Cult.fit IPO Locks-In Huge Rs 4,000 Cr DRHP Filing with SEBI

Avinash
By
Avinash
Avinash is a dedicated MBA professional with expertise in business operations, team management, and AI-driven content development. Backed by global certifications and published HR research, he...
Cult.fit filed its DRHP with SEBI for a Rs 950 Cr fresh issue, backed by a large OFS from existing investors.

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.

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

What is the size of the Cult.fit IPO?
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The Cult.fit IPO includes a fresh issue of Rs 950 Cr ($99.8 Mn) and an Offer for Sale of up to 17.86 crore shares. Market estimates put the total size between Rs 3,500 Cr and Rs 4,000 Cr, though the final figure will be fixed once the price band is set.

What does Cult.fit do?
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Cult.fit is India’s largest fitness and active lifestyle platform by centre count. Founded in 2016 by Mukesh Bansal and Ankit Nagori, it runs 708 centres across 77 cities and sells fitness gear through its Cultsport brand, combining gym services with a direct-to-consumer products business.

How will Cult.fit use the IPO proceeds?
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Cult.fit will use the Rs 950 Cr fresh issue for new fitness centres (Rs 276.6 Cr), lease and rent payments (Rs 217.5 Cr), debt repayment (Rs 120 Cr), brand marketing (Rs 75 Cr) and its Cultsport retail arm (Rs 23.4 Cr), with the balance for general corporate purposes.

Who is selling shares in the Cult.fit OFS?
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Selling shareholders include Temasek’s MacRitchie Investments (2.47 crore shares), Fitness First Luxembourg, IDG Ventures, Tata Digital, Chiratae, Accel, Kalaari and founder Mukesh Bansal (1.6 crore shares). Actor Hrithik Roshan also participates, while Eternal Ltd, holding 6.4%, is not selling.

Is Cult.fit profitable ahead of its IPO?
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Cult.fit is not yet net profitable, but its FY26 loss narrowed 48% to Rs 251.9 Cr and adjusted EBITDA margin turned positive at 8.41%. Revenue grew 36.26% to Rs 1,720.61 Cr, showing a clear path toward profitability driven by an asset-light franchise model.

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.

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Avinash is a dedicated MBA professional with expertise in business operations, team management, and AI-driven content development. Backed by global certifications and published HR research, he leverages innovation and strategic management to drive organizational success.

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