According to latest reports, Cult.Fit has filed papers to sell shares to the public, offering a unique proposition on Indian stock exchanges. The IPO comprises a fresh issue of shares raising up to ₹9.5 billion (US$98.4 million, £73.9 million) alongside an offer for sale of up to 178,609,200 existing shares. The shares will be listed on both BSE and National Stock Exchange of India, with the company also planning a pre-IPO placement of up to ₹1.9 billion (US$19.7 million, £14.8 million). Sellers include MacRitchie Investments, Fitness First Luxembourg, IDG Ventures India Fund III, founder Mukesh Bansal and Tata Digital. As part of IPO preparation, Cult commissioned Redseer Strategy Consultants to deliver a market study on India's fitness market, which values the market at ₹256 billion (US$2.65 billion, £1.99 billion) in 2025 and forecasts growth to between ₹487 billion (US$5.04 billion, £3.79 billion) and ₹531 billion (US$5.5 billion, £4.13 billion) by 2030.
As reported by How India Lives, backed by approximately $714 million of capital from investors including Temasek, Tata Digital and Accel, Cult.Fit operates a broad fitness and active lifestyle business encompassing corporate wellness services, health clubs, group exercise, online workouts, sportswear, fitness equipment and recovery products. The company has organized India's fitness sector with 708 fitness centres and about 987,020 members as of March 2026, up from 833,032 in 2025 and 690,657 in 2024. Of these centres, 594 are integrated with the Cult.fit app, with the company's fitness centre revenues growing at a compounded annual rate of 33% over the last two years. Consumer memberships are sold through the Cult.fit app, while Cultpass Corp provides employers with corporate fitness and wellness memberships for their staff. The fitness operation includes trainer-led group exercise, full-service gyms and online workouts.
According to How India Lives, the company's revenue mix reveals significant geographic limitations, with the top four cities—Delhi NCR, Mumbai Metropolitan Region, Bengaluru and Hyderabad—accounting for more than 90% of its fitness centre revenues in 2025-26. The company operates 563 centres across these four cities, generating 90% of fitness-services revenue. Gym membership plans cost between ₹9,000 and ₹88,000 per year, with the company's membership base increasing from about 0.7 million in March 2024 to about 1 million in March 2026.
The latest financial results show Cult.Fit moving closer to profitability following rapid growth. Revenue from operations increased by 41.6% to ₹17.21 billion (US$178.2 million, £133.8 million) during the year ending March 31, 2026, up from ₹12.16 billion (US$125.9 million, £94.5 million) in 2025. Adjusted EBITDA improved from a loss of ₹335 million (US$3.5 million, £2.6 million) to a profit of ₹1.45 billion (US$15 million, £11.3 million), while the net loss attributable to the company's owners was nearly halved, falling from ₹4.8 billion (US$49.7 million, £37.3 million) to ₹2.48 billion (US$25.7 million, £19.3 million). Fitness services generated revenue of ₹11.98 billion (US$124.1 million, £93.1 million) and a positive segment result of ₹2.1 billion (US$21.7 million, £16.3 million). The products division delivered revenue of ₹5.23 billion (US$54.2 million, £40.7 million), but recorded a segment loss of ₹574 million (US$5.9 million, £4.5 million).
According to How India Lives, Cult.Fit's growth strategy focuses on deepening geographic and membership footprint, expanding through franchising and continuing to invest in technology. The company plans to allocate ₹2.77 billion (US$28.7 million, £21.5 million) of IPO funds to new openings, making health club expansion the largest use of funding. A further ₹2.18 billion (US$22.6 million, £16.9 million) has been earmarked for lease, rent and licence payments relating to existing clubs, while ₹1.2 billion (US$12.4 million, £9.3 million) will be used to repay or prepay borrowings. The company also plans to spend ₹750 million (US$7.8 million, £5.8 million) on marketing, advertising and promotion and invest ₹234 million (US$2.4 million, £1.8 million) in its Cultsport subsidiary to open new standalone retail stores. The filing shows Cult moving closer to profitability following a period of rapid growth, with the company's fitness centre revenues growing at a compounded annual rate of 33% over the last two years.
