Cult.Fit Completes Global IPO Roadshows and Eyes Mid-December Dalal Street Debut — October 30, 2026
Cult.Fit, India's largest fitness and active-lifestyle network, has concluded its institutional investor roadshows across major global financial hubs and is actively working towards listing its shares on the BSE and National Stock Exchange (NSE) by mid-December.
The Bengaluru-based company, legally registered as Curefit Healthcare, secured observations from the Securities and Exchange Board of India (SEBI) in mid-October after submitting its Draft Red Herring Prospectus (DRHP) in July. Cult.Fit is now preparing to file its Updated Draft Red Herring Prospectus (UDRHP) by the end of November, with investment bankers finalizing the price band and valuation parameters.
Issue Structure and Use of Proceeds
The proposed initial public offering (IPO) comprises a fresh equity issuance of up to Rs 950 crore and an Offer for Sale (OFS) of up to 17.86 crore equity shares from existing institutional investors. Market estimates indicate the cumulative offering could raise around Rs 4,000 crore, depending on the final pricing band. The company also holds an option to undertake a pre-IPO placement of up to Rs 190 crore (Rs 1,900 million), which would proportionally scale down the fresh issue component.
According to the draft offer documents, Cult.Fit has earmarked the fresh proceeds for specific capital allocation priorities:
- Funding capital expenditure for expanding its network of company-owned and managed Cult Elite and Cult Neo fitness centres.
- Financing lease, rent, and license fee obligations for identified operating centres.
- Repaying or prepaying existing borrowings availed by the company to deleverage its balance sheet.
- Funding capital expenditure for subsidiary Cultsport Private Limited to establish exclusive brand outlets (EBOs).
- Allocating funds toward corporate branding, promotional campaigns, and general corporate purposes.
Strategic Push into Tier-2 and Tier-3 Markets
While Bengaluru (247 locations) and Hyderabad (149 locations) remain the company's anchor markets, Cult.Fit is steering its next growth phase toward tier-2 and tier-3 cities. Investor presentations during the roadshow highlighted aggressive network additions in emerging hubs, led by Chandigarh, Indore, and Vijayawada.
As of March 31, 2026, the platform operated 708 fitness centres spanning 77 Indian cities—a footprint four times larger than its nearest domestic competitor, according to industry data from Redseer. The network comprises 218 company-owned centres, 288 franchise-owned locations, and 202 third-party marketplace gyms. The franchise model has allowed the company to scale rapidly while keeping expansion relatively asset-light.
Financial Snapshot and Unit Economics
Cult.Fit's top line registered strong momentum in the run-up to the IPO. In FY26, revenue from operations climbed 36.26% year-on-year to Rs 1,720.61 crore, up from Rs 1,262.77 crore in FY25.
The business operates across two core segments:
Revenue Breakdown by Segment:
- Fitness Services: Contributed roughly 70% of total revenue (Rs 1,197.8 crore in FY26). The segment served 987,020 paid transacting members during the year, with approximately 85.3% holding annual CultPass memberships. Upfront cash collections drove positive operating cash flow of Rs 94.1 crore for the fiscal year.
- Fitness Products (Cultsport): Accounted for the remaining 30% of revenue (Rs 522.8 crore in FY26). The vertical shipped more than 4.23 million apparel, footwear, cycle, and fitness equipment units across online channels and 29 exclusive retail outlets.
Operating profitability improved during the period, with adjusted EBITDA turning positive at Rs 144.8 crore—yielding an adjusted EBITDA margin of 8.41%, compared to negative 2.76% in FY25. However, significant lease-related depreciation (Rs 227.1 crore) and finance charges (Rs 125.4 crore) kept the bottom line in the red, resulting in a consolidated net loss of Rs 247.53 crore for FY26, narrowed from Rs 479.69 crore in FY25 and Rs 888.49 crore in FY24.
Lead Managers and Outlook
The issue is being managed by a syndicate of investment banks, including Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial, and Morgan Stanley India. KFin Technologies is serving as the registrar to the offer.
Backed by prominent early investors including Temasek, Accel, and Zomato, Cult.Fit's market debut will serve as a bellwether for institutional appetite toward consumer wellness platforms, at a time when Redseer projects India's fitness services market to expand from Rs 25,600 crore in 2025 to over Rs 48,700 crore by 2030.
