Mukesh Bansal founded Cult.fit Private Limited in 2016. Cult.fit is set to file its draft red herring prospectus (DRHP) for an IPO in the range of ₹3,500–₹4,000 crore. This would come into effect through a mix of fresh issuance along with an offer for sale (OFS), sources have said. This clearly depicts that there has been major progress from the high-growth start-up to becoming a publicly traded company.

Financial performance and business model

The firm has witnessed healthy financials and is expected to achieve positive EBITDA during the fourth quarter of FY26. The achievement depicts the ability of the firm to grow by double digits and highlights the scalability of Cult.fit’s operations. With over ₹1,700 crore in revenue, which has witnessed a growth rate of 40% year-on-year, it further signifies how efficiently the company manages its diverse business operations.

The positive aspect of EBITDA means that all the core businesses run by the firm, which include physical gym centers, fitness classes, online training sessions, and wellness products, generate enough revenue to cover its cost of operations. This fiscal recovery is a key indicator to those investors who value long-term gains and rigorous unit economics over short-term growth.

Cult.fit is a multi-format fitness business with gyms, group fitness, outdoor formats, at-home fitness solutions, and a full suite of fitness products, including apparel, shoes, accessories, and equipment. The revenue model is fairly balanced, with fitness services accounting for approximately 70% of income and fitness products for approximately 30%. This combination generates consistent subscription revenue and transaction-based sales, offering stability and scalability.

Market position and advisory

The company has grown to become the country’s largest Fitness Service company with a transacting user base of over 1 million paid subscribers spread across over 75 cities. Its fitness products division also supplies more than 4 million items, extending its consumer penetration further. Cult.fit’s association with Hrithik Roshan as brand ambassador has enhanced its brand visibility and recall, positioning it at the forefront of India’s fitness revolution.

Cult.fit has also strengthened its governance structure with the appointment of independent directors, Kalpana Morparia, Arun M. Kumar, Indu Bhushan, and Pragya Misra, on its board ahead of the IPO filing. The appointments represent the company’s adherence to appropriate corporate governance and its willingness to be subject to public market-type scrutiny.

Cult.fit has gained representation in the IPO process through some top financial companies such as Axis Capital, Jefferies, JM Financial, Morgan Stanley, and Goldman Sachs. Health and fitness culture adoption has reached a critical mass in India, and Cult.fit is well placed to take advantage of this revolutionary change in the market. The inbuilt network and the established brand image make this happen. 

The involvement of these specific investment banks reflects a deliberate corporate strategy to attract the interest of large foreign institutional investors and domestic retail investors. These banking partners are responsible for establishing the final valuation criteria, defining all banking-related operational risk conditions, determining the need of the public, and setting a viable price range when the company officially leaves the phase of a draft offer and enters into the phase of a public offer.

Conclusion

By listing an IPO worth about ₹3,500–₹4,000 crore, the fitness industry of India will be witnessing yet another landmark. Cult.fit has made remarkable growth through increased revenues, achieved EBITDA positive, and is now ready to go public. The multiple business strategies, increased number of clients and successful leader transfers will be evident during their future expansion. This makes the IPO of Cult.fit a great sign in the history of India’s fitness industry.