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Mukesh Bansal's Cult.fit files for IPO
07 Jul 2026

Cult.fit, a leading fitness and active lifestyle platform co-founded by Myntra's Mukesh Bansal, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India(SEBI).

The company plans to raise up to ₹950 crore through an initial public offering (IPO).

The IPO will include a fresh issue of equity shares worth up to ₹950 crore as well as an offer for sale (OFS) by existing shareholders.

Major shareholders participating in OFS
Offer details

The DRHP states that shareholders will sell up to 17.86 crore equity shares through the OFS.

Among them are Temasek's MacRitchie Investments, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, and Twenty Nine Capital Partners.

Accel India V (Mauritius) is also a selling shareholder in this OFS.

Pre-IPO placement may reduce fresh issue size
Fund allocation

Cult.fit may also conduct a pre-IPO placement of up to ₹190 crore, which would reduce the size of the fresh issue.

The company intends to use ₹217.5 crore from its fresh issue for lease and rental payments at existing fitness centers, ₹120 crore for repayment/prepayment of certain borrowings, and ₹75 crore for brand marketing/business promotion.

The rest will be used for general corporate purposes.

Cult.fit turned EBITDA positive in FY26
Business growth

Cult.fit has been working to improve profitability over the past year.

The company turned EBITDA positive in Q4 FY26 and is estimated to have reported around ₹1,700 crore in revenue for FY26, a nearly 40% increase from the previous fiscal year.

However, it remains lossmaking on a bottom-line basis with net losses reported in each of the last three financial years.

Funding and financials
Market position

Cult.fit serves nearly one million paid active subscribers across more than 75 cities. Its direct-to-consumer (D2C) brand, Cultsport, shipped over four million units during FY26.

The company has raised over $714 million in 16 funding rounds and was last valued at around ₹12,600 crore (around $1.5 billion) after a $47.6 million Series G funding round in March 2026.