Cult is supported by Zomato. Sources with knowledge of the process told CNBC-TV18 that fit, the fitness chain operator, is anticipated to submit its Draft Red Herring Prospectus (DRHP) to SEBI within the next two weeks.
CNBC-TV18 was the only outlet to announce that the corporation had chosen its bankers in March 2025. However, since issuers remained on the sidelines due to the volatility surrounding new-age IPOs, the company had temporarily postponed its listing plans. The preparations have been resurrected as the timeframe for tech listings has reopened and the volatility has now subsided, according to sources.
Through the issuance, Cult.fit hopes to raise between ₹3,500 crore and ₹4,000 crore. A combination of a new issuance and an offer for sale (OFS) by early investors is anticipated for the IPO. According to those acquainted with the situation, the business will file its DRHP shortly.
Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial—the same syndicate that CNBC-TV18 had previously reported—remain the company’s book-running lead managers.
A financial turnaround prompts the decision to relocate. Cult.fit turned EBITDA positive in the fourth quarter of FY26, according to sources. According to reports, the company also made a number of adjustments over the past year to increase margins, such as terminating its collaboration with Fitness First.
Premium hybrid subscriptions are expected to generate over ₹1,700 crore in revenue for FY26, a nearly 40% increase over FY25. Currently, the direct-to-consumer business accounts for around 30% of revenue, while fitness services account for roughly 70%. Cultsport’s D2C division shipped over 4 million units during the year, while the fitness sector has about 1 million paid active subscribers spread across more than 75 cities.
In order to comply with SEBI governance standards, Cult.fit reinforced its board prior to the filing by adding four independent directors: OpenAI India public policy head Pragya Misra, former Ayushman Bharat CEO Indu Bhushan, former KPMG India chairman and CEO Arun M. Kumar, and seasoned banker Kalpana Morparia.
The company was last valued at ₹12,600 crore (about $1.5 billion) during a $47.6 million Series G round in March 2026. It has raised over $714 million over 16 rounds. Cult.fit was valued at $1.56 billion when Zomato paid $100 million to purchase a 6.4% share in November 2021. Accel, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures are further backers.
Cult.fit, which was founded in 2016 by Mukesh Bansal and Ankit Nagori, co-founders of Myntra, runs a network of more than 600 gyms with Eat.fit, Cultsport, Mind.fit, and Care.fit. Deeper AI-driven health analytics within its consumer app and franchise-led gym development into tier-2 and tier-3 areas are anticipated to be funded by the proceeds from the new issue.
| Particulars | Details |
|---|---|
| Company | Cult.fit |
| Backed By | Zomato |
| IPO Status | IPO plans revived after being shelved earlier |
| Expected DRHP Filing | Within the next two weeks (as per sources) |
| Target IPO Size | ₹3,500 crore–₹4,000 crore |
| IPO Structure | Fresh issue + Offer for Sale (OFS) by existing investors |
| Book Running Lead Managers | Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, JM Financial |
| Reason for IPO Revival | Improved market conditions and reduced volatility in new-age tech IPOs |
| Financial Performance | EBITDA positive in Q4 FY26 |
| FY26 Revenue Outlook | Over ₹1,700 crore from premium hybrid subscriptions (around 40% YoY growth) |
| Revenue Mix | 70% Fitness Services, 30% Direct-to-Consumer (Cultsport) |
| Paid Active Subscribers | Around 1 million |
| Cities Served | More than 75 cities |
| Gym Network | Over 600 gyms |
| Cultsport Sales | More than 4 million units shipped in FY26 |
| Latest Valuation | ₹12,600 crore (approximately $1.5 billion) |
| Recent Funding | $47.6 million Series G round (March 2026) |
| Total Capital Raised | More than $714 million across 16 funding rounds |
| Major Investors | Zomato, Accel, Tata Digital, Temasek, Kalaari Capital, Chiratae Ventures |
| Founders | Mukesh Bansal and Ankit Nagori |
| Year Founded | 2016 |
| Brands Operated | Cult.fit, Cultsport, Eat.fit, Mind.fit, Care.fit |
| Planned Use of IPO Proceeds | AI-driven health analytics, expansion into Tier-2 & Tier-3 cities, franchise-led gym growth |
| Board Strengthening | Added four independent directors ahead of SEBI filing to meet governance norms |
