Cult.fit readies ₹3,500-4,000 cr IPO at $2 bn valuation after decade of pivots
Once Cure.fit, the Bengaluru fitness chain is filing draft papers with Goldman Sachs and Morgan Stanley as advisers. Now Ebitda-positive, it runs 712 centres across 75 cities and targets 100 cities. FY25 revenue hit ₹1,216 crore, with Cult Store contributing ₹372 crore and FY26 revenue seen above ₹1,700 crore.
What happened
Cult.fit is preparing to file draft papers for a ₹3,500-4,000 crore IPO at ~$2 billion valuation, with Goldman Sachs and Morgan Stanley as advisers, after
Key facts
- ₹3,500-4,000 crore IPO
- $2 billion valuation
- FY25 revenue ₹1,216 crore
- Cult Store ₹372 crore
- FY26 revenue over ₹1,700 crore
- 712 centres
- 75 cities
Why this matters
Cult.fit's decade of pivots from Cure.fit and its ₹372 crore Cult Store retail arm signal both consolidation appetite and adjacency plays worth tracking as it moves from private M&A to public-market currency.
What to watch
- DRHP filing date and disclosed FY26 interim numbers
- Grey-market premium and anchor-book demand signals
- Same-centre revenue and churn/retention metrics
- Competitive moves by Gold's Gym, Anytime Fitness franchisees and boutique studios
- Broader consumer-tech IPO performance setting valuation comps
- File DRHP with SEBI detailing city-wise unit economics and Cult Store vs core fitness margin split
- Accelerate 75-to-100 city footprint to reinforce growth story pre-listing
- Lock in anchor investors and highlight sustained Ebitda-positive quarters
- Push high-margin membership/subscription mix over one-time hardware sales