Mukesh Bansal Led Fitness Platform Moves Closer to Dalal Street with SEBI Filing
Fitness and wellness platform Cult.fit has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), taking a major step toward its proposed initial public offering (IPO). The public issue will comprise a fresh issue of equity shares worth up to ₹950 crore and an Offer for Sale (OFS) of up to 17.86 crore equity shares by existing investors and promoters.
The IPO marks one of the most anticipated listings in India’s consumer technology and wellness space, as the company looks to strengthen its balance sheet while providing partial exits to several early investors.
Backed by marquee investors including Temasek, Tata Digital, Accel, and Kalaari Capital, Cult.fit has emerged as one of India’s largest integrated fitness and wellness platforms.
IPO Structure Includes Fresh Issue and OFS
According to the DRHP, the IPO consists of two components.
The company plans to raise up to ₹950 crore through a fresh issue of equity shares, while existing shareholders will sell up to 17.86 crore shares through an Offer for Sale.
Cult.fit has also proposed a pre-IPO placement of up to ₹190 crore. If completed before the public issue, the size of the fresh issue will be reduced accordingly.
The final IPO size will depend on the price band approved closer to the launch, as the value of the OFS will vary based on the final issue price.
Temasek Among Largest Selling Shareholders
The Offer for Sale will provide liquidity to several early investors.
MacRitchie Investments, backed by Temasek, will be the largest seller, offloading up to 2.47 crore shares.
Other shareholders participating in the OFS include Fitness First Luxembourg, IDG Ventures India, Tata Digital, Chiratae Trust, Accel entities, Kalaari Capital, Schroders Capital, and co-founder Mukesh Bansal, who will sell up to 1.6 crore shares.
The participation of multiple institutional investors reflects the maturity of the business as it prepares to enter the public markets.
How Will the Company Use the Funds?
Cult.fit plans to deploy the proceeds from the fresh issue across business expansion and financial strengthening initiatives.
According to the DRHP, ₹217.5 crore will be utilized toward lease and rental payments for existing fitness centres.
Another ₹120 crore has been earmarked for the repayment or prepayment of borrowings, helping improve the company’s capital structure.
The company will also invest ₹75 crore in brand marketing and promotional activities to strengthen customer acquisition and brand visibility.
The remaining proceeds will be allocated toward general corporate purposes, providing flexibility to support future growth initiatives.
Strengthening Governance Ahead of Listing
Ahead of the IPO filing, Cult.fit enhanced its corporate governance framework by appointing four independent directors.
The company inducted Kalpana Morparia, Arun M. Kumar, Indu Bhushan, and Pragya Misra to its board in line with SEBI’s corporate governance requirements for listed companies.
The appointments are expected to strengthen board oversight as the company transitions into a publicly listed entity.
Backed by Leading Global Investors
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has raised more than $714 million across 16 funding rounds.
The company was last valued at approximately ₹12,600 crore (around $1.5 billion) following a $47.6 million Series G funding round in March 2026.
Its investor roster includes Tata Digital, Temasek, Accel, Kalaari Capital, Chiratae Ventures, and Zomato, among others.
The strong institutional backing has helped Cult.fit expand its presence across multiple wellness categories.
Expanding Beyond Fitness
Today, Cult.fit operates more than 700 fitness centres across India.
In addition to its flagship fitness business, the company also operates Cultsport, which focuses on sports equipment and activewear, and Care.fit, its healthcare and wellness vertical.
According to the DRHP, the company is estimated to have generated approximately ₹1,700 crore in revenue during FY26, with its fitness business contributing nearly 70% of overall revenue.
Despite strong revenue growth, Cult.fit continues to report net losses, highlighting its ongoing investment in expansion, customer acquisition, and infrastructure.
IPO to Test Investor Appetite
The public listing comes at a time when investors are increasingly rewarding technology-led consumer businesses that demonstrate strong revenue growth alongside a credible path toward profitability.
Cult.fit’s nationwide fitness network, diversified wellness ecosystem, and premium consumer brand position it among India’s leading health and fitness platforms.
The IPO proceeds are expected to strengthen the company’s financial position while supporting continued expansion across fitness, sports, and wellness.
As one of India’s largest consumer-tech listings in the wellness sector, the offering will be closely watched by investors looking for exposure to the country’s growing health and fitness economy.
