Cult.Fit submits IPO draft papers to raise up to Rs 950 crore funding

Fitness and active lifestyle firm Cult.Fit on Tuesday submitted preliminary papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) that could raise about Rs 950 crore funding.

MacRitchie Investments, a Singapore-based company backed by Temasek Holdings, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, Twenty Nine Capital Partners, and Accel India V (Mauritius) are among the shareholders selling 17.86 crore equity shares in the offer-for-sale.

Before submitting the red herring prospectus (RHP) to the Registrar of Companies, the Bengaluru-based company may also think about raising up to Rs 190 crore through a pre-IPO placement, which is a component of the new issue. The amount raised through the pre-IPO placement will be used to reduce the size of the proposed new issuance.

The company plans to use the funds to grow its Cult Elite and Cult Neo fitness centres and pay off debt. It would finance lease-related payments, invest in new Cultsport stores, boost marketing and brand promotion expenditures and serve general corporate goals.

Cult Elite offers group exercises like yoga, weight training, and boxing in addition to standard gym facilities. The company’s premium gym format is called Cult Neo. Cultsport outlets are company-owned retailers of the brand’s athletic merchandise.

Cult.Fit is co-founded by Myntra founder Mukesh Bansal, and backed by marquee global names Temasek, Accel, and Schroders.

In terms of earnings, Cult.fit reported a loss of Rs 251.8 crore for the fiscal year that concluded in March 2026, which was less than the previous fiscal year’s loss of Rs 480.8 crore. Revenue, however, increased by 41.6 percent to Rs 1,720.6 crore from Rs 1,215.5 crore over the same time.

In fiscal year 2026, the services and products segments accounted for 69.62 percent and 30.38 percent of operating revenue, respectively.