Fitness and lifestyle platform Cult.fit has received observations from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The company, formerly known as Curefit Healthcare, plans to raise Rs 950 crore through a fresh issue of equity shares, alongside an offer for sale (OFS) of up to 17.86 crore shares by existing shareholders.
The proceeds from the fresh issue will be used to repay borrowings, set up new Cult Elite and Cult Neo fitness centres, expand Cultsport’s exclusive brand outlets, meet lease and rental payments for existing centres, and fund brand marketing and general corporate purposes.
According to the company’s draft papers, Cult.fit operates 708 fitness centres across 77 cities in India as of March 31, 2026. Its fitness services business had nearly 9.87 lakh paid members in FY26, while its fitness products business shipped over 42.3 lakh products during the year.
The company operates across two key segments, fitness services and fitness products. Fitness services contributed around 70% of its revenue, while fitness products accounted for the remaining 30%.
Cult.fit’s operating revenue rose 36.26% year-on-year to Rs 1,720.61 crore in FY26, compared with Rs 1,262.93 crore in FY25. The company had reported operating revenue of Rs 926.66 crore in FY24.
Its adjusted EBITDA margin improved to 8.41% in FY26 from -2.76% in FY25, according to the draft papers.
The company operates different formats of fitness centres, including Cult Elite, which combines gym workouts with instructor-led group classes, and Cult Neo, a gym format focused on equipment-based workouts. Its fitness products business sells apparel, footwear, equipment and accessories under the Cultsport brand.
Cult.fit has also built a technology-led platform that connects its fitness services and products businesses through its app, website and offline channels.
The proposed IPO comes amid growth in India’s organised fitness market. According to the Redseer report cited in the draft papers, the country’s fitness services market was estimated at Rs 25,600 crore in CY25 and is projected to reach Rs 48,700 crore to Rs 53,100 crore by CY30.
The equity shares will be listed on the BSE and NSE.
Axis Capital, Goldman Sachs India Securities, Jefferies India, JM Financial and Morgan Stanley India are the book-running lead managers to the issue.