Cult.fit, formerly known as Curefit Healthcare, has officially submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its much-anticipated Initial Public Offering (IPO).
The proposed IPO comprises two main components: a fresh issue of equity shares aiming to raise up to Rs 950 crore, and an offer for sale (OFS) of up to 17,86,09,200 equity shares by existing selling shareholders. Each share will have a face value of Re 1.
Cult.fit's IPO Details and Funding Goals
The net proceeds from the fresh issue are earmarked for several strategic initiatives. These include the repayment or prepayment of specific borrowings, funding capital expenditure for new Cult Elite and Cult Neo centres, and investing in its subsidiary, Cultsport, for new Exclusive Brand Outlets. Additionally, funds will cover payments related to lease, rent, and license agreements for identified existing centres, brand marketing, business promotion, and general corporate purposes.
Market Leadership and Financial Growth
According to a Redseer report, as of March 31, 2026, Cult.fit stood as India’s largest fitness and active lifestyle platform. It boasts an extensive network of 708 fitness centres spread across 77 cities, a scale reported to be four times larger than its nearest competitor.
Financially, Cult.fit has demonstrated significant growth. Its revenue from operations surged from Rs 926.66 crore in FY24 to Rs 1,720.61 crore in FY26. The company also saw an improvement in its adjusted EBITDA margin, moving from -2.76 per cent in FY25 to a positive 8.41 per cent in FY26.
In FY26, the platform served a transacting base of 987,020 paid members in its fitness services business and successfully shipped over 4.23 million products.
Diversified Offerings and Future Expansion
Cult.fit operates an integrated platform accessible via its app, website, and various online and offline channels. It is uniquely positioned as the only platform in India with a strong presence across both fitness services and fitness products, a distinction it held as of March 31, 2026, per Redseer. Fitness services contribute approximately 70 per cent of its revenue, with fitness products making up the remaining 30 per cent.
“Cult Elite offers equipment-based gym workouts and trainer-led group classes, while Cult Neo is positioned as a pro-segment gym format,” the company stated, outlining its varied service models.
Beyond services, the company’s product line under Cultsport includes apparel, footwear, equipment, recovery products, fitness accessories, and cycles.
The equity shares of Cult.fit are proposed to be listed on both the BSE and the National Stock Exchange (NSE). The IPO process will be managed by a consortium of book running lead managers, including Axis Capital, Goldman Sachs India Securities, Jefferies India, JM Financial, and Morgan Stanley India.