Zomato-backed Cult.fit is set to file its Draft Red Herring Prospectus (DRHP) with SEBI in the next two weeks to launch an Initial Public Offering (IPO) seeking to raise between ₹3,500 crore and ₹4,000 crore. The IPO will be a combination of a fresh issue and an offer for sale (OFS) from early investors. This move follows a strategic financial turnaround, as the company reportedly became EBITDA positive in the fourth quarter of FY26.
The health and fitness platform has seen significant growth, with estimated revenue for FY26 projected at around ₹1,700 crore, marking a nearly 40% increase over FY25. This growth is primarily driven by premium hybrid subscriptions, with fitness services contributing about 70% of total revenue and the direct-to-consumer (D2C) business making up the remaining 30%. The fitness segment currently serves approximately 1 million paid active subscribers across more than 75 cities.
Cult.fit plans to utilize the proceeds from the fresh issue to fund its expansion into tier-2 and tier-3 markets through a franchise-led gym model, and to invest further in AI-driven health analytics within its consumer application. Ahead of filing, the company has also strengthened its board by appointing four independent directors to meet SEBI governance norms: Kalpana Morparia, Arun M Kumar, Indu Bhushan, and Pragya Misra. The company was founded in 2016 by Mukesh Bansal and Ankit Nagori.
Cult.fit has raised over $714 million across 16 funding rounds, with its last valuation at ₹12,600 crore (approximately $1.5 billion) after a $47.6 million Series G round in March 2026. Zomato holds a 6.4% stake, acquired for $100 million in November 2021, at which point Cult.fit was valued at $1.56 billion. Other prominent investors include Accel, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures. The company has retained Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as the book-running lead managers. The decision to proceed with the IPO comes after shelving previous listing plans due to market volatility, with the current environment now considered favorable for tech listings.
