Cult.fit Files DRHP For ₹950 Cr+ IPO At ~$2 Bn Valuation

Fitness unicorn Cult.fit filed draft papers to raise over ₹950 Cr via a fresh issue plus a 17.86 Cr share OFS. It operates 708 fitness centres and 9.87 lakh paid members, with FY26 revenue of ₹1,720.6 Cr against a net loss of ₹251 Cr. Backers include Temasek, Accel, Tata Digital and Eternal.

— Source publishedTue, 7 Jul, 2026, 10:15 IST·First seen Tue, 7 Jul, 2026, 11:15 IST·Source Inc42

What happened

Fitness unicorn Cult.fit filed its DRHP to raise over ₹950 Cr via a fresh issue plus OFS. It runs 708 fitness centres in India with 9.87 lakh paid members and

Key facts

  • ₹950 Cr fresh issue
  • 17.86 Cr OFS shares
  • 708 fitness centres
  • 9.87 Lakh paid members
  • FY26 revenue ₹1,720.6 Cr
  • net loss ₹251 Cr
  • ~$2 Bn valuation

Why this matters

Cult.fit's DRHP filing and OFS component signal an exit window for backers like Temasek, Accel, Tata Digital and Eternal, reshaping competitive and consolidation dynamics across the fitness retail category.

What to watch

  • SEBI observations and final RHP price band
  • FY27 interim revenue growth and loss trajectory disclosures
  • Same-center member retention and ARPU trends
  • Grey market premium and QIB subscription multiples on day one
  • Broader consumer-discretionary IPO sentiment in the listing window
  • Watch for anchor investor allocations and cornerstone commitments ahead of the book
  • Management guidance on EBITDA breakeven timeline and center-level unit economics
  • Peer benchmarking against listed gym/wellness and consumer-subscription names
  • Eternal/Tata Digital signaling on whether they trim or hold stakes via OFS

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