Summary of this article
Cult.fit seeks Rs 950 crore through fresh equity shares.
FY26 revenue grew by 41 percent to Rs 1801 crore.
Top four cities drive most fitness services revenue for Cult.fit.
Cult.fit, formerly known as CureFit Healthcare Private, filed its Draft Red Herring Prospectus dated July 6, 2026, for its initial public offering (IPO). The offer will be conducted through a 100 per cent book-built process.
Ahead of the official announcement of the bidding window and price band, here is a detailed look at the key aspects of the public issue and the company’s business that investors should analyse:
Cult.fit IPO: Offer Size and Selling Shareholders
Cult.fit IPO comprises two main components, which are a fresh issue of shares through which the company seeks to raise up to Rs 950 crore in new equity shares and an offer for sale of up to 178.6 million equity shares of face value of Re 1 each being pared by existing investors and individual selling shareholders.
Investors in the company are also set to pare their stake in the public issue. The selling shareholders include MacRitchie Investments, which will sell up to 24.66 million shares, Fitness First Luxembourg S.C.A., with up to 19.60 million shares, IDG Ventures India Fund III LLC, with up to 17.04 million shares, Mukesh Bansal with up to 16.02 million shares, and Tata Digital with up to 15.86 million shares. The company mentioned in the DRHP that it may consider a pre-IPO placement of securities up to Rs 190 crore.
Cult.fit IPO: Key Financials
In terms of financial performance, the company posted a revenue from operations of Rs 1801.81 crore for the fiscal year ended March 31, 2026, which marks an increase of over 41 per cent from Rs 1272.03 crore in fiscal year 2025. Apart from revenue growth, the company managed to narrow down its net loss for FY26 to Rs 251.85 crore from Rs 480.82 crore in FY25.
The company also scaled its operational metrics as the total number of paid gym members reached 9,87,000 in FY26, up from 8,33,000 in FY25. Concurrently, the number of fitness product units sold grew substantially to 4.23 million units in FY26, rising from 3.03 million units in FY25.
Cult.fit Limited: Business Model
Cult.fit operates as an omnichannel ecosystem across the fitness and active lifestyle market in India. The business is split into a fitness services segment, which drove 69.62 per cent of total segment revenue in FY26 and a fitness products segment, which contributed 30.38 per cent of segment revenue in FY26. The company operates 708 fitness centres across 77 cities alongside digital offerings as a part of its fitness services segment and sells activewear, footwear, and fitness equipment through its website as a part of its fitness products segment.
Cult.fit Limited: Competitors
The company operates in a highly competitive and fragmented market. According to the DRHP, it faces competition from unorganised single-location gyms, international gym chains operating under franchise models, boutique fitness studios specialised in single formats like yoga or Pilates, and diverse online or offline fitness product retailers. The company has no listed peers in the Indian market.
Cult.fit IPO: Should You Apply?
Investors interested in the upcoming public issue should carefully assess the company's operational strengths against its inherent risks.
Cultfit IPO: Key Risks
The company’s fitness centre business is dependent on major urban centres, as the top 4 cities accounted for 90.44 per cent of its fitness services revenue in FY26.
The company imports a significant portion of its fitness equipment from overseas suppliers, with China accounting for a bulk of the supply at 38.59 per cent of product revenue procurement in FY26.
History of Losses: Although net losses have narrowed in FY26, both the company and its subsidiaries have a persistent track record of net losses.
Cultfit IPO:Key Strengths
Cult.fit successfully crossed into positive operational territory, posting an Adjusted EBITDA of Rs 144.78 crore in FY26 compared to operational losses in preceding years.
The company scaled its paid membership base to 9,87,000 and sold over 4.2 million fitness product units in FY26, indicating strong consumer adoption.
The company claims that a blend of digital app integration and a widespread physical centre footprint builds high brand recall and continuous consumer engagement.
Cult.fit IPO: Objective
Cult.fit plans to use the proceeds of the public issue for setting up new Cult Centres, expenditure for a lease/rent/license agreement, and payment of existing identified fitness centres. The repayment or prepayment, in full or in part, of certain borrowings availed by the company. The funds will also be used for brand marketing, advertising and business promotion to enhance brand awareness. A portion of the funds will also be used for investment in the company’s subsidiary, Cultsport Private, for capital expenditure towards setting up new exclusive brand outlets and general corporate purposes.
