Cult.fit, the Bengaluru-based fitness and wellness platform backed by Temasek, Zomato, and Accel, is preparing to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), according to people familiar with the development.
The company plans to launch an Initial Public Offering (IPO) worth approximately ₹4,000 crore. The proposed public issue will include a combination of a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders.
According to sources, the Offer for Sale expects to contribute nearly ₹3,000 crore, while the fresh issue is likely to be around ₹950 crore. However, the company continues to finalize the structure, valuation, and overall size of the IPO based on prevailing market conditions.
Additionally, Cult.fit is evaluating a pre-IPO fundraising round to strengthen its capital base before the public issue. If the company raises capital through this route, it will adjust the proceeds against the fresh issue portion of the IPO.
Founded in 2016 by Mukesh Bansal and Ankit Nagori as Cure.fit, the company later rebranded itself as Cult.fit and has since emerged as one of India’s leading fitness and wellness platforms.
Over the years, Cult.fit has built a comprehensive health and fitness ecosystem that includes fitness centres, digital fitness subscriptions, sportswear, fitness equipment, and wellness services. Furthermore, the company operates a hybrid online-offline business model, enabling customers to access both physical fitness centres and digital workout experiences.
The company has also expanded its nationwide footprint through its growing network of Cult centres and its subscription-based Cultpass ecosystem, which provides users with flexible access to gyms, group classes, sports facilities, and wellness services.
Meanwhile, investor confidence in the company remains robust. In March, Singapore’s Temasek, through its MacRitchie investment unit, invested ₹440 crore in Cult.fit, increasing its shareholding to nearly 12%. The investment further reinforced investor optimism ahead of the company’s planned stock market debut.
As India’s fitness, wellness, and digital health sectors continue to expand, Cult.fit’s IPO is expected to attract significant attention from institutional and retail investors alike. The proposed listing would also mark another milestone in India’s growing startup ecosystem, which has witnessed increasing public market participation from technology-driven consumer brands.
Cult.fit’s planned ₹4,000 crore IPO represents a significant step in the company’s growth journey as it seeks to strengthen its market position and accelerate expansion. Supported by prominent investors such as Temasek, Zomato, and Accel, the fitness and wellness company enters the public markets with a diversified business model, a strong nationwide presence, and sustained investor confidence. The upcoming SEBI filing will officially initiate one of the most closely watched startup IPOs in India’s health and wellness sector.
