Cult.fit IPO 2026: ₹2,500 Cr, Date, Price Band & Complete Review
India's first phygital fitness unicorn is heading for the public market. Cult.fit, the Bengaluru company behind 600-plus gyms and the fitness app millions of Indians use, has lined up five investment banks for a roughly ₹2,500 crore IPO at a target valuation near $2 billion. The paperwork is not in yet, but everything around it suggests the company means business.
DRHP status: Bankers appointed (January 2026), draft red herring prospectus not yet filed. Cult.fit is at the pre-DRHP stage, so the figures below are based on banker mandates, funding filings and FY25 results, not on an official offer document. Treat the size, valuation and timeline as targets until the DRHP confirms them.
IPO overview
| Detail | What we know |
|---|---|
| Company | Curefit Healthcare Pvt Ltd (brand: Cult.fit) |
| IPO size | About ₹2,500 crore |
| Target valuation | Around $2 billion (≈ ₹17,000 crore) |
| DRHP | Not filed yet (pre-DRHP) |
| Expected listing | 2026, second half likely |
| Exchanges | BSE and NSE |
| Lead managers | Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, JM Financial |
About Cult.fit
Cult.fit started in 2016 as Curefit, founded by Mukesh Bansal, who co-founded Myntra, and Ankit Nagori, former chief business officer at Flipkart. The pitch was simple: combine physical fitness centres with a digital app so members get coaching, classes and tracking in one place. That "phygital" model is still the core of the business.
Today the company runs more than 600 gyms and reaches over 300 cities through its app and direct-to-consumer products. It is the only fitness platform operating at this scale across both formats in India, which is the main reason investors keep writing cheques.
Latest developments
Two things in 2026 signal that an IPO is close. In May 2026, Singapore's Temasek put ₹440 crore into a Series G round, a deal the Competition Commission of India cleared in March 2026. Fresh institutional money this late usually lands just before a public listing.
The board was also strengthened in April 2026 with four independent directors: Kalpana Morparia, former chairman of JPMorgan India and a Padma Shri; Arun M Kumar, managing director at Celesta Capital; Indu Bhushan, the founding chief executive of the Ayushman Bharat PMJAY scheme; and Pragya Misra, head of strategy for OpenAI in India. Independent directors of that calibre are a standard pre-IPO governance move.
Financials
The revenue line is climbing and the losses are shrinking, which is the trajectory public-market investors want to see from a loss-making startup.
| Year | Revenue from operations | Net loss |
|---|---|---|
| FY23 | ₹694 crore | n/a |
| FY24 | ₹927 crore (+33.6%) | ₹534 crore |
| FY25 | ₹1,216 crore (+31%) | ₹480.8 crore |
FY25 revenue grew 31% year on year, while the net loss narrowed about 10% from FY24. EBITDA margin improved from roughly -10% in FY22 to around -3% in FY24. The direction is right, but the company is still spending more than it earns.
The five business segments
Cult.fit is not just gyms. It runs five connected verticals:
- Cult.fit gyms are the largest piece, around 72% of revenue, sold mainly through Cultpass subscriptions.
- Cultsport is the direct-to-consumer arm for fitness apparel and equipment, already past ₹250 crore in revenue.
- Eat.fit delivers healthy meals and contributes close to a quarter of revenue.
- Mind.fit covers mental wellness and yoga.
- Care.fit runs primary healthcare clinics.
The bet is that a member who joins for the gym also buys the meals, the gear and eventually the healthcare, lifting lifetime value per customer.
Who backs Cult.fit
The cap table reads like a who's who of Indian and global investors. Accel Partners is the largest institutional holder at roughly 17.25%. Zomato bought a 6.4% stake for $100 million in November 2021. Tata Digital is a strategic investor, and early backers include Kalaari Capital, Chiratae Ventures and South Park Commons. With Temasek's May 2026 round added, the company has raised more than $720 million in total.
Strengths
- It is the only phygital fitness platform at this scale in India, a genuine moat.
- Revenue grew 31% in FY25 while losses narrowed, pointing toward an eventual path to profitability.
- Marquee backers, including Zomato, Tata and Temasek, lend credibility.
- The five-vertical model spreads the business across fitness, food, mental health and healthcare.
- The Cult brand has strong consumer recognition, which lowers customer acquisition cost.
Risks
- The company is still loss-making, with a ₹480 crore net loss in FY25.
- Running 600-plus physical centres means heavy fixed costs that bite when footfall dips.
- Competition is real, from Reliance-backed Gympik to HealthifyMe and Fitternity.
- The DRHP is not filed, so the timeline can still slip.
- The $2 billion ask looks rich against listed peers, leaving little room for disappointment.
Should you watch this IPO?
Cult.fit is one of the more interesting consumer IPOs in the 2026 pipeline. The growth is real, the brand is strong, and the backers are serious. But it is not profitable, the valuation is steep, and the offer document does not exist yet. There is no price band, no GMP and no firm date to react to.
The sensible move is to add it to a watchlist and wait for the DRHP. That document will reveal the fresh-issue versus offer-for-sale split, how the company plans to use the money, and the audited risk factors. Judge the valuation then, against the financials, rather than against the headline $2 billion number floating around now.
For more names at this stage, see our upcoming IPO calendar, the broader IPO pipeline and the pre-IPO tracker. Another new-age consumer name to compare is the Curefoods IPO. If you want to be ready to apply once it opens, check the best brokers for IPO applications.
FAQ
When is the Cult.fit IPO date? There is no confirmed date. Cult.fit appointed lead bankers in January 2026 but has not filed its DRHP. A listing is expected in 2026, most likely in the second half, though that depends on when the company files and SEBI clears the document.
What is the Cult.fit IPO size? The IPO is reported at about ₹2,500 crore, at a target valuation near $2 billion. A higher ₹3,500 crore figure has circulated but is unconfirmed; the ₹2,500 crore number is the one tied to the January 2026 banker mandates. The final size will be set in the DRHP.
Who owns Cult.fit? Curefit Healthcare is privately held. Founders Mukesh Bansal and Ankit Nagori retain stakes, and major institutional holders include Accel Partners (around 17.25%), Zomato (6.4%), Tata Digital, Temasek and early backers like Kalaari and Chiratae.
Is Cult.fit profitable? Not yet. The company posted a net loss of ₹480.8 crore in FY25, though that was about 10% lower than FY24 even as revenue grew 31% to ₹1,216 crore. Losses are narrowing, but the business is still spending more than it earns.
What is the Cult.fit valuation? The IPO targets a valuation near $2 billion (roughly ₹17,000 crore). For context, Zomato's November 2021 investment valued the company at about $1.56 billion, so the IPO ask marks a step up.
Disclaimer: This article is for educational and informational purposes only and is not investment advice. IPO details, financials and timelines are based on sources available as of June 2026 and can change; Cult.fit has not yet filed its DRHP. Verify all figures in the official offer document when filed, and consult a qualified financial adviser before investing.
By the ipomarket.in Editorial Team.