company penetrate Tier-I and Tier-II cities more effectively.
Pilates Circle by Cult
Recognizing the growing demand for low-impact workouts and rehabilitation-focused fitness, the company introduced Pilates Circle by Cult.
The brand focuses on flexibility, posture correction, injury recovery, core strengthening, and premium Pilates sessions led by certified instructors.
Cultsport
Beyond fitness services, Cult.fit has built a strong consumer products business under the Cultsport brand.
Cultsport designs, develops, and sells a wide range of fitness and active lifestyle products, including:
Treadmills
Exercise Bikes
Fitness Equipment
Dumbbells
Resistance Bands
Recovery Guns
Fitness Accessories
Activewear
Sports Footwear
Smart Fitness Products
These products are available through Cult.fit's website, mobile application, exclusive retail outlets, and major e-commerce platforms, allowing the company to generate additional revenue beyond memberships.
Technology and AI: Powering the Cult.fit Experience
Technology lies at the heart of Cult.fit's business model. Rather than operating as a conventional fitness chain, the company has developed a technology-driven platform that connects users with fitness services, wellness products, and personalized recommendations.
Its mobile application allows users to:
Purchase memberships
Book workout sessions
Schedule personal training
Join online fitness classes
Track workout history
Monitor fitness progress
Purchase Cultsport products
Receive personalized workout recommendations
The company also leverages Artificial Intelligence (AI) and advanced data analytics to understand customer preferences, improve user engagement, optimize centre utilization, and recommend customized fitness plans.
This technology-first approach improves customer retention while enabling efficient operations across its nationwide network.
Cult.fit Financial Performance
Over the past few years, Cult.fit has demonstrated strong revenue growth while steadily reducing its losses, indicating a clear path toward operational profitability.
Cult.fit Financials (₹ Crore)
Particulars
FY26
FY25
FY24
Total Income
1,801.82
1,272.03
1,027.12
Assets
3,103.20
2,926.23
3,031.85
EBITDA
144.78
-33.53
-140.19
Profit After Tax
-251.86
-480.83
-888.49
Net Worth
669.87
914.76
1,276.87
Total Borrowings
260.76
326.92
307.51
Revenue Growth
Cult.fit reported total income of ₹1,801.82 crore in FY26, representing a robust 42% year-on-year growth compared to FY25.
The increase in revenue was supported by:
Expansion of fitness centres
Higher membership renewals
Growth in digital subscriptions
Strong demand for Cultsport products
Increasing franchise operations
The company's diversified revenue streams have helped reduce dependence on any single business segment.
Moving Towards Profitability
Although Cult.fit continues to report net losses, its financial performance has improved significantly over the past three financial years.
FY24 Loss: ₹888.49 crore
FY25 Loss: ₹480.83 crore
FY26 Loss: ₹251.86 crore
This represents nearly a 72% reduction in losses over two years.
A major positive indicator is the company's EBITDA performance.
For the first time in recent years, Cult.fit reported a positive EBITDA of ₹144.78 crore, compared to a negative EBITDA of ₹33.53 crore in FY25. This improvement suggests that the company's core operations are becoming increasingly profitable as scale, operational efficiency, and customer retention improve.
Key Performance Indicators (KPIs)
KPI
FY26
Debt-to-Equity
2.6
EBITDA Margin
8.41%
RoNW
-37.60%
EPS
-₹30.00
While profitability ratios remain negative due to continuing net losses, the positive EBITDA margin reflects meaningful operational improvement.
Competitive Strengths of Cult.fit
Several factors have enabled Cult.fit to establish itself as the market leader in India's organized fitness industry.
1. India's Largest Fitness Network
With 708 fitness centres across 77 cities, Cult.fit operates the country's largest organized fitness platform by the number of centres, providing a significant competitive advantage in terms of brand visibility and accessibility.
2. Strong Brand Portfolio
Through brands such as Cult.fit, Fitness First, Gold's Gym India, Pilates Circle, and Cultsport, the company caters to a wide spectrum of customers—from budget-conscious fitness enthusiasts to premium wellness consumers.
This diversification helps reduce business risk while creating opportunities for long-term growth.
4. Technology-Driven Platform
The company's investment in AI, data analytics, and digital infrastructure enhances customer engagement, improves operational efficiency, and supports personalized fitness experiences.
5. Asset-Light Expansion Strategy
Cult.fit has increasingly adopted an asset-light franchise model, allowing it to expand rapidly across new cities while maintaining better capital efficiency and lower operating costs.
Investors Backing Cult.fit
Cult.fit has attracted investments from some of the world's leading venture capital firms, sovereign wealth funds, and strategic investors over multiple funding rounds. Some of the notable investors include:
Zomato
Tata Digital
Temasek Holdings
Accel
Kalaari Capital
Chiratae Ventures
South Park Commons
Peak XV Partners (formerly Sequoia Capital India & SEA)
The presence of such reputed investors reflects strong confidence in the company's long-term growth potential and its leadership position in India's rapidly expanding fitness and wellness industry.
Why is Cult.fit Launching an IPO?
The proposed IPO is aimed at supporting the company's next phase of growth while strengthening its financial position.
The fresh issue proceeds will help Cult.fit expand its fitness network, enhance its retail presence, invest in Cultsport, improve brand visibility, and reduce debt. At the same time, the Offer for Sale (OFS) will provide partial exits and liquidity to certain existing shareholders.
As India's fitness industry continues to grow, the IPO is expected to provide Cult.fit with greater financial flexibility and wider public market participation.
IPO Objects: How Will Cult.fit Use the IPO Proceeds?
According to the DRHP, Cult.fit plans to raise ₹950 crore through a fresh issue, while existing shareholders will partially divest their holdings through an Offer for Sale (OFS) of up to 17.86 crore equity shares.
The company intends to utilize the net proceeds from the fresh issue for the following purposes:
Purpose
Estimated Amount (₹ Crore)
Setting up new Cult Centres
276.6
Lease, rent and license payments for existing fitness centres
217.5
Repayment or prepayment of borrowings
120
Brand marketing and advertising
75
Investment in Cultsport Private Limited for new Exclusive Brand Outlets (EBOs)
23.4
General Corporate Purposes
Balance Amount
The largest allocation has been earmarked for expanding the company's fitness centre network, highlighting management's confidence in India's growing demand for organized fitness and wellness services.
Cult.fit IPO Timeline
As of now, the company has only filed its Draft Red Herring Prospectus (DRHP) with SEBI. The IPO schedule will be announced after SEBI issues its final observations.
Event
Status
DRHP Filed with SEBI
✅ July 6, 2026
SEBI Approval
Awaited
Price Band Announcement
Yet to be announced
IPO Opening Date
Yet to be announced
IPO Closing Date
Yet to be announced
Basis of Allotment
Yet to be announced
Listing on NSE & BSE
Yet to be announced
Investors should monitor official announcements from SEBI and the company for the latest IPO updates.
Cult.fit IPO Reservation
As per the DRHP, the proposed allocation of shares is:
Investor Category
Reservation
Qualified Institutional Buyers (QIBs)
Not less than 75%
Non-Institutional Investors (NIIs)
Not less than 15%
Retail Individual Investors (RIIs)
Not more than 10%
The final allocation may change in the Red Herring Prospectus (RHP).
Risks Investors Should Consider
Although Cult.fit is one of India's leading fitness platforms, investors should carefully evaluate the associated business risks before applying for the IPO.
1. The Company Continues to Report Net Losses
Despite significant operational improvement, Cult.fit has not yet achieved net profitability. The company reported a loss of ₹251.86 crore in FY26, though this represents a substantial improvement from previous years.
2. Highly Competitive Industry
The organized fitness market in India is becoming increasingly competitive, with players such as:
Anytime Fitness
Gold's Gym (independent franchise locations)
Talwalkars
Fittr
Healthify
Curefoods' wellness initiatives
Local premium fitness chains
Competition could impact customer acquisition costs and membership pricing.
3. Expansion Execution Risk
A significant portion of the IPO proceeds will fund new fitness centres. Delays in expansion, lower-than-expected occupancy, or rising real estate costs could affect profitability.
4. Consumer Spending Trends
Gym memberships and premium wellness services are discretionary expenses. Economic slowdowns or reduced consumer spending may impact membership renewals and new customer acquisition.
5. Dependence on Brand Reputation
Cult.fit has built a strong consumer brand over the years. Any negative publicity, service disruptions, or customer dissatisfaction could impact brand perception and long-term growth.
Should You Invest in the Cult.fit IPO?
Cult.fit enters the IPO market as one of India's most recognizable consumer fitness brands with a diversified business model that extends beyond traditional gym memberships.
Some of the company's key positives include:
India's largest fitness network with 708 centres
Presence across 77 cities
Nearly one million paid members
Strong technology platform with AI-driven personalization
Multiple revenue streams across fitness services and lifestyle products
Ownership of established brands such as Fitness First India, Gold's Gym India, and Cultsport
Improving operational profitability with positive EBITDA in FY26
However, investors should also consider that the company remains loss-making at the net profit level and operates in a highly competitive industry that requires continuous investment in expansion and customer engagement.
Long-term investors should carefully assess the company's financial performance, valuation, future growth strategy, and industry outlook once the price band and valuation details are announced.
Summary
The filing of the DRHP marks an important milestone in Cult.fit's journey from a startup founded in 2016 to India's largest integrated fitness and active lifestyle platform.
Over the past decade, the company has built a strong nationwide presence through its technology-driven ecosystem, strategic acquisitions, and diversified business model. With a proposed ₹950 crore fresh issue, Cult.fit plans to expand its network of fitness centres, strengthen its retail presence, invest further in Cultsport, reduce debt, and enhance brand visibility across India. The company is backed by leading global investors such as Temasek, Tata Digital, Accel, Peak XV Partners (formerly Sequoia India), Kalaari Capital, and Chiratae Ventures. Adding to its brand strength, Bollywood actor Hrithik Roshan, one of India's biggest fitness icons, has been associated with Cult.fit as both a strategic investor and brand ambassador, helping the company strengthen its position in India's premium fitness and wellness market.
Although the company continues to report net losses, its financial performance has improved significantly, with strong revenue growth and positive EBITDA in FY26, indicating a clear path toward operational profitability. As India's health and wellness industry continues to expand, the Cult.fit IPO is expected to be one of the most closely watched public offerings in the consumer and fitness sector. However, investors should carefully evaluate the company's financials, valuation, competitive landscape, and long-term growth strategy before making any investment decisions.
Sources
The information used in this article has been compiled from publicly available sources, including:
Moneycontrol – Cult.fit to file DRHP for Rs 3,500–4,000 crore IPO this month; turns EBITDA positive
The Cult.fit IPO is the proposed Initial Public Offering of Cult.fit Limited, comprising a fresh issue of ₹950 crore and an Offer for Sale of up to 17.86 crore equity shares.
When did Cult.fit file its DRHP?
Cult.fit filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 6, 2026.
What is the Cult.fit IPO date?
The IPO dates have not yet been announced. The company will announce the subscription schedule after receiving SEBI's approval.
What will be the Cult.fit IPO price band?
The price band has not yet been disclosed and will be announced closer to the IPO opening.
How will Cult.fit use the IPO proceeds?
The company plans to use the fresh issue proceeds for expanding new fitness centres, lease-related payments, repayment of borrowings, brand marketing, investment in Cultsport Private Limited, and general corporate purposes.
Who are the founders of Cult.fit?
Cult.fit was founded in 2016 by Mukesh Bansal, founder of Myntra, and Ankit Nagori, former Chief Business Officer at Flipkart.
Which brands are owned by Cult.fit?
The company operates several well-known brands, including Cult.fit, Fitness First India, Gold's Gym India, Pilates Circle by Cult, and Cultsport.
Is Cult.fit profitable?
Cult.fit is not yet net profitable. However, the company significantly reduced its losses in FY26 and reported a positive EBITDA, indicating improving operational performance.
Disclaimer
This article is intended solely for informational and educational purposes and should not be considered investment advice, stock recommendations, or an offer to subscribe to any securities. IPO investments are subject to market risks, and investors should carefully read the Draft Red Herring Prospectus (DRHP), evaluate the company's financials, understand the associated risk factors, and consult a qualified financial advisor before making any investment decisions.
Author: Komal Bhatt
Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.
She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.
Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.
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