India’s booming fitness-tech space is headed for a pivotal moment. Cult.fit, the Bengaluru-based gym chain operator and wellness platform, has raised the barbell for its much-anticipated public listing, appointing a consortium of marquee investment banks to steer the INR 2,500 crore (~USD 300 million) public issue.
Cult.fit IPO – Bankers, IPO Size, Valuation
According to industry reports, Cult.fit has mandated Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as book-running lead managers for the IPO. The appointment of such globally reputed bankers signals Cult.fit’s intent to stage a robust public debut with global and domestic institutional interest.
The proposed IPO aims to raise approximately INR 2,500 crore, and the company is likely to seek a valuation of nearly USD 2 billion (~INR 17,155 crore), up from its last known valuation of USD 1.56 billion (~INR 13,381 crore) in 2021 when Zomato invested USD 100 million (~INR 857.79 crore) for a 6.4% stake.
Business Overview
Founded in 2016 by Mukesh Bansal (ex-Myntra) and Ankit Nagori, Cult.fit began as an integrated wellness platform combining fitness, nutrition, and mental health. It has since evolved into a diversified consumer health-tech ecosystem with multiple revenue-generating verticals:
- Cult.fit Gyms – Over 580 gyms (including franchisees like Gold’s Gym) across Indian cities; accounts for ~70–72% of overall revenues.
- Cultsport – Direct-to-consumer (D2C) brand for sportswear and fitness equipment; contributes 25–30% to topline.
- Eat.fit – Healthy food delivery service contributing ~24.5% to revenue.
- Mind.fit – Mental wellness and yoga-focused offerings.
- Care.fit – Health check-up clinics and services (minor revenue contributor).
The company also offers the Cultpass subscription model, bundling its services under one roof—a core monetization channel.
Financials At A Glance
In FY24, Cult.fit reported an operating revenue of INR 927 crore, up from INR 694 crore in FY23—reflecting a strong 33.6% YoY growth. However, losses remained nearly flat at INR 535 crore, showing controlled burn despite aggressive expansion.
A broader view reveals the startup has raised over USD 665–670 million (~INR 5,700 crore) across 13 funding rounds, backed by a stellar roster of investors including:
- Zomato
- Tata Digital
- Temasek Holdings
- Accel Partners (17.25% stake post-latest round)
- Kalaari Capital
- Chiratae Ventures
- South Park Commons
Leadership
While co-founder Ankit Nagori moved on to lead Cult.fit’s hived-off food brand Curefoods, Mukesh Bansal continues to helm the ship as Executive Chairman. The company recently promoted Naresh Krishnaswamy to CEO, signaling a renewed focus on execution as it gears up for public scrutiny.
IPO Timeline: Yet to be Finalized
Though the merchant bankers have been finalized, the IPO timeline remains fluid. Sources indicate the company might explore a pre-IPO fundraise to further consolidate its market position ahead of listing.
With India’s IPO market rebounding and investor appetite for consumer-tech on the rise, Cult.fit’s public issue could become one of the more closely watched listings of 2025.
Bottom Line
Cult.fit IPO marks not just the debut of a fitness chain but the public entry of a holistic wellness-tech platform. In a country where wellness is rapidly becoming a lifestyle priority, Cult.fit sits at the convergence of tech, fitness, and consumer branding—an intersection that investors are keen to bet on.
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