Cult.Fit IPO

Incorporated in May 2016 as CureFit Healthcare Private Limited, Cult.Fit Limited is India’s largest fitness and active lifestyle platform, operating 708 fitness centres across 77 cities as of March 31, 2026. The company offers an integrated ecosystem of fitness services—including gym memberships, trainer-led group classes, and online fitness programs—and fitness products spanning equipment, activewear, footwear, and recovery accessories under the Cultsport brand. Backed by a technology-driven platform with AI-powered personalization, Cult.Fit operates through a scalable asset-light franchise model, serving nearly one million paid fitness members. The company also holds master franchise rights for Gold’s Gym in India, Nepal, and Bangladesh.

Cult.Fit Limited IPO Overview

Cult.Fit Limited filed its Draft Red Herring Prospectus with SEBI on July 6, 2026, for a book-built IPO comprising a fresh issue of equity shares worth up to ₹9,500 million and an Offer for Sale of up to 17.86 crore equity shares by existing shareholders. The company may consider a pre-IPO placement of up to ₹1,900 million, which would reduce the fresh issue size proportionately. The equity shares are proposed to be listed on BSE and NSE. Axis Capital Ltd., Jefferies India, JM Financial, Goldman Sachs, and Morgan Stanley are the book-running lead managers, while KFin Technologies Ltd. is the registrar. Key details including IPO dates, price band, and lot size are yet to be announced. Promoter holding pre-issue stands at 8,39,63,997 shares, with post-issue shareholding at 88,13,12,017 shares.

Cult.Fit Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO (Fresh Issue + OFS)
Total Issue Size	To be announced
Fresh Issue	[.] shares (agg. up to ₹950 Cr)
Offer for Sale (OFS)	17,86,09,200 shares of ₹1(agg. up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹1 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	8,39,63,997 shares
Shareholding post-issue	88,13,12,017 shares

Cult.Fit Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Cult.Fit Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

Cult.Fit Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS) – Basic	(₹3.27)
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	(37.60%)
Net Asset Value (NAV)	₹28.88
Return on Equity (RoE)	NA
Return on Capital Employed (RoCE)	NA
EBITDA Margin	8.41%
PAT Margin	NA
Debt to Equity Ratio	2.60

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Capital expenditure towards setting up of new Cult Centres	2,766.00
Expenditure towards lease/rent/license agreement related payment of existing identified fitness centres	2,175.00
Repayment / prepayment of certain borrowings availed by the Company	1,200.00
Brand marketing, advertising and business promotion to enhance brand awareness	750.00
Investment in subsidiary Cultsport Private Limited for setting up new EBOs	234.00
General corporate purposes*	[●]

*Note: To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC. Amount for general corporate purposes shall not exceed 25% of gross proceeds.

Cult.Fit Limited Financials (in ₹ million)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	31,032.00	29,262.31	30,318.52
Revenue from Operations	17,206.06	12,155.36	9,266.62
Profit After Tax	(2,518.58)	(4,808.26)	(8,884.91)
Reserves and Surplus	(5,830.01)	(3,152.81)	(1,222.62)
Total Borrowings	2,607.58	3,269.17	3,075.10
Total Liabilities	24,222.80	20,037.33	17,468.03

Financial Status of Cult.Fit Limited

Cult.Fit Limited IPO Strengths

1. Category Creator and Market Leader in Fitness Services

Cult.Fit Limited pioneered India’s organized, tech-enabled, multi-format fitness services model and is the largest fitness service provider in the country as of March 31, 2026, operating four times the scale of the next largest player. With 708 fitness centres across 77 cities and approximately 987,020 paid members, the company holds a 4-6% market share in India’s fragmented fitness services market.

2. Integrated Ecosystem Combining Services and Products

Cult.Fit Limited has built a one-stop fitness and active lifestyle platform offering a comprehensive range of fitness services and products. In fiscal year 2026, sale of fitness products to existing and past members through D2C channels contributed 31.75% of Revenue from Operations –Products. This integrated approach enables cross-selling and enhances customer lifetime value.

3. Technology-Driven Platform with AI-Powered Personalization

Cult.Fit Limited’s technology stack powers personalized workout recommendations, AI-driven decision-making, and operational efficiency. The Cult.fit app has driven more than 38.60 million installs. Technology enables standardized operations across 708 centres, with session ratings consistently above 3.77 out of 4.

4. Scalable Asset-Light Franchise Model

Cult.Fit Limited’s “gym-in-a-box” franchise solution enables rapid expansion with minimal capital expenditure. In fiscal year 2026, 75.86% of new on-app centres added were through asset-light models. This approach supports swift geographic penetration while preserving capital and financial discipline.

5. Well-Recognized Brand with Strong Customer Engagement

Cult.Fit Limited’s brand is the most recognizable among leading fitness service providers in India, with the highest search interest over the past five years. The company achieved a 50.88% member retention rate in fiscal year 2026, with 38.68% of new members acquired through referrals.

More About Cult.Fit Limited

1. Company Overview

Cult.Fit Limited, incorporated in May 2016, is India’s largest fitness and active lifestyle platform. The company operates through two distinct business segments:

A. Fitness Services
Gym memberships, trainer-led group classes (HRX, Burn, Pilates, Yoga), sports facilities, and online fitness programs

B. Fitness Products
Fitness equipment, recovery products, accessories, activewear, and footwear under the Cultsport brand

2. Operational Scale

A. 708 fitness centres across 77 cities

B. 987,020 paid members

C. 4.23 million fitness products sold in FY26

D. 6,331 employees across operations, technology, marketing, and corporate functions

3. Technology and Innovation

The company’s technology platform enables AI-powered personalization, real-time feedback, and seamless customer experience across physical and digital channels. The Cult.fit app integrates class bookings, progress tracking, and online workouts.

4.  Brand Portfolio

Cult.Fit operates under multiple brands including Cult.fit, Fitness First, Gold’s Gym, and Pilates Circle by Cult. The company holds master franchise rights for Gold’s Gym in India, Nepal, and Bangladesh.

5. Distribution Network

Products are distributed through D2C channels (CultStore and Cult.fit app), leading e-commerce marketplaces (Amazon, Flipkart, Myntra), quick-commerce platforms, and 29 exclusive brand outlets across four cities.

Industry Outlook

1. Indian Fitness and Active Lifestyle Market

The fitness and active lifestyle market in India is experiencing robust growth driven by rising health awareness, increasing disposable incomes, and government initiatives such as Fit India, Khelo India, and the National Obesity Summit. These policies have reinforced fitness as a priority, driving sustained engagement across fitness services and related product categories.

2. Fitness Services Market

A. Estimated at approximately ₹256 billion (US$ 2.9 billion) in calendar year 2025

B. Projected to expand at a CAGR of 14-16% to ₹487-531 billion (US$ 5.6-6.1 billion) by calendar year 2030

3. Fitness Products Market

A. Estimated at approximately ₹1,157.6 billion (US$ 13.3 billion) in calendar year 2025

B. Projected to expand at a CAGR of 14-16% to ₹2,175-2,349 billion (US$ 25-27 billion) by calendar year 2030

4. Key Growth Drivers

A. Rising health consciousness and preventive healthcare adoption

B. Increasing urbanization and disposable incomes

C. Government initiatives promoting fitness and wellness

D. Growing penetration of organized fitness platforms

E. Corporate wellness programs and B2B fitness memberships

F. E-commerce and quick-commerce expansion enabling product accessibility

5. Market Dynamics

The top 4 cities (Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, Hyderabad) account for 40-42% of India’s overall fitness services market. Fitness centres in these cities have grown 1.8-2X faster than all other cities combined over 2021-2025. However, 58-60% of the market lies beyond the top 4 cities, representing significant growth opportunities.

How Will Cult.Fit Limited Benefit

1. Market leadership position with 708 centres and 4-6% market share positions Cult.Fit Limited to capitalize on the growing fitness market in India

2. First-mover advantage in India’s organized, tech-enabled fitness services model provides a strong competitive moat against new entrants

3. Asset-light expansion strategy through franchising enables rapid scaling to tier II and tier III cities with minimal capital expenditure

4. Integrated ecosystem across services and products creates cross-selling opportunities and enhances customer lifetime value

5. Technology-driven operations with AI-powered personalization improve operational efficiency and customer retention

6. Strong brand recognition with highest search interest among fitness providers drives customer acquisition and referrals

7. Omnichannel distribution across D2C, e-commerce, and EBOs captures diverse customer segments and purchase occasions

8. Data-driven product innovation leveraging insights from 51 million+ annual workout sessions enables rapid product development

9. Corporate membership growth through Cultpass Corp (256,330 members in FY26) taps into expanding B2B wellness programs

10. Localization of supply chain reduces import dependence and improves margins across apparel, footwear, and equipment categories

Peer Group Comparison

• There are no comparable listed companies in India that engage in a business similar to that of the company. Accordingly, it is not possible to provide an industry comparison as per the DRHP.

Key Strategies for Cult.Fit Limited

1. Deepen Geographic and Member Footprint

Cult.Fit Limited intends to leverage its data-driven technology stack to identify and tap into markets with demand potential across top 100 cities. The company plans to expand its “Neo” gym offerings for value-conscious consumers, grow corporate memberships through Cultpass Corp, and strengthen its presence in tier II and tier III cities. With 58-60% of India’s fitness services market lying beyond the top 4 cities, this strategy presents significant growth opportunities.

2. Pursue Franchise-Led Growth

Cult.Fit Limited intends to continue expanding its footprint primarily through an asset-light growth strategy. The “gym-in-a-box” franchise product enables first-time entrepreneurs to invest in Cult fitness centres with standardized operations and in-house tooling for monitoring. In fiscal year 2026, 58.62% of new on-app centre additions were franchisee-led. This approach supports rapid scaling while preserving capital and enhancing return on invested capital.

3. Broaden the Range of Fitness Products and Add New Categories

Cult.Fit Limited seeks to continuously innovate and expand its product portfolio by introducing more products within existing categories and launching new categories. Recent introductions include walk-pads, plus-size activewear, training shoes, outdoor footwear, and sporting goods. The company plans to launch functional use-specific apparel ranges, swimwear, hiking wear, and orthopedic support equipment. In fiscal years 2026, 2025, and 2024, the company launched 1,832, 1,225, and 560 new designs respectively.

4. Localise the Supply Chain

Cult.Fit Limited aims to increase localization of raw materials and parts across all product categories. Imports in footwear reduced from 59.50% in fiscal year 2024 to 1.56% in fiscal year 2026, and in activewear apparel from 29.58% to 1.39% over the same period. The company operates three warehouses in Bangalore, Mewat, and Chennai, with outsourced operations in Mumbai, Ludhiana, and Pune, supporting a more agile and sustainable supply chain.

5. Expand Distribution Through Omnichannel Strategy

Cult.Fit Limited intends to further expand and deepen distribution through an integrated omnichannel strategy combining D2C digital channels, EBOs, third-party e-commerce marketplaces, quick-commerce platforms, and offline B2B channels. The company plans to strengthen offline presence through general trade and additional EBOs in key metropolitan and high-potential tier II and tier III cities. First-party digital channels contributed 23.90% of fitness product revenue in fiscal year 2026.