Bengaluru-headquartered fitness and active lifestyle platform Cultfit Healthcare Private Limited has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to launch an IPO.
The proposed public market debut comprises a fresh issue of equity shares worth up to Rs 950 crore alongside an offer for sale of up to 17.86 crore equity shares by early investors and individual shareholders.
The total market valuation and public issue size are projected by industry insiders to hover between Rs 3,500 crore and Rs 4,000 crore, although final pricing details will depend entirely on the final price band approved by the book-running lead managers.
According to the regulatory draft, the health-tech startup plans to allocate Rs 276.6 crore from the fresh capital injection to aggressively expand its offline fitness footprint by establishing new premium Cult Elite and specialized Cult Neo fitness hubs.
The wellness player has earmarked another Rs 217.5 crore for lease, rental, and licensing obligations across its current network of facilities, while Rs 120 crore will be utilized to pare down outstanding corporate debt.
The company has also structured an option to undertake a pre-IPO placement of up to Rs 190 crore, which would scale down the fresh issue component proportionately if executed successfully.
The public listing represents a liquidity event for several prominent early backers who are offloading chunks of their equity through the OFS window.
Singaporean sovereign wealth fund Temasek, acting through its affiliate MacRitchie Investments, plans to sell the largest chunk with up to 2.47 crore shares, while other venture capital participants include early-stage tech investors Accel, Chiratae Ventures, Kalaari Capital, and corporate giant Tata Digital.
Cultfit co-founder and serial consumer-tech entrepreneur Mukesh Bansal plans to liquidate up to 1.6 crore equity shares from his personal holding, while celebrity brand ambassador and actor Hrithik Roshan is similarly offloading a partial portion of his stake.
Operationally, the active lifestyle enterprise reported an encouraging trajectory in its primary financial statements for the fiscal year ended March 31, 2026.
The platform saw its consolidated operational revenue spike 36.26% year-on-year to hit Rs 1,720.61 crore, up from Rs 1,262.80 crore in the preceding financial year.
More importantly for institutional investors evaluating the business, the gym network narrowed its net losses significantly to Rs 251.8 crore from a steep net loss of Rs 480.8 crore reported during fiscal year 2025.
The improvement in operational health is underscored by the company reporting a positive adjusted EBITDA of Rs 144.8 crore. This represents an operating margin of 8.41%, bouncing back from a negative EBITDA loss of Rs 33.5 crore recorded just a year prior.
Management has privately communicated to public market analysts that the venture aims to achieve net bottom-line profitability by the close of fiscal year 2028.
Founded originally in 2016 by Myntra pioneer Mukesh Bansal and former Flipkart executive Ankit Nagori, Cultfit has scaled to become the largest commercial wellness network across the Indian subcontinent.
The ecosystem currently operates a massive grid of 708 fitness centers sprawling across 77 Tier-1 and Tier-2 cities, catering to a subscriber base of nearly 10 lakh active paid members.
The business model generates 70% of its cash inflows from fitness services and gym memberships, while its direct-to-consumer apparel and equipment brand Cultsport brings in the remaining 30%.
The platform faces no directly comparable listed corporate peer on local stock exchanges, making it a critical test case for public investor appetite regarding digital-first lifestyle platforms.
The tech-enabled startup was last valued in the private domain at approximately $1.5 billion following a minor $47.6 million funding round backed by Temasek in early 2026.
Historically, the brand has accumulated over $714 million in total equity backing since inception, running alongside strategic investments from food-delivery giant Zomato which retains a 6.4% cross-holding in the platform.
