Cult.Fit Filed DRHP with SEBI for an IPO

In the OFS component, 

• MacRitchie Investments is the company’s largest shareholder, with a 20.32% stake.
• Accel is the second-largest shareholder, holding a 13.45% stake.
• Co-founder Mukesh Bansal owns an 8.35% stake in the company.
• Kalaari Capital holds a 7.8% stake.
• Eternal (formerly Zomato) owns a 4.88% stake.
• Tata Digital holds a 3.58% stake.

Object to the Issue

• A fund of ?276.6 crore will be used to set up new Cult Elite and Cult Neo fitness centres.
• Proceeds of ?217.5 crore will go towards lease, rent, and licence agreement-related payments for existing identified centres.
• A portion of ?120 crore will be utilised for loan repayment.
• A part of ?75 crore will be spent on brand awareness and marketing initiatives.
• Funds of ?23.4 crore will be used to set up new Cultsport exclusive brand outlets through its subsidiary.
• The remaining funds will go to the general corporate purposes. 

Incorporated in 2016 by Mukesh Bansal and Ankit Nagori, Cult.Fit, is a growing Indian health and fitness company that runs 708 fitness centers across 77 cities in India. The firm provides group workouts, daily healthy & tasty food, yoga & meditation, and medical & lifestyle care all under one platform. 

The book-running lead managers to the issue are Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial, and Morgan Stanley India Company. The Equity shares of the IPO are proposed to be listed on NSE Limited and BSE Limited. 

Financially, in FY26, the firm generated revenue of ?1,720.6 crore, a 41.6% growth from ?1,215.5 crore in the previous year. While net loss decreased to ?251.8 crore in FY26, compared to ?480.8 crore in FY25. 

Its Services business, gym memberships, fitness classes, etc., contributes 69.62% of the company’s revenue. While the Products business, sportswear, fitness equipment, etc., contributes the remaining 30% of the revenue.