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Fitness services and active lifestyle company Cult.fit has received observations from the Securities and Exchange Board of India (SEBI) on its proposed initial public offering, paving the way for the company to launch its share sale.
The IPO will comprise a fresh issue of equity shares worth up to ₹950 crore, along with an offer for sale (OFS) of up to 17.86 crore equity shares by existing shareholders.
Cult.fit plans to deploy the money raised through the fresh issue across several areas. These include repaying or prepaying certain borrowings, capital expenditure for setting up new fitness centres, investment in its subsidiary Cultsport to open new exclusive brand outlets, lease payments for existing centres, and brand marketing and business promotion. A portion of the proceeds will also go towards general corporate purposes.
Cult.fit’s revenue from operations rose 36.26% year-on-year to ₹1,720.61 crore in FY26, compared with ₹1,262.93 crore in FY25. The company’s adjusted EBITDA margin also improved sharply, turning positive at 8.41% in FY26 from a negative 2.76% in the previous financial year.
Fitness services account for roughly 70% of the company’s revenue, while fitness products make up the remaining 30%, giving the business a mix of membership-based and transactional income.
As of March 31, 2026, Cult.fit ran 708 fitness centres across 77 cities in India. Its fitness services business had close to 9.87 lakh paid members in FY26, while its fitness products arm shipped more than 42.3 lakh products during the year.
India’s fitness services market was valued at an estimated ₹25,600 crore in calendar year 2025 and is projected to reach between ₹48,700 crore and ₹53,100 crore by 2030. The growth is expected to be driven by rising disposable incomes, greater health awareness and wider access to organised fitness services.
Cult.fit’s IPO comes as the country’s organised fitness segment continues to expand.
