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Gym franchise operator Cult.fit has filed its draft IPO papers with the SEBI, aiming to net up to ₹4,000 Cr via its public float. The proposed IPO will comprise both a fresh issue of shares worth up to ₹950 Cr and an offer for sale (OFS) of up to 17.86 Cr shares. 

In total, around 22 institutional investors and 13 individual shareholders are set to participate in the IPO.

Cult.fit’s largest shareholder, Temasek, holds over a fifth of the company’s equity. Via its holding entity MacRitchie Investments, it is looking to offload up to 2.47 Cr shares in the company’s IPO.

Behind Temasek, VC firm Accel is also one of the biggest investors in Cult.fit, holding a 13.45% stake. It intends to sell 65.32 Lakh shares via the IPO.

One of the company’s original cofounders, Mukesh Bansal, still holds over 8% stake in the IPO-bound company. He will also participate in the OFS, with plans to offload about 1.60 Cr shares. 

Meanwhile, Chiratae Ventures has emerged as the largest selling shareholder. The VC firm, which first backed Cult.fit in 2018, will cash in 2.81 Cr shares held across two entities – IDG Ventures India Fund III LLC and Chiratae Trust. The investor controlled close to 6% stake in the company. 

Besides, Germany’s LifeFit Group Fitness First Luxembourg SCA will sell up to 1.96 Cr shares and Tata Digital will sell nearly 1.59 Cr shares. 

Other investors, like Deepinder Goyal’s Eternal and Kalaari Capital, are not partaking in the OFS component of the IPO.

From the fresh ₹950 Cr netted via the IPO, Cult.fit intends to set up new fitness centres and exclusive brand outlets, cover costs related to existing fitness centres, and repay and prepay borrowings. Besides, part of the funds will also go to fuel marketing and promotional activities as well as general corporate purposes. 

As of March 31, 2026, Cult.fit owned 708 fitness centres across 77 cities in India, of which 218 are company owned and operated. Of this, 288 centres are owned or operated by franchise partners, and the remainder are “marketplace gyms” that are owned by independent owners. The network also included 29 exclusive branded outlets (EBOs). 

On the financial front, the company’s FY26 operating revenue surged 42% YoY to ₹1,720.6 Cr. On the back of the top line expansion, Cult.fit managed to narrow its net loss by about 48% to ₹251.8 Cr from ₹480.8 Cr in the previous fiscal year. 

With that, here’s a detailed look at Cult.fit’s board and key management personnel.

Board of Directors

Mukesh Bansal

Cofounder Bansal has been serving as Cult.fit’s Managing Director and Executive Chairman since its inception. He previously led the company as its CEO. Earlier in his career, Bansal founded fashion ecommerce platform Myntra and served as the head of Flipkart’s commerce platform. His total remuneration in FY26 was ₹49.9 Lakh. 

Naresh Krishnaswamy

Krishnaswamy, who replaced Bansal as CEO, joined Cult.fit in April 2018 and was appointed to its board in October 2024. A graduate of IIT Madras and IIM Calcutta, he was also previously engaged with Myntra, serving as its chief revenue officer. In FY26, he was paid a total remuneration of ₹2.5 Cr. 

Subrata Mitra

Mitra is Accel’s representation to Cult.fit’s board, joining the board as a non-executive director in 2018. He also sits on the board of prominent unlisted companies like Scripbox, Juspay and BRND.ME.

Arun Madhavan Kumar

Celesta Capital’s managing partner Kumar joined Cult.fit’s board as a non-executive independent director in December 2025. He previously served as an assistant secretary of commerce for the US government as well as the India CEO of consulting firm KPMG. 

Indu Bhushan

Bureaucrat and businessman Bhushan was appointed as a non-executive independent director in January 2026. He currently serves as an independent director on the boards of several Indian companies, including United Spirits Ltd, Colgate-Palmolive (India) Ltd and Godrej Properties Ltd.

Kalpana Morparia

Morparia, a Padma Shri awardee, joined the board as a non-executive independent director in March 2026. In her career of over 45 years, she had stints as the Joint MD of ICICI Bank and CEO of JP Morgan India. 

Pragya Misra

OpenAI executive Misra was appointed to the board as a non-executive independent director in March 2026. She currently serves as OpenAI’s Head of Strategy & Global Affairs, India, and earlier worked at companies like Truecaller and WhatsApp. 

Bishnu Prakash Hazari

Cofounder Hazari has been leading the fitness company’s finance operations as its group CFO since inception. Besides finance, he also looks after the legal, governance and compliance functions for the company. For FY26, his total gross remuneration stood at ₹1.59 Cr.

Siddharth Sharma

Sharma has been Cult.Fit’s company secretary since June 2024 and took up an additional post as its compliance officer in March 2026. He previously managed corporate governance, legal portfolios, and secretarial compliance at Royal Orchid Hotels and Tirupati Starch & Chemicals. His gross remuneration in FY26 amounted to ₹36.9 Lakh. 

Nimesh Mathur

Appointed as its CHRO in April 2026. He has been associated with the company since January 2025. He previously led HR at Jio Haptik. His total FY26 gross remuneration was ₹96.6 Lakh.

Porko Elango

Elango is Cult.fit’s head of new business — fitness services. He previously worked with companies like McKinsey, Sequoia Capital, and Nike. His consolidated FY26 gross remuneration across group entities stood at ₹1.13 Cr. 

Gaurav Luniya

As head of corporate development, Luniya manages M&A and investor relations for the company. His FY26 gross remuneration stood at ₹1.11 Cr. 

Abhilash Panda

Panda serves as head of hardlines business for the company’s equipment arm, Cultsport. He was earlier CEO of DIZO Innovation and a director at Flipkart. His FY26 gross remuneration was ₹1.41 Cr. 

Purti Kabra

Kabra is head of apparel business at Cultsport and joined the group in October 2023. She earlier held category directorships at Glance and Myntra. Her FY26 gross remuneration stood at ₹94.8 Lakh. 

Prerna Tirumalai

Tirumalai, who serves as chief of staff to the CEO at Cult.fit, has been associated with the company since December 2017. She earlier led digital marketing at Aditya Birla Online Fashion. Her FY26 gross remuneration was ₹96.8 Lakh.

Siddharth Suchde

Suchde leads the footwear business at Cultsport. He is a former professional squash athlete who represented India at the Asian Games. His combined FY26 gross remuneration across group companies was ₹94.9 Lakh. 

Shanti Varghese

Varghese is Cult.fit’s head of expansion and franchising. She has been associated with Cult.fit since December 2018. Her FY26 gross remuneration totaled ₹98.7 Lakh.

Mujtabha Magrey

Magrey, who joined Cult.fit in July 2017, was named chief operating officer of fitness services in April 2026. He previously served as an associate director at Flipkart. His FY26 gross remuneration amounted to ₹1.27 Cr.

Santhosh Jayaprakash

Jayaprakash is Cult.fit’s chief technology and product officer who has been at the company since November 2016. He previously held engineering roles at Walmart Global Tech and Strand Life Sciences. His FY26 gross remuneration was ₹1.53 Cr.

Sivaram Narayanan

As Cult.fit’s group finance controller, Narayanan manages tax and financial controllership. He earlier held finance leadership roles at Treebo Hotels and Wildcraft India. His total FY26 gross remuneration was ₹94.9 Lakh.

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