Cult.fit has received observations from the Securities and Exchange Board of India for its proposed initial public offering. The SEBI nod clears the way for the fitness and lifestyle platform to move to the next stage of listing.
The company plans to raise Rs 950 crore through a fresh issue of equity shares. The Cult.fit IPO has cleared its biggest regulatory step. The offer also includes an offer for sale of up to 17.86 crore shares by existing shareholders.
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What The Filing Says
The equity shares will be listed on the BSE and the National Stock Exchange. Cult.fit was formerly known as Curefit Healthcare.
The structure is a standard one for a large Indian listing. The fresh issue brings money into the company. The offer for sale lets existing shareholders sell part of their holding without new shares being issued.
The final size of the offer will depend on the price band. The value of the offer for sale is calculated from the issue price. The company may also do a pre-IPO placement of up to Rs 190 crore, which would reduce the fresh issue size accordingly.
The Business Behind The Listing
Cult.fit was founded in 2016 by Mukesh Bansal and Ankit Nagori. It operates more than 700 fitness centres across India and also runs the Cultsport and Carefit businesses.
For FY26, the company reported annual revenue of Rs 1,720 crore. Its net loss reduced by 48 percent to Rs 252 crore in the same year.
That combination is what makes the issue interesting. Revenue is now large enough to matter at the index level. The loss is also shrinking at a rate that gives the listing a story beyond growth.
Who Is Backing It
Cult.fit has raised more than USD 714 million across 16 funding rounds. It was last valued at around Rs 12,600 crore, or about USD 1.5 billion. That followed a USD 47.6 million Series G round in March 2026.
Its existing investors include Tata Digital, Temasek, Accel, Kalaari Capital, Chiratae Ventures and Zomato. Ahead of the filing, the company added four independent directors: Kalpana Morparia, Arun M Kumar, Indu Bhushan and Pragya Misra. The move met SEBI’s corporate governance requirements.
Who Is Running The Issue
Axis Capital, Goldman Sachs (India), Jefferies India and JM Financial are the book-running lead managers. MUFG Intime India is the registrar to the issue.
Fitness and wellness is a thin-margin category in India, and the listed comparison set is small. That makes the price band the number to watch. It will decide whether the market treats Cult.fit as a consumer brand or as a capital-heavy services business.