Cult.fit files DRHP with SEBI for ₹950 crore fresh issue plus OFS of 17.86 crore shares

Zomato-backed Cult.fit is heading to the public markets at a ₹12,600 crore valuation. Proceeds will fund franchise gym expansion into tier-2/3 cities, AI health analytics, and its Cultsport D2C arm. The platform reports ~₹1,700 crore FY26 revenue at 40% growth, 1 million paid subscribers, and 700+ centres across 75+ cities.

— Source publishedTue, 7 Jul, 2026, 09:17 IST·First seen Tue, 7 Jul, 2026, 09:25 IST·Source CNBC-TV18 · Companies

What happened

Zomato-backed fitness platform Cult.fit filed its DRHP with SEBI for a ₹950 crore fresh issue plus OFS, aiming to expand franchise gyms in tier-2/3 cities and

Key facts

  • ₹950 crore fresh issue
  • 17.86 crore shares OFS
  • ₹1,700 crore FY26 revenue
  • 40% growth
  • 1 million paid subscribers
  • 75+ cities
  • 700+ fitness centres
  • ₹12,600 crore valuation
  • $714 million raised

Why this matters

Cult.fit's DRHP validates the fitness-and-wellness aggregator model at scale and sets a public benchmark for franchise-led health platforms, opening M&A and partnership windows in AI health analytics and D2C sportswear before the listing crystallizes valuations.

What to watch

  • Anchor book quality and QIB subscription levels during the offer window
  • FY26 audited path-to-profitability and EBITDA margin disclosures in RHP
  • OFS shareholder mix and lock-in expiry schedule
  • Subscriber churn and ARPU trends post-listing quarterly results
  • SEBI observations or delays on the DRHP
  • Cult.fit accelerates franchise signings in tier-2/3 cities to validate the expansion thesis before roadshows
  • Competitors (Anytime Fitness, Gold's Gym, local chains) ramp pricing/membership promotions to defend share ahead of the capital infusion
  • Zomato/Eternal clarifies its post-OFS stake and lock-in to reassure investors on sponsor commitment
  • D2C players and sportswear brands (Decathlon, Nike, Boat-style) watch Cultsport's IPO-funded marketing push

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