Fitness unicorn Cult.fit has filed its DRHP for an IPO comprising a fresh issue of up to ₹950 crore in shares and an offer for sale (OFS) of up to 17.86 crore shares.
The filing sets the stage for a public-market debut by one of India’s largest organised fitness platforms, which spans offline gyms, digital fitness classes, sports facilities, activewear and fitness equipment.
Several of Cult.fit’s early and institutional backers are set to pare their holdings through the OFS. The list includes Temasek Holdings, through MacRitchie Investments, Schroders Capital, German fitness operator LifeFit Group, Accel, Tata Digital and Co-Founder Mukesh Bansal.
The DRHP comes shortly after reports that the Eternal-backed company was exploring an IPO-sized fundraise of ₹3,500 crore to ₹4,000 crore at a valuation of around $2 billion. The final issue size and valuation will be determined closer to the launch of the public offering.
Cult.fit has built its business around a hybrid model, combining subscription-led fitness centres with digital offerings and a growing consumer products business. As of March 31, it operated 708 fitness centres across India and had more than 9.87 lakh paid members.
Its revenue streams extend beyond gym memberships and online classes. The company sells fitness equipment, recovery products such as massagers, fitness accessories, apparel and footwear under its active lifestyle portfolio.
The company is now led by CEO Naresh Krishnaswamy, while Co-Founders Bansal and Ankit Nagori no longer hold executive positions. Bansal, however, remains among the shareholders participating in the OFS.
Cult.fit reported operating revenue of ₹1,720.6 crore in FY26, while its net loss stood at ₹251 crore. The numbers underline the scale the company has built in India’s organised fitness market, even as profitability remains a work in progress.
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