Fitness unicorn Cult.fit files IPO papers with Sebi; plans ₹950-crore fresh issue
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Fitness unicorn Cult.fit Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO), joining the growing list of new-age companies looking to tap the public markets.
The IPO comprises a fresh issue of equity shares worth up to ₹950 crore and an offer for sale (OFS) of up to 17.86 crore equity shares by existing shareholders, as per the DRHP.
The selling shareholders include Tata Digital Private Limited, MacRitchie Investments Pte. Ltd., Fitness First Luxembourg S.C.A., IDG Ventures India Fund III LLC, Chiratae Trust, Schroders Capital Private Equity Asia Mauritius IV Limited, Twenty Nine Capital Partners, Accel India V (Mauritius) Limited, as well as individual shareholders Mukesh Bansal and Bruno Eduard Raschle.
The company plans to utilise the net proceeds from the fresh issue to repay or prepay certain borrowings. It will also use the funds to set up new Cult Elite and Cult Neo fitness centres and invest in its subsidiary, Cultsport Private Ltd., for opening new exclusive brand outlets. The proceeds will further be used towards lease and licence-related payments for existing centres, brand marketing and advertising, and general corporate purposes.
Market valuation pegged at ₹12,600 crore
Founded in 2016 by Ankit Nagori, Mukesh Bansal and Rishabh Telang, the Bengaluru-based company operates a technology-led fitness platform offering gym memberships, trainer-led group classes, at-home workouts and fitness products.
According to Tracxn, Cult.fit has raised around $714 million from investors including Accel, Kalaari Capital and Chiratae Ventures, and is currently valued at around ₹12,600 crore.
The company entered the unicorn club in 2021 after closing a $150-million Series F funding round led by Zomato. In the same year, Tata Digital, a wholly owned subsidiary of Tata Sons, signed a strategic agreement to invest up to $75 million in the company.
According to the Redseer report, Cult.fit is India's largest fitness and active lifestyle platform by the number of fitness centres in its network and the only player with a presence across both fitness services and fitness products. As of March 31, 2026, it operated 708 fitness centres across 77 cities, making its network nearly four times larger than that of the next-largest player.
During FY26, the company served 9.87 lakh paid fitness members and shipped over 42.3 lakh fitness products across categories including apparel, footwear, fitness equipment and accessories. Fitness services contribute around 70% of its revenue, while fitness products account for the remaining 30%.
Revenue jumps 36% to ₹1,721 crore in FY26
Cult.fit reported a 36.26% year-on-year increase in revenue from operations to ₹1,720.61 crore in FY26 from ₹1,262.78 crore in FY25. Revenue stood at ₹926.66 crore in FY24. The company's adjusted EBITDA margin improved sharply to 8.41% in FY26 from (-2.76%) in FY25, reflecting improved operating leverage.
The company believes India's fitness industry remains significantly underpenetrated. According to the Redseer report mentioned in the DRHP, India has only 3-4 fitness centres per 100,000 population, compared with 15-20 in the US and 10-12 in China. Only around 1% of India's population currently holds a fitness centre membership.
The fitness and active lifestyle services market in India is estimated at ₹25,600 crore in CY2025 and is projected to grow at a 14-16% CAGR to ₹48,700-53,100 crore by CY2030. Meanwhile, the fitness products market, estimated at ₹1.16 lakh crore in CY2025, is expected to nearly double to ₹2.18-2.35 lakh crore by 2030.
The company said technology remains at the core of its business model, powering personalised workout recommendations, AI-driven decision-making, standardised service delivery and operational efficiency across its integrated online and offline platform.
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