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The company that got millions of Indians to swap treadmills for group workouts is now heading to Dalal Street.
What’s brewing: Cult.fit has filed its draft IPO papers with SEBI. The fitness and wellness platform plans to raise ₹950 crore through a fresh issue of shares, along with an Offer for Sale (OFS) of up to 17.86 crore shares by existing investors.
Temasek-backed MacRitchie Investments will be the biggest seller in the OFS, offloading up to 2.47 crore shares.
Other investors selling shares include Tata Digital, Accel, Kalaari Capital, Chiratae Ventures, IDG Ventures, Schroders Capital. Individual shareholders selling stake include founder Mukesh Bansal, angel investor Bruno Raschle and Hrithik Roshan.
A quick rewind: Cult began in Bengaluru in 2015 with a simple idea: gyms didn't always need rows of machines. Instead, it focused on group workouts, martial arts, yoga and functional training.
A year later, Myntra co-founder Mukesh Bansal acquired a controlling stake and transformed Cult into a much broader health and wellness platform.
Some numbers: in FY26, Cult.fit's operating revenue jumped around 40% to ₹1,721 crore, up from ₹1,216 crore a year earlier.
The company is still making losses, but the trend is improving. Its FY26 loss narrowed to ₹252 crore, compared with ₹481 crore in FY25 and ₹888 crore in FY24.
Around 70% of its revenue comes from fitness memberships and workout services, while the remaining 30% comes from selling fitness-related products.
Why is this IPO worth watching?
Over the years, Cult has adapted to changing consumer habits, expanding from offline fitness centres to digital workouts, subscription-based memberships and a wider focus on preventive healthcare and wellness.
Like many consumer businesses, the journey had their own hurdles. Building physical centres, keeping them full, balancing growth with profitability and adapting to changing fitness trends have all been major challenges.
The big picture: India's fitness industry is only getting started.
According to Deloitte India and the Health & Fitness Association, the market is expected to grow to ₹37,700 crore by 2030, as more Indians prioritise health, wellness and active lifestyles.
