Zomato-backed Cult.fit revives shelved IPO, eyes up to ₹4,000 crore: Sources

Zomato-backed Cult.fit, the fitness chain operator, is expected to file its Draft Red Herring Prospectus (DRHP) with SEBI in the next two weeks, sources privy to the developments told CNBC-TV18.The company had picked its bankers in March 2025 , this was exclusively reported by CNBC-TV18 then. However, the company had temporarily shelved its listing plans as volatility around new-age IPOs kept issuers on the sidelines. With that volatility now easing and the window for tech listings reopening, the plans have been revived, sources said.

Cult.fit is now looking to raise between ₹3,500 crore and ₹4,000 crore through the issue. The IPO is expected to be a mix of a fresh issue and an offer for sale (OFS) by early investors. The company will soon file its DRHP, people familiar with the matter added.
The company has retained Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as the book-running lead managers, the same syndicate CNBC-TV18 had reported earlier.
The decision to move follows a financial turnaround. Sources said Cult.fit turned EBITDA positive in the fourth quarter of FY26. Over the past year, the company also undertook a series of changes to improve margins, including reducing the number of luxury gyms under their Fitness First partnership, sources added.Revenue for FY26 is estimated at about ₹1,700 crore, up nearly 40% over FY25, driven by premium hybrid subscriptions. Fitness services now contribute about 70% of revenue and the direct-to-consumer business about 30%. The fitness segment counts roughly 1 million paid active subscribers across more than 75 cities, while D2C arm Cultsport shipped over 4 million units during the year.

Ahead of the filing, Cult.fit has strengthened its board, adding four independent directors to meet SEBI governance norms: veteran banker Kalpana Morparia, former KPMG India chairman and CEO Arun M Kumar, former Ayushman Bharat CEO Indu Bhushan, and OpenAI India public policy head Pragya Misra.

The company has raised over $714 million across 16 rounds and was last valued at ₹12,600 crore (about $1.5 billion) after a $47.6 million Series G round in March 2026. Zomato had paid $100 million in November 2021 to acquire a 6.4% stake, valuing Cult.fit at $1.56 billion at the time. Other backers include Accel, Tata Digital, Temasek, Kalaari Capital and Chiratae Ventures.

Founded in 2016 by Myntra co-founder Mukesh Bansal and Ankit Nagori, Cult.fit operates a network of over 700 gyms alongside Cultsport and Care.fit. Proceeds from the fresh issue are expected to fund a franchise-led gym expansion into tier-2 and tier-3 markets and deeper AI-driven health analytics within its consumer app.