IPO · Professional & Local Services

Cult.fit files DRHP for up to ₹4,000 crore IPO on BSE and NSE

What they do

Cult.fit operates a fitness platform with gyms and subscriptions across India

The company filed its Draft Red Herring Prospectus for an initial public offering

It posted revenue of ₹1,720.6 crore but reported a net loss of ₹251.9 crore in FY26

Cult.fit submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) on 7 July 2026.
The proposed Initial Public Offering (IPO) has a total potential size of up to ₹4,000 crore.
This includes a fresh issue of equity shares worth up to ₹950 crore.
The remaining value comes from an Offer for Sale (OFS), where existing shareholders sell their stakes.
Major sellers include Temasek, which is offloading up to 2.47 crore shares.
Founder Mukesh Bansal is also selling up to 1.6 crore shares through the OFS.
Other institutional sellers include Chiratae Ventures, Tata Digital, and Accel India.
The company plans to list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Cult.fit has no listed peers globally or in India with a similar business model.
Legacy competitor Talwalkars filed for insolvency in 2021, highlighting market risks.
The IPO follows a $47.6 million Series G round in March 2026 at a flat valuation.
Regulatory clearance is the current priority, with a launch date described as fluid.
The company faces risks including customer retention issues and negative brand marketing.

Cult.fit operates as a fitness and active lifestyle platform based in Bengaluru.
It runs 708 fitness centres across 77 cities in India as of March 2026.
The platform serves 987,020 paid members who access gyms and group workouts.
Revenue in FY26 reached ₹1,720.6 crore, showing a 41.6% increase from FY25.
Approximately 70% of revenue comes from fitness services and subscriptions.
The remaining 30% is generated from transaction-based products sold online and offline.
The fitness services segment posted a profit of ₹210.1 crore in FY26.
The product segment incurred a loss of ₹57.4 crore during the same period.
Proceeds will fund new Cult Elite and Cult Neo centre setups.

Temasek (seller) — Singaporean state investment firm selling up to 2.47 crore shares.
Chiratae Ventures (seller) — Venture capital firm participating in the Offer for Sale.
Tata Digital (seller) — Digital arm of Tata Group selling shares in the IPO.
Accel India (seller) — Global venture capital firm exiting partially through the OFS.

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