Cult.fit has moved a step closer to the public markets after receiving regulatory clearance for its proposed initial public offering. India’s Securities and Exchange Board of India has issued observations on the fitness company’s draft papers, allowing it to proceed with the share sale process.
Cult.fit filed for the IPO in July, proposing a fresh issue of shares worth up to ₹950 crore. Existing shareholders are also expected to sell up to 178.6 million shares through the offer-for- sale component. Investors named in the draft filings include Temasek, Schroders Capital and German fitness operator LifeFit Group.
The company has built one of India’s largest organised fitness networks. As of March 31, 2026, Cult.fit operated 708 fitness centres across the country and reported more than 987,000 paid members. Memberships are sold through its app and website, corporate programmes and directly through its centres, giving the company both digital and physical distribution.
Cult.fit plans to use proceeds from the fresh issue to open additional fitness centres and fund branding and marketing. Axis Capital and Goldman Sachs are among the book-running lead managers for the proposed offering. The final IPO size, pricing and listing timeline have not yet been announced.
The listing attempt comes as organised fitness and wellness businesses benefit from greater consumer attention toward preventive health, memberships and structured exercise. Cult.fit’s scale now gives investors a relatively rare opportunity to assess a consumer fitness platform built across both digital subscriptions and a large physical footprint.
SEBI clearance does not mean the IPO has launched yet, but it removes an important regulatory hurdle. For Cult.fit, the next test moves from expanding gyms and memberships to convincing public-market investors that the same network can support its next phase of growth.
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