Quick Take
- Cult.fit filed its DRHP with SEBI on July 6, 2026 for a Rs 950 Cr ($99.8 Mn) fresh issue.
- An OFS of 17.86 Cr shares by Temasek, Tata Digital, Accel, Chiratae and others takes the total near Rs 4,000 Cr.
- FY26 revenue rose 36.26% to Rs 1,720.61 Cr, while net loss narrowed 48% to Rs 251.9 Cr.
In This Article
The Cult.fit IPO moved a step closer to reality after the fitness platform filed its Draft Red Herring Prospectus (DRHP, the preliminary document filed with SEBI before an IPO) on July 6, 2026, targeting a Rs 950 Cr ($99.8 Mn) fresh issue.
The Bengaluru company also plans an Offer for Sale (OFS) of up to 17.86 crore shares by existing backers including Temasek, Tata Digital, Accel, Chiratae Ventures and founder Mukesh Bansal, according to the DRHP summary reported at the filing. Market talk pegs the total issue between Rs 3,500 Cr and Rs 4,000 Cr, though the final size settles once the price band is fixed.
StartupFeed Insight
The number that will decide this IPO is not the topline, it is the 8.4% adjusted EBITDA margin, a swing of over 11 points in a single year. That tells you the asset-light franchise pivot is working: 75.86% of new FY26 centres launched on a capital-light model, so growth no longer burns cash the way it once did. Public market investors, especially the consumer-discretionary funds that skipped earlier loss-making listings, should watch whether Cult.fit can hold its 50.88% premium retention while pushing into tier-2 and tier-3 cities. Expect the price band and RHP to land within four to five months of SEBI clearance. By Avinash.
Cult.fit IPO Deal Breakdown
The Cult.fit IPO combines a fresh issue of Rs 950 Cr ($99.8 Mn) with an OFS of up to 17.86 crore equity shares. The fresh issue brings new money into the business, while the OFS lets early investors sell part of their holdings.
| Metric | Detail | Notes |
|---|---|---|
| Fresh Issue | Rs 950 Cr ($99.8 Mn) | New capital into the company |
| Offer for Sale (OFS) | Up to 17.86 Cr shares | Existing investors selling |
| Estimated Total Size | Rs 3,500 Cr to Rs 4,000 Cr | Market estimate, price band pending |
| Largest OFS Seller | MacRitchie (Temasek), 2.47 Cr shares | Followed by Fitness First Luxembourg |
| Pre-IPO Placement | Up to Rs 190 Cr | Would cut fresh issue by that amount |
| Filing Date | July 6, 2026 | DRHP submitted to SEBI |
Temasek-backed MacRitchie Investments is the biggest seller at up to 2.47 crore shares, with the OFS seller list confirmed in the DRHP also naming Fitness First Luxembourg, IDG Ventures, Tata Digital and Mukesh Bansal, who sells up to 1.6 crore shares. Notably, Eternal Ltd (formerly Zomato), which holds a 6.4% stake, is not selling any shares.
About Cult.fit
Cult.fit, formerly Curefit Healthcare, is India’s largest fitness and active lifestyle platform by centre count as of March 31, 2026, per a Redseer report cited in the DRHP. Founded in 2016 by Mukesh Bansal and Ankit Nagori, the Bengaluru firm runs 708 centres across 77 cities and blends gym services with a Cultsport products line. Key backers include Temasek, Tata Digital, Accel, Chiratae Ventures and Kalaari Capital.
How will Cult.fit use the IPO funds?
The Rs 950 Cr fresh issue is aimed mainly at physical expansion and debt reduction. The company mapped each rupee to a specific purpose in its filing, signalling a disciplined, growth-plus-cleanup plan rather than an open-ended raise.
Cult.fit will spend Rs 276.6 Cr on new Cult Elite and Cult Neo centres, Rs 217.5 Cr on lease and rent for existing centres, Rs 120 Cr on repaying borrowings and Rs 75 Cr on brand marketing. A further Rs 23.4 Cr goes to the Cultsport retail business, with the rest for general corporate purposes.
The company is the only fitness and active lifestyle platform in India with a presence across both fitness services and fitness products, according to the Redseer Report cited in the DRHP.
The split matters because it shows the fintech-style discipline investors now demand. Nearly half the proceeds fund revenue-generating centres, while a fifth clears debt, lowering interest costs ahead of listing.
Is Cult.fit close to profitability?
Cult.fit is not yet profitable, but its losses are shrinking fast and its core operations turned cash-positive in FY26. Net loss narrowed 48% to Rs 251.9 Cr in FY26 from Rs 480.8 Cr in FY25, per the DRHP.
Revenue from operations grew 36.26% year-on-year to Rs 1,720.61 Cr in FY26, up from Rs 1,262.80 Cr in FY25 and nearly double the Rs 926.7 Cr of FY24. Adjusted EBITDA margin (a measure of core operating profit) turned positive at 8.41%, a sharp reversal from -2.76% a year earlier.
| Financial Metric | FY25 | FY26 |
|---|---|---|
| Revenue from Operations | Rs 1,262.80 Cr | Rs 1,720.61 Cr |
| Net Loss | Rs 480.8 Cr | Rs 251.9 Cr |
| Adjusted EBITDA Margin | -2.76% | +8.41% |
Services drove roughly 70% of revenue, with the Cultsport products business adding the rest, giving the firm a balanced revenue profile ahead of its market debut.
How does Cult.fit compare with rivals?
Cult.fit operates at four times the scale of the next-largest organised fitness player in India, according to the Redseer Report cited in its DRHP. That gap is the company’s central pitch to public market investors.
As of March 31, 2026, the platform served 987,020 paid fitness members and shipped over 42.3 lakh fitness products during the year. Its FY26 revenue of Rs 1,720.61 Cr dwarfs most standalone gym chains and boutique studio operators, few of which combine physical centres with a D2C products arm at this scale.
What sets the firm apart is its integrated model: it is the only major Indian player spanning both fitness services and branded products, a structure that supports low-cost cross-selling between gym memberships and Cultsport gear.
What’s Next
The DRHP now enters SEBI’s review. After regulatory observations, Cult.fit will file its Red Herring Prospectus (RHP) and reveal the price band, lot size and issue dates. A pre-IPO placement of up to Rs 190 Cr may also happen before the RHP. With shares set to list on the BSE and NSE, will FY27’s IPO wave reward a fitness brand that has finally cracked unit economics?
Frequently Asked Questions
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Avinash. Have a tip? Write to us at editorial@startupfeed.in.
