Cult.fit Files ₹950-Crore IPO Papers With SEBI
Bengaluru-based fitness platform's draft prospectus includes a fresh issue and a share sale by early backers including Temasek's investment arm
Synopsis
Fitness and wellness platform founded by Mukesh Bansal, has submitted the draft registration application to SEBI for an initial public offering (IPO) worth of ₹950 crore, including an offer for sale of shares worth nearly 17.9 crore. Cyril Amarchand Mangaldas is advising the firm and Trilegal are the book running lead managers. The filing is a historic moment for one of India's well-funded consumer startups.
Ten-year wellness wager will land at the market
Cult.fit Limited has filed its draft red herring prospectus with the Securities and Exchange Board of India, which could one day become one of the bigger consumer-segment listings of the year.
The company expects to offer a new public sale of equity shares worth of up to Rs 950 crore and a sale of its existing shares. Part of the offer for sale is made up of almost 178.6 million shares held by investors such as MacRitchie Investments, Fitness First Luxembourg and IDG Ventures.
The legal structure of the offering
Cyril Amarchand Mangaldas is advising Cult. It was fitted by the capital markets team led by partner, Tanvi Kini and the general corporate team led by partner, Sharada Ramachandra. Partner Biplab Lenin helped with sector-specific advisory issues and partner Bharath Reddy took care of the matters related to employment and ESOP.
On the other side of the deal, Trilegal is advising the agency of book-running lead managers – Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India. Fitness company Cult.fit files IPO plan for fresh issue of ₹950 crore
Scale and Financial Trajectory
In recent years, the company has grown significantly. As of March 31, 2026, Cult.fit has over 987,000 paid members in India and has 708 fitness centres across the nation. On the financial side, the company generated revenue of nearly ₹1,700 crore during FY26, representing nearly 40 per cent rise from the previous year, largely because of the demand for its high-end hybrid packages that offer online and offline services for its members.
Notably, the company became EBITDA positive during the fourth quarter of the FY26 which was supported by an optimized premium gym portfolio and better cost management. It has still not been making money at the net level, however, as it has been losing money in the past three financial years.
The valuation of an investment and the willingness to provide backing
The confidence of the institutions in the company has increased gradually. Earlier this year, Temasek increased its stake to almost 12% via its arm MacRitchie Investments for a stake of ₹440 crore. Cult.fit has raised a total of approximately $714 million in 16 fundraising rounds in total, with its last funding round being a Series G in March 2026 that valued the company at nearly ₹12,600 crore or approximately $1.5 billion.
The expansion of the IPO season for consumer and health companies
Cult.fit is among a host of consumer-focused offerings. Stock market regulator SEBI has already given its thumbs-up to the ₹150 crore price range IPO of furniture rental platform Rentomojo, and healthcare firm Manipal Health Enterprises has been given nod for a proposed ₹8,000-crore offering, highlighting the investor craving for the growing services economy in India.