Cult.fit Ltd, formerly known as Curefit Healthcare Pvt Ltd, has filed its Draft Red Herring Prospectus (Cult.fit DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).
The Cult.fit DRHP outlines a fresh issue of equity shares aggregating up to ₹950 crore along with an offer for sale (OFS) of up to 17,86,09,200 equity shares by existing shareholders.
According to the Cult.fit DRHP, the company is India’s largest fitness services provider and the country’s largest fitness and active lifestyle platform by the number of fitness centres in its network as of March 31, 2026, as per the Redseer Report.
The company operates an integrated platform comprising the cult.Fit app, the cult.Fit website, and multiple online and offline channels.
According to the Redseer Report, it is also the only fitness and active lifestyle platform in India with a presence across both fitness services and fitness products as of March 31, 2026. The company aims to become the preferred destination for individuals pursuing a fit and active lifestyle.
The Cult.fit DRHP states that the face value of each equity share is ₹1.
Utilisation of IPO Proceeds
According to the Cult.fit DRHP, the net proceeds from the fresh issue are proposed to be used for:
- Repayment or prepayment, in full or in part, of certain borrowings availed by the company.
- Capital expenditure for setting up new Cult Elite and Cult Neo centres.
- Investment in subsidiary Cultsport Private Limited for capital expenditure towards establishing new Exclusive Brand Outlets (EBOs).
- Expenditure towards lease, rent and licence agreement-related payments for existing identified centres operated by the company.
- Brand marketing, advertising and business promotion to enhance brand awareness.
- General corporate purposes.
- Network and Business Scale
The Cult.fit DRHP highlights that the company had 708 fitness centres across 77 cities in India as of March 31, 2026, making it four times larger than the next biggest player, according to the Redseer Report.
During FY26, the company recorded a transacting base of 987,020 paid members for its fitness services business and shipped more than 4.23 million fitness products.
The business has a diversified revenue profile, with fitness services contributing approximately 70% of revenue, while fitness products account for the remaining 30%, providing a balanced mix of recurring and transactional income streams.
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FY26 Financial Performance
The Cult.fit DRHP shows continued growth in both revenue and profitability.
Revenue from operations increased from ₹9,266.62 million in FY24 to ₹17,206.06 million in FY26. The company reported year-on-year revenue growth of 36.26% in FY26, compared with 31.17% growth in FY25.
Adjusted EBITDA margin improved from negative 2.76% in FY25 to 8.41% in FY26.
Fitness Formats
The Cult.fit DRHP describes Cult Elite as a hybrid fitness centre format combining equipment-based gym workouts with trainer-led group classes across multiple disciplines, including strength training, yoga, dance and boxing.
Cult Neo is positioned as a professional gym format offering a standardised fitness experience supported by in-house designed equipment, premium ambience and certified staff.
Exclusive Brand Outlets (EBOs) are company-operated retail stores dedicated exclusively to the sale of Cult-branded fitness products.
Brand and Technology
The Cult.fit DRHP states that the company’s philosophy is built around creating strong products to build a strong brand.
According to the Redseer Report, fitness and active lifestyle brands face significant hesitation from first-time users, making trust, product quality and customer experience critical factors.
Over the last decade, the company says it has built a brand centred on fun, community and an aspirational yet accessible approach to fitness through continuous engagement across its fitness services and fitness products businesses.
Technology forms the core of the company’s integrated platform.
The company deploys technology across personalised workout recommendations, AI-driven decision-making, standardised service delivery, capacity optimisation and operational efficiency to deliver a consistent fitness experience across its nationwide network and digital platforms.
Fitness Products Portfolio
The Cult.fit DRHP outlines a diversified product portfolio across apparel, footwear, equipment and fitness accessories.
In apparel, the company operates in the mass-premium segment with performance and athleisure products designed for running, training, yoga, combat-based fitness formats and other activities.
Its footwear portfolio includes value and mass-premium products focused on both performance and comfort for activities such as running and training.
The equipment portfolio includes home and commercial fitness equipment, recovery products, fitness accessories and bicycles.
India Fitness Market
According to the Redseer Report cited in the Cult.fit DRHP, India’s fitness services market was valued at approximately ₹256 billion (around US$2.9 billion) in CY2025 and is projected to reach ₹487-531 billion (US$5.6-6.1 billion) by CY2030, representing a CAGR of 14-16%.
The report attributes this growth to rising urban disposable incomes, increasing health consciousness, improved affordability and greater accessibility through scale-led fitness platforms.
Cult.fit DRHP: Listing and Book Running Lead Managers
The equity shares proposed under the Cult.fit DRHP are proposed to be listed on BSE and NSE.
Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers (BRLMs) to the issue.
