Fitness and active lifestyle platform Cult.fit has filed draft papers with India’s market regulator for an IPO, becoming the latest venture-backed consumer internet startup to move towards the public markets.

The startup is seeking to raise up to Rs 950 crore through a fresh issue of shares, while existing investors and individual shareholders will sell up to 178.6 million shares through an offer for sale, according to the draft prospectus.

The overall size of the IPO will be decided after the price band is set. The startup plans to list its shares on the BSE and the NSE.

Cult.fit may also raise up to Rs 190 crore in a pre-IPO placement. If completed, the amount will be reduced from the fresh issue.

Existing shareholders taking part in the offer for sale include Chiratae, Temasek, Fitness First, Tata Digital, Schroders Capital, Accel, Epiq Capital, Kalaari and Valecha Investments.

Mukesh Bansal, the startup’s managing director and executive chairman, will also sell part of his holding, as will actor Hrithik Roshan.

Cult.fit plans to use Rs 276.6 crore from the fresh issue to set up new Cult Elite and Cult Neo centres. It will use Rs 217.5 crore for lease, rent and licence payments for existing centres, and Rs 120 crore to repay or prepay borrowings.

It also plans to spend Rs 75 crore on brand marketing and business promotion, and Rs 23.4 crore on its subsidiary Cultsport to open new exclusive brand outlets. The remaining proceeds will be used for general corporate purposes.

Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit describes itself as India’s largest fitness and active lifestyle platform by number of centres, citing a Redseer report.

As of 31 March 2026, it operated 708 fitness centres across 77 cities and had 987,020 paid members. Its network includes Cult-branded gyms and group workout centres, franchised gyms, marketplace gyms and Gold’s Gym-branded centres.

For the financial year ended March 2026, Cult.fit reported revenue from operations of Rs 1,720.6 crore, up 41.6% from Rs 1,215.5 crore a year earlier.

Its net loss narrowed to Rs 251.9 crore from Rs 480.8 crore in FY25 and Rs 888.5 crore in FY24. Adjusted Ebitda stood at Rs 144.8 crore in FY26, compared with an adjusted Ebitda loss of Rs 33.5 crore in FY25 and Rs 140.2 crore in FY24.

The startup’s adjusted Ebitda margin improved to 8.41% from negative 2.76% a year earlier.

Fitness services remained the main revenue driver, contributing Rs 1,197.8 crore, or 69.6% of operating revenue in FY26. The products business contributed Rs 522.8 crore, or 30.4%.

The services business reported segment profit of Rs 210.1 crore in FY26, while the products business posted a segment loss of Rs 57.4 crore, narrowing from Rs 79.9 crore in FY25.

Cult.fit’s products business sells fitness equipment, accessories, apparel and footwear through CultStore, online marketplaces, quick-commerce platforms, B2B retail channels and exclusive brand outlets.

Axis Capital, Goldman Sachs India, Jefferies India, JM Financial and Morgan Stanley India are the book-running lead managers to the issue.