IPO · Professional & Local Services

Cult.fit appoints board members ahead of Rs 2500 crore IPO

By Startup Enthusiast · 7 April 2026

What they do

Cult.fit offers hybrid fitness through a digital app and physical centers across India

The company is preparing for an initial public offering to raise Rs 2,500 crore at a $2 billion valuation

It appointed four independent directors including Kalpana Morparia and Indu Bhushan to strengthen its governance

Cult.fit has appointed four independent directors to its board ahead of its planned initial public offering.
The company aims to raise Rs 2,500 crore in this IPO with a target valuation of approximately $2 billion.
IPO bankers Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial are managing the listing process.
Recent funding included Rs 440 crore from Temasek in April 2026 bringing total raised funds over $720 million.
FY25 revenue grew 31% year-on-year to Rs 1,216 crore while losses narrowed by 10% to Rs 480.8 crore.
Kalpana Morparia joins as an independent director bringing extensive banking experience from JPMorgan and ICICI Bank.
Arun M. Kumar from Celesta Capital and Indu Bhushan former CEO of Ayushman Bharat also joined the board.
Pragya Misra Head Strategy & Global Affairs India OpenAI completes the new independent director lineup.

Adding experienced independent directors helps Cult.fit meet regulatory requirements for going public.
Strong revenue growth despite narrowing losses signals improving operational efficiency before the market debut.
The diverse board brings expertise in finance healthcare and technology which supports strategic decision making.

Cult.fit operates a hybrid fitness model combining digital applications with physical centers across 300 cities.
Subscription plans like Cultpass provide access to gyms group classes and virtual training sessions.

Product: Hybrid fitness model combining digital workout offerings through app with 700+ physical gym locations
Customers: Fitness enthusiasts seeking gym memberships and digital workout programs
How it makes money: Recurring gym membership revenue plus digital subscription