Cult.fit files DRHP for ₹950 crore IPO after 36% FY26 revenue growth
Fitness platform Cult.fit filed its draft prospectus for a ₹950 crore fresh issue plus a 17.86 crore share OFS, reporting revenue of ₹1,720.6 crore in FY26 at 8.41% EBITDA margin. IPO proceeds will fund expansion of its 708-centre network and Cultsport retail outlets across 77 cities.
What happened
Fitness and wellness platform Cult.fit filed its DRHP for a ₹950 crore IPO plus OFS, reporting 36% revenue growth to ₹1,720.6 crore in FY26. Proceeds fund
Key facts
- ₹950 crore fresh issue
- 17.86 crore OFS shares
- revenue ₹1,720.6 crore FY26
- 36.3% YoY growth
- 8.41% EBITDA margin
- 708 centres
- 77 cities
- 9.9 lakh paid members
- 4.23 million products shipped
Why this matters
Cult.fit's DRHP with a 17.86 crore share OFS signals early-investor liquidity intent and sets a public benchmark for fitness-and-wellness valuations ahead of consolidation opportunities.
What to watch
- SEBI observations and final RHP pricing band
- Net profit / cash-burn trajectory disclosed in updated financials
- Paid member retention and centre-level utilization metrics
- Cultsport retail contribution to revenue mix
- Grey-market premium and anchor-investor allocation
- Competitors (Anytime Fitness, Gold's Gym, local chains) accelerate promotions to defend membership share ahead of Cult's capital raise
- Cultsport doubles down on omnichannel retail and product launches to diversify beyond subscription revenue
- Analysts benchmark Cult.fit against Nykaa/Zomato-style consumer plays to frame valuation debate
- PE/VC backers position OFS narrative around 'de-risking' rather than exit