India , July 7 : Cult.fit Ltd, India's largest fitness services provider, has filed its Draft Red Herring Prospectus with SEBI for an Initial Public Offering .
The Company is India’s largest fitness and active lifestyle platform by the number of fitness centers in its network as of March 31, 2026, according to the Redseer Report. It offers fitness services and active lifestyle products through an integrated platform comprising the cult.Fit app, cult.Fit website, and other online and offline channels. According to the Redseer Report, the Company 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 be the preferred destination for individuals seeking a fit and active lifestyle.
The offer comprises a fresh issue of equity shares aggregating up to INR 950 crore and an offer for sale aggregating up to 17,86,09,200 equity shares by the selling shareholders. The face value of each equity share is ₹ 1.
The company proposes to utilize the net proceeds towards:
- Repayment/prepayment, in full or in part, of certain borrowings availed of by the Company;
- Capital expenditure towards setting up new Cult Elite and Cult Neo centres ;
- Investment in its subsidiary, Cultsport Private Limited, for capital expenditure towards setting up new Exclusive Brand Outlets ;
- Expenditure towards lease/rent/licence agreement-related payments for existing identified centres operated by the Company;
- Brand marketing, advertising and business promotion to enhance brand awareness; and
- General corporate purposes.
The Company is the largest fitness and active lifestyle platform in India as of March 31, 2026, with 708 fitness centers spread across 77 cities in India, which was four times the scale of the next largest player, according to the Redseer Report, and in fiscal year 2026 had a transacting base of 987,020 paid members for its fitness services business and over 4.23 million products shipped in the fitness products business.
The business benefits from a diversified revenue profile, with fitness services contributing roughly 70% of revenues and the fitness products business accounting for the remaining 30%, providing a balanced mix of recurring and transactional income streams.
The Company has demonstrated a trajectory of growth with improving profitability. Its revenue from operations increased from ₹9,266.62 million in fiscal year 2024 to ₹17,206.06. million in fiscal year 2026, representing a growth with year-on-year increase of 36.26% in fiscal year 2026 compared to a year-on-year increase of 31.17% in fiscal year 2025. Adjusted EBITDA Margins strengthened from -2.76% in fiscal year 2025 to 8.41% in fiscal year 2026.
Cult Elite is a hybrid fitness centre format offering equipment-based gym workouts alongside trainer-led group classes across multiple formats, including strength, yoga, dance and boxing, while Cult Neo is a pro-segment gym format offering a standardized fitness experience with in-house designed equipment, superior ambience and certified staff. Exclusive Brand Outlets are company-operated retail stores dedicated exclusively to the sale of Cult-branded fitness products.
The Company’s core belief is that great products build great brands. As per the Redseer Report, fitness and active lifestyle brands experience a high level of reluctance from new users to engage, and a strong brand with products that deliver on commitment is critical to build trust and shape customer behavior. Over the last 10 years, through extensive user engagement across its fitness services and fitness products, the Company has built a brand that embodies fun, community, and an aspirational yet accessible approach to fitness.
Technology is the core pillar that powers the company's integrated platform. It deploys technology across all aspects of its operations from personalized workout recommendations and AI-driven decisioning to standardized service delivery, capacity optimization, and operational efficiency at scale, enabling it to deliver a consistent, good-quality fitness experience across its wide network of fitness centers and through its digital offerings.
In its apparel category, the company operates in the mass-premium segment and offers performance and athleisure products with dedicated ranges for running, training, yoga, combat-based fitness formats, and others. In its footwear category, it similarly operates in the value and mass-premium segment and offers performance-oriented and comfort-led products for use cases such as running, training and more. In its equipment category, the company offers fitness equipment for use both at home and at commercial gym fitness centres, as well as recovery products, fitness accessories, and cycles.
The fitness services market in India is estimated at approximately ₹256 billion in CY2025 and is expected to grow to ₹487-531 billion by CY2030, representing a CAGR of 14-16%, driven by rising urban disposable incomes, increasing health consciousness and improved affordability and accessibility through scale-led fitness platforms. According to the Redseer Report, a fit and active lifestyle is essential for overall well-being, and enabling this requires access to quality fitness centres where people can work out, along with quality, affordable products that support users across their fitness journey.
The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges, being BSE and NSE.
Axis Capital Limited, Goldman Sachs Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited are the book running lead managers to the issue.
