Cult.fit, India’s largest organised fitness and wellness platform, has filed its draft red herring prospectus (DRHP) with SEBI, taking a decisive step toward a public listing valued between Rs 3,500 crore and Rs 4,000 crore – one of the most closely watched consumer IPOs of the year.
The offering combines a Rs 950 crore fresh issue with an offer for sale (OFS) of up to 17.86 crore shares from existing investors, including Chiratae Ventures, Temasek, Tata Digital, Fitness First, Accel, Kalaari Capital and Schroders Capital, alongside co-founder Mukesh Bansal.
Among the selling shareholders is actor Hrithik Roshan, one of Cult.fit’s earliest backers, who invested in the platform years before fitness influencing became a mainstream career path in India. Roshan will offload 6.33 lakh shares through the OFS – roughly a third of his holding – while retaining the bulk of his 19.01 lakh-share stake. The DRHP pegs his average acquisition cost at Rs 19.76 per share, underscoring the scale of his early conviction in the brand.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has scaled to over 700 centres nationwide, spanning owned gyms, franchises, Gold’s Gym-branded outlets, and its Cultsport and Carefit businesses. Fresh issue proceeds will fund further expansion, new Cult Elite and Cult Neo centres, and debt reduction.
FY26 numbers reinforce the momentum: revenue climbed 41.6% to Rs 1,720.6 crore, net loss narrowed to Rs 251.9 crore, and adjusted EBITDA turned positive at an 8.41% margin.
Having raised over $714 million to date at a Rs 12,600 crore valuation, Cult.fit’s IPO marks a defining moment for India’s fitness industry – and a milestone exit for one of its earliest celebrity champions.
