India’s fitness tech space is bracing for a massive public listing. Cult.fit (legally registered as Curefit Healthcare Private Limited) is preparing to file its Draft Red Herring Prospectus (DRHP) to launch an Initial Public Offering (IPO) targeting up to ₹3,500 crore to ₹4,000 crore.
The formal filing, expected later this month, concludes months of speculative timelines and structural corporate reshuffling. The public issue is anticipated to structure a balanced combination of a fresh equity issuance alongside an Offer for Sale (OFS) by early venture backers.
Driving the Debut: The EBITDA Pivot
The timing of Cult.fit’s public market push is heavily dictated by a vital financial turnaround. According to desk sources familiar with the matter, the Bengaluru-based startup turned EBITDA-positive in the final quarter of the 2026 fiscal year (Q4 FY26).
This operational milestone, coupled with an improved macroeconomic climate for tech listings, provided the platform’s board with the confidence to advance their market debut.
| Financial Indicator | FY25 Performance | FY26 Performance | Structural Trajectory |
| Total Revenue | ₹1,215 Crore | ~₹1,700 Crore | Up nearly 40% driven by premium hybrid subscriptions. |
| Operational Losses | ₹483 Crore | EBITDA Positive (Q4) | Aggressive cost-containment and gym consolidation narrowed historical gaps. |
| Core Revenue Split | — | 70% Fitness Services / 30% D2C Products | Balanced between cultpass recurring income and Cultsport shipments. |
The core engine driving this growth has been the physical-digital hybrid footprint. In FY26, Cult.fit’s fitness segment commanded roughly 1 million paid active subscribers spread across more than 75 cities. On the commerce end, its direct-to-consumer (D2C) hardware and apparel arm, Cultsport, successfully shipped over 4 million individual units during the same period.
Boardroom Overhaul: Strengthening Governance
To meet the strict compliance and regulatory mandates enforced by SEBI for public listings, Cult.fit executed a major corporate governance restructure, raising its board strength by appointing four heavyweight independent directors:
- Kalpana Morparia: The veteran banker who spent 17 years as the Chairman of JPMorgan South and Southeast Asia.
- Arun M. Kumar: Former Chairman and CEO of KPMG India, who also served as a senior assistant secretary of commerce in the U.S. government.
- Indu Bhushan: The former CEO of Ayushman Bharat (National Health Authority) with four decades of institutional healthcare policy experience.
- Pragya Misra: The current public policy and global affairs head for OpenAI in India.
The Strategic Funding Moat
Founded in 2016 by Myntra co-founder Mukesh Bansal and Ankit Nagori, Cult.fit has raised over $714 million in private capital across 16 funding rounds, securing an unlisted valuation milestone of ₹12,600 crore ($1.5 Billion) following a late $47.6 million Series G primary injection.
The company’s diverse cap table includes highly protective strategic corporate anchors, most notably Tata Digital and Zomato, alongside global venture institutions like Accel, Temasek, Kalaari Capital, and Chiratae Ventures.
The capital raised from the fresh issuance tranche of the upcoming ₹4,000 crore IPO is expected to be directed toward aggressively scaling its physical franchise-led gym network into tier-2 and tier-3 markets, while underwriting deeper AI-driven health data analytics pipelines within the core consumer app ecosystem. Cult.fit has finalized a top-tier advisory consortium for the issue, shortlisting Axis Capital, Morgan Stanley, Jefferies, JM Financial, and Goldman Sachs to manage the public book build.