Cult.fit Ltd, formerly known as Curefit Healthcare Pvt Ltd, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).
The proposed offer comprises a fresh issue of equity shares aggregating up to ₹950 crore and an offer for sale of up to 17,86,09,200 equity shares by selling shareholders. The equity shares are proposed to be listed on BSE and NSE.
According to the Redseer Report cited in the DRHP, Cult.fit was India’s largest fitness and active lifestyle platform by number of fitness centres in its network as of March 31, 2026. The company had 708 fitness centres across 77 cities, nearly four times the scale of the next largest player. In FY26, its fitness services business had a transacting base of 987,020 paid members, while its fitness products business shipped more than 4.23 million products.
Cult.fit reported revenue from operations of ₹17,206.06 million in FY26, compared with ₹9,266.62 million in FY24. Revenue grew 36.26% year-on-year in FY26, while adjusted EBITDA margin improved from -2.76% in FY25 to 8.41% in FY26.
The company plans to use the net proceeds from the fresh issue for repayment or prepayment of certain borrowings, setting up new Cult Elite and Cult Neo centres, and investing in subsidiary Cultsport Private Limited for new Exclusive Brand Outlets. Funds will also be used towards lease and rental payments for identified centres, brand marketing, advertising, business promotion and general corporate purposes.
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 to the issue.
