Cult.fit Set To File IPO Papers This Month After Turning EBITDA Positive

Cult.fit Private Limited is expected to submit draft papers for its proposed initial public offering later this month, with the issue size estimated at ₹3,500-4,000 crore, according to people familiar with the development.

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The offering is expected to comprise a combination of fresh equity issuance and an offer for sale by existing shareholders. The company has not made any official announcement regarding the filing.

Founded in 2016 by Mukesh Bansal, Cult.fit operates a fitness and wellness platform offering gym memberships, group classes, outdoor sessions, home workouts and a range of fitness-related products, including apparel, footwear and equipment.

Profitability Improves In FY26

According to people aware of the matter, the company achieved EBITDA profitability in the final quarter of FY26 and recorded double-digit improvement in EBITDA performance.

They added that revenue crossed ₹1,700 crore during the financial year, reflecting growth of around 40% from the previous year. Operational performance and improving margins supported the earnings trajectory.

The business derives nearly 70% of its revenue from fitness services, while fitness products contribute the remaining 30%, providing a mix of recurring and transaction-driven income streams.

One of the people cited above said India’s increasing focus on health and wellness has created a favourable environment for the company, which has built an integrated ecosystem around fitness and related products.
Presence Across More Than 75 Cities

During FY26, the company had around 10 lakh paying subscribers for its fitness services business spread across more than 75 cities.

Its products segment also expanded during the year, with over 40 lakh units shipped, according to the people cited above.

Cult.fit has expanded its portfolio through multiple formats, including gyms, trainer-led sessions and digital offerings, while also building a consumer products business alongside its fitness operations.

Board Strengthened Ahead Of Listing

In preparation for the proposed listing, the company recently inducted Kalpana Morparia, Arun M. Kumar, Indu Bhushan and Pragya Misra as independent directors.

Actor Hrithik Roshan has been associated with the company as its brand ambassador. Axis Capital, Goldman Sachs, Jefferies, JM Financial and Morgan Stanley have been appointed to manage the public issue.

The IPO would add another consumer-focused technology platform to India’s primary market pipeline. The timing and final size of the issue will depend on regulatory approvals and prevailing market conditions, while details regarding valuation and price band are yet to be disclosed.