Fitness and wellness platform Cult. Fit has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), taking a major step toward its initial public offering (IPO).
The IPO includes a fresh issue of equity shares worth up to ₹950 crore. It also includes an Offer for Sale (OFS) of up to 17.86 crore equity shares by existing shareholders.
The company may raise to ₹190 crore through a pre-IPO placement before launching the issue. If it completes the placement, it will reduce the size of the fresh issue accordingly. The final IPO size will depend on the price band because the OFS value will vary with the issue price.
Shareholders and Use of Funds
Temasek-backed MacRitchie Investments plans to sell up to 2.47 crore shares, making it the largest seller in the OFS. Other selling shareholders include Fitness First Luxembourg, IDG Ventures India, Tata Digital, Chiratae Trust, Accel entities, Kalaari Capital, Schroders Capital, and co-founder Mukesh Bansal, who plans to sell up to 1.6 crore shares.
The company will not receive any money from the OFS. Instead, the selling shareholders will receive the proceeds.
Meanwhile, Cult. Fit plans to use the fresh issue proceeds for business operations and expansion. It has allocated:
- ₹217.5 crore for lease and rental payments of existing fitness centres.
- ₹120 crore to repay or prepay borrowings.
- ₹75 crore for brand marketing and business promotion.
- The remaining amount for general corporate purposes.
Growth Plans and Business Performance
Before filing the DRHP, Cult. Fit strengthened its board by appointing independent directors Kalpana Morparia, Arun M Kumar, Indu Bhushan, and Pragya Misra. These appointments help the company meet SEBI’s corporate governance requirements.
So far, Cult. Fit has raised more than $714 million across 16 funding rounds. Its latest Series G round, completed in March 2026, raised $47.6 million and valued the company at around ₹12,600 crore ($1.5 billion).
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult. Fit operates more than 700 fitness centres across India. It also runs the Cultsport and Care. fit businesses.
For FY26, the company estimates revenue of around ₹1,700 crore. Its fitness business contributes nearly 70% of total revenue. However, the company continues to report net losses as it invests in expansion.
IPO Advisors
Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India), Jefferies India, and JM Financial are managing the issue as book-running lead managers. MUFG Intime India will serve as the registrar.ad managers for the IPO, while MUFG Intime India has been appointed as the registrar.
