Fitness and wellness platform Cult.fit has filed draft IPO papers with SEBI to raise ₹950 crore through a fresh issue, alongside an offer for sale by existing shareholders.
Fitness and wellness platform Cult.fit has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), comprising a fresh issue of equity shares worth ₹950 crore and an offer for sale (OFS) of up to 17.86 crore shares by existing investors.The Bengaluru-based company, formerly known as Curefit Healthcare Pvt Ltd, reported a 36.3% year-on-year increase in revenue from operations to ₹1,720.6 crore in FY26, compared with ₹1,262.9 crore in FY25, according to the DRHP. The company also posted a significant improvement in profitability, with adjusted EBITDA margin improving to 8.41% in FY26 from a negative 2.76% a year earlier.IPO proceeds to fund expansion and debt repaymentThe proceeds from the fresh issue will be used to repay borrowings, expand its network of Cult Elite and Cult Neo fitness centres, invest in its subsidiary, Cultsport, to open new exclusive brand outlets, fund lease-related payments for existing centres, undertake brand marketing initiatives, and meet general corporate requirements.According to the DRHP, Cult.fit is India’s largest fitness services provider by the number of fitness centres, operating a network of 708 centres across 77 cities as of March 31, 2026. The company said it had nearly 9.9 lakh paid members for its fitness services business during FY26 and shipped more than 4.23 million fitness products during the year.The company has built a diversified business model, with fitness services accounting for around 70% of revenue and fitness products for the remaining 30%. Besides gym memberships, Cult.fit sells fitness apparel, footwear, equipment, recovery products and accessories under the Cultsport brand.Growth backed by technology and expanding fitness marketThe company said technology remains central to its operations, powering personalised workout recommendations, AI-driven decision-making, capacity optimisation and service delivery across its online and offline platforms.Citing a Redseer report, the DRHP said India’s fitness services market, estimated at around ₹25,600 crore in calendar year 2025, is expected to nearly double to ₹48,700-53,100 crore by 2030, driven by rising health awareness, increasing disposable incomes and greater accessibility of organised fitness platforms.IPO pipeline gathers momentumAxis Capital, Goldman Sachs (India), Jefferies India, JM Financial and Morgan Stanley India are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.The filing adds Cult.fit to a growing pipeline of new-age technology companies seeking to tap the public markets amid improving investor sentiment and a revival in India’s IPO market.Published on July 7, 2026
