Cult.fit, the Bengaluru-based fitness and wellness platform backed by Zomato, has finalized five top investment banks—Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial—to manage its highly anticipated Initial Public Offering (IPO). The company aims to raise ₹2,500 crore through this offering, which is expected to value Cult.fit at nearly $2 billion.
Company Growth and Business Model
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has grown into a diversified health and wellness ecosystem. The company operates over 500 gyms across India and has expanded into multiple segments:
- Cultsport: Direct-to-consumer fitness apparel and equipment (30% revenue contribution).
- Eat.fit: Healthy meal delivery service (24.5% of revenue).
- Mind.fit: Yoga and mental wellness services.
- Care.fit: Healthcare clinics and diagnostics.
In FY24, Cult.fit reported an operating revenue of ₹927 crore, a 33.6% jump from ₹694 crore in FY23. Despite this growth, the company recorded a loss of ₹535 crore.
IPO Details
The IPO marks a significant milestone for Cult.fit, which was last valued at $1.56 billion during Zomato’s $100 million investment in 2021. With strong backing from investors like Accel Partners, Tata Digital, Temasek, Kalaari Capital, and Chiratae Ventures, the upcoming IPO is set to further strengthen its position in the Indian fitness industry.
Strategic Importance
Cult.fit’s move to go public reflects its ambition to scale operations and attract institutional investors globally. Its diversified business model positions the company as a leader in India’s growing fitness market. Analysts are closely watching this IPO as one of the most anticipated offerings of 2025.
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