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Fitness and wellness platform Cult.Fit has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), seeking to raise ₹950 crore through a fresh issue of shares while allowing several early investors to partially exit through an offer for sale (OFS).
Of the total proceeds, ₹276.6 crore has been earmarked for opening new fitness centres, ₹217.5 crore for lease-related payments, ₹120 crore for debt repayment, ₹75 crore for marketing initiatives and ₹23.4 crore for expanding Cultsport stores.
The OFS comprises around 178.6 million shares, enabling shareholders including MacRitchie Investments, Fitness First Luxembourg, IDG Ventures, Tata Digital, Chiratae Ventures, Accel, Schroders Private Equity and founder Mukesh Bansal to monetise part of their holdings.
Cult.Fit has evolved from a gym chain into an integrated fitness and wellness platform with businesses spanning fitness centres, digital fitness, sports equipment, apparel and nutrition products.
Financially, the company has shown strong momentum. Revenue from operations increased from ₹926.7 crore in FY24 to ₹1,215.5 crore in FY25 before rising 41.6 percent to ₹1,720.6 crore in FY26. At the same time, net losses narrowed significantly from ₹888.5 crore in FY24 to ₹480.8 crore in FY25 and further to ₹251.9 crore in FY26, reflecting improving operating efficiency as the company moves closer to profitability.
Fitness services continue to remain the largest contributor, generating ₹1,197.8 crore or nearly 70 percent of FY26 revenue. Meanwhile, the products business, which includes fitness equipment, apparel and accessories, contributed ₹522.8 crore and accounted for just over 30 percent of revenue, highlighting the company's growing presence as a broader consumer fitness brand.
As of March 2026, Cult.Fit operated India's largest organised fitness network with more than four times the number of fitness centres as the second-largest player. The company estimates it generated 14-18 times the revenue of its nearest competitor during FY25 while holding an estimated 4-6 percent share of India's highly fragmented fitness services market.
Despite strong growth, profitability remains a key focus for investors. The company continues to incur losses while managing significant lease commitments across its expanding network. It also faces increasing competition from local gyms, boutique studios, franchise operators, digital fitness platforms and international brands as it expands into Tier II and Tier III cities.
With improving financial performance, expanding retail ambitions and a diversified wellness ecosystem, Cult.Fit's IPO marks one of the most closely watched public market debuts in India's consumer wellness sector.
