Cult.fit, India’s best fitness and wellness platform filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) with a target for issuance of shares of ₹950 crore and an Offer for Sale (OFS) of 17.86 crore shares from existing investors. The IPO would be estimated to be valued at ₹3,500–4,000 crore and is one of the most eagerly awaited consumer internet listings for 2026.
The IPO will also include a new issue of ₹950 crore, which will provide the company with fresh capital to expand operations. And there will also be a sale of almost 178.6 million shares through the OFS route. The shares will be listed on BSE and NSE after the deal and retail and institutional investors can take part in the company’s expansion story.
Cult.fit began in 2016 by Mukesh Bansal and Ankit Nagori and has become the name of the business in India’s fitness industry. The company operates more than 700 fitness centres across the country and has expanded its business in various sectors and has already created its own direct-to-consumer brand Cultsport and Care.fit for health services. Cult.fit has more than 1 million paid subscribers in 75+ cities and is an integrated wellness ecosystem.
The company has been on the money front and has got great momentum financially. Cult.fit posted revenues of ₹1,700 crore in FY26 which is 40% year-on-year growth from the year before. Moreover, it achieved positive EBITDA in the fourth quarter of FY26 and this is a key factor for its public listing. Fitness services make up 70% of the company’s revenue, while 30% comes from D2C. In March 2026 the company was valued at ₹12,600 crore ($1.5 billion) after the Series G funding round.
Several major investors in the OFS are selling shares. Temasek (MacRitchie Investments), Fitness First Luxembourg, IDG Ventures India Fund III, Mukesh Bansal and Tata Digital are among them. Other investors like Chiratae Trust, Accel India V, Schroders Capital and Twenty Nine Capital will also offload shares.
The proceeds from the new issue will be used to expand Cult.fit's franchise-driven gym network, particularly in tier 2 and tier 3 cities. The company will also beef up its AI-enabled health analytics platform and scale hybrid subscription models to enhance profitability.
Cult.fit has strengthened its governance structure with four independent directors: Kalpana Morparia, Arun M Kumar, Indu Bhushan, and Pragya Misra ahead of the IPO. They are believed to add credibility to compliance.
Cult.fit’s IPO is a gamechanger for India’s fitness and wellness industry. Having a strong financial foundation, diversified offerings and investment from such seed investors as Zomato, Temasek and Tata Digital, Cult.fit is well-positioned to get an investor’s attention. Not only is it going to provide liquidity to early backers but Cult.fit has a lot of expansion plans in India to do.
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