Fitness unicorn Cult.fit has filed its draft red herring prospectus (DRHP) for an initial public offering expected to be worth around ₹4,000 crore, marking a major milestone in the company’s journey from a fitness startup to one of India’s largest integrated fitness platforms.
The public issue will comprise a fresh issue of shares worth up to ₹950 crore and an offer for sale of up to 17.86 crore shares. Temasek Holdings, through MacRitchie Investments, Schroders Capital, LifeFit Group, Accel, Tata Digital and cofounder Mukesh Bansal are among the shareholders planning to sell part of their stakes. Around 22 institutional investors and 13 individual shareholders, including actor Hrithik Roshan, are participating in the offer for sale.
Cult.fit plans to deploy the fresh capital across its next phase of expansion through FY30. The company intends to allocate ₹276.6 crore towards new Cult centres, ₹217.5 crore towards leasing, renting and licensing existing identified fitness centres, and ₹120 crore towards repayment or prepayment of certain borrowings. It also plans to invest ₹23.4 crore in new exclusive brand outlets and ₹75 crore in marketing and promotional activities.
As of March 31, 2026, Cult.fit operated 708 fitness centres across 77 cities and had more than 9.87 lakh paid members. Of these centres, 218 were owned and operated by the company, 288 were franchise locations and 202 were operated by independent owners.
Beyond fitness centres, Cult.fit has built a growing active lifestyle and fitness products business spanning equipment, recovery products, accessories, apparel and footwear. Around 70% of product sales currently come from online channels, with the remaining sales generated through 29 exclusive brand outlets. The company is also planning further store expansion this fiscal year.
Cult.fit is simultaneously scaling its affordable Cult Neo format, which currently operates around 40 centres. The company plans to take the offering to more than 100 cities, with the affordable fitness segment growing at twice the pace of the premium category.
The company reported ₹1,720.6 crore in operating revenue in FY26, up 41.5% from ₹1,215.5 crore in FY25. Its net loss narrowed 47.6% to ₹251.8 crore, while product sales grew 60% to ₹522.8 crore, contributing 30% of total revenue.
With its IPO filing, expanding fitness network and growing product business, Cult.fit is preparing for its next phase of scale across India’s fitness and active lifestyle market.
