Cult Fit IPO: Launch Date, Price, Details, Everything You Need to Know

Cult.fit, widely known for transforming India’s urban fitness landscape, is all set for its much-anticipated IPO. Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult Fit has grown from a gym chain into an integrated platform offering fitness classes, digital health, sports apparel, wellness services, and preventive healthcare. With the IPO, the company steps into its next growth phase, leveraging technology, brand power, and expanding demand for fitness.

The IPO aims to raise ₹2,500 crore (about $300 million), valuing the company at approximately $2 billion. Backed by marquee investors like Zomato, Tata Capital, Temasek, and HDFC Bank, Cult Fit’s offering is among the largest in the Indian wellness and fitness sector and seeks to provide both growth capital and exits for some early investors.

This blog details everything you need to know about the Cult Fit IPO, its structure, company financials, sector trends, key business strengths, and potential investor considerations before applying.

Cult Fit IPO Dates & Launch Details

• IPO opening date: To be announced
• IPO closing date: To be announced (Typically three days after opening)
• Basis of allotment: To be announced (Within 3 working days post closure)
• Refund initiation: To be announced (Shortly after basis of allotment)
• Expected listing date: To be announced (Usually within a week following allotment finalisation)

Lead Book Running Managers: Likely to be Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, JM Financial.

Registrar: To be announced.

Cult Fit IPO Price Band & Investment Details

• Price band: To be announced (Face value: ₹10 per share)
• Minimum lot size: To be announced
• Minimum investment: To be announced
• Maximum retail investment: To be announced

Cult Fit IPO Structure

About Cult Fit

Cult Fit is among the few businesses in India successfully implementing a “phygital” (physical + digital) approach. It offers:

• Physical Centres: 600+ gyms (200+ company-run, rest franchise) across 300 cities
• Digital Fitness: Online classes, app subscriptions, and home-based training
• Cultsport: D2C fitness apparel and equipment vertical, now contributing over ₹250 crore annually
• Mind.Fit: Yoga and mental wellness services
• Care.Fit: Preventive health and diagnostics
• Community: 1 lakh+ active members, 5 million app users, high repeat engagement rates

Cult Fit Financials 

Revenue and Profit Table

*Revenue for FY24 is reported at ₹927 crore (operating) and ₹1,027 crore (total including other income).​

**Net loss range reflects variations in reportage; net loss halved as per latest available data.

Key Highlights:

• Revenue grew at a CAGR of ~30% between FY22-FY24 as memberships, digital subscriptions, and Cultsport merchandise soared.
• Majority of operating income (over 70%) comes from fitness subscriptions (Cultpass, classes), remainder from merchandise, equipment, and allied services.
• Its consolidated net loss widened by approximately 42% to ₹888.5 crore, up from ₹625.5 crore in FY23. .
• EBITDA margins improved from -10% in FY22 to approximately -3% in FY24, with continued focus on digital scale and cost discipline.​
• Steady increase in core subscriber counts and robust cash flow from operations in FY24, aided by surge in digital offerings and retail expansion.

Sector & Market Context

India’s health and fitness industry is projected to grow at a CAGR of nearly 18% through FY30. Consumers’ focus is shifting from reactive health to proactive wellness, supporting digital fitness adoption, fitness apparel growth, and increased health consciousness. Cult Fit leverages these trends by fusing digital and physical access, offering tailored solutions for urban and semi-urban consumers.

Competition is heating up from Gympik (Reliance), Fitternity, HealthifyMe, and international tech-driven fitness brands. However, Cult Fit’s ecosystem, integrated experience, and brand recognition put it at a significant advantage

Key Considerations for Investors

Strengths

• Pioneer in integrated fitness ecosystem with both physical and digital reach
• High brand equity and sticky, paid subscriber base
• Strong D2C vertical and expanding digital business lines
• Diversified services: fitness, wellness, diagnostics, merchandise

Risks

• Loss-making, albeit losses are narrowing (FY24 net loss approx ₹50 – 80 crore)
• High fixed costs, especially if digital scale slows or centre utilization drops
• Threat from new entrants, rising digital CAC (customer acquisition cost), and disruption in fitness trends

Opportunities

• Rapid expansion into tier 2/3 cities and international digital subscriptions
• Growth in D2C verticals like apparel, nutrition, and home fitness
• Deeper integration of tech, diagnostics, and preventive healthcare

IPO Structure

• The IPO is a mix of fresh issues for technology, fitness centre expansion, and digital investments, along with an offer for sale (OFS) by some current shareholders for partial exits.
• Funds will be used to grow the physical network of gyms, scale digital classes and platform offerings, strengthen brand, and expand D2C verticals like Cultsport.
• Professional management team with proven fitness and consumer business track record
• High anticipated retail and institutional investor demand

About the Company

Founded by Mukesh Bansal and Ankit Nagori, Cult.fit brings a comprehensive platform for fitness, nutrition, mental wellness, and healthcare. Its unique combination of physical centres, digital access, D2C brand, and health-focused services makes it one of India’s best-recognised fitness brands.

Cult Fit Analysis: Final Word

Cult Fit’s IPO offers a rare opportunity for investors to tap into India’s booming health and wellness story. As a pioneer in modern fitness and branded wellness, Cult.fit’s diversified model, digital adoption, and improving financial profile position it well for growth, though prudent investors should closely watch for profitability and sectoral shifts.

Always consider personal investment objectives and consult trusted sources before making any decisions.