Cult.fit files draft IPO papers in India
Fitness company Cult.fit has filed its draft red herring prospectus (DRHP) with Indian regulators for an upcoming Initial Public Offering (IPO). The company aims to raise over ₹950 crore (approximately $114 million USD) through a fresh issue of shares.
Fitness unicorn Cult.fit has submitted its draft red herring prospectus (DRHP) to Indian regulatory authorities, marking a significant step towards its Initial Public Offering (IPO). The company intends to raise over ₹950 crore (approximately $114 million USD) via a fresh issue of equity shares.
The public offering will also include an offer for sale (OFS), through which existing shareholders are expected to divest their stakes. Among those reportedly planning to sell shares are Temasek Holdings' subsidiary MacRitchie Investments, Schroders Capital, German fitness operator LifeFit Group, Accel, Tata Digital, and co-founder Mukesh Bansal.
Cult.fit operates a chain of gyms and fitness centers across India, complemented by online classes focused on physical and mental well-being. As of March 31, 2026, the company reported operating 708 fitness centers nationwide and serving over 987,000 paid members. Additionally, it diversifies its revenue streams through the sale of active lifestyle and fitness products, including equipment, recovery tools, accessories, activewear, apparel, and footwear.
The company is currently led by CEO Naresh Krishnaswamy, as the co-founders no longer hold executive positions. In the fiscal year 2026, Cult.fit recorded an operating revenue of ₹1,720.6 crore and a net loss of ₹251 crore.