Cult.fit Files for IPO to Raise Rs 950 Crore

Cult.fit filed a draft red herring prospectus with the Securities and Exchange Board of India on July 6, 2026, to initiate an initial public offering. The offering includes a fresh issue of equity shares worth up to Rs 950 crore and an offer-for-sale of up to 178.6 million shares by existing investors. Depending on the final price band, the total IPO size could reach Rs 4,000 crore, with listings planned for the BSE and NSE.

Existing shareholders participating in the sale include co-founder Mukesh Bansal, who is the largest seller with up to 16.02 million shares, as well as actor Hrithik Roshan, Tata Digital, Accel India, MacRitchie Investments, and Schroders Capital. The company plans to use the proceeds to establish new Cult Elite and Cult Neo centers, repay debt, cover lease payments, and invest in its subsidiary, Cultsport Pvt Ltd, to open new brand outlets.

As of March 31, 2026, the company operated 708 fitness centers across 77 Indian cities with over 987,000 paid members. Financially, Cult.fit reported operating revenue of approximately Rs 1,721 crore for the fiscal year ended March 2026, representing a significant surge over the previous year. While the company remains unprofitable, it narrowed its net loss to approximately Rs 252 crore, down from Rs 481 crore in FY25. The filing also noted risks including high geographic concentration in four major cities, pending director litigation, and audit flags regarding data controls.