Zomato-backed Cult.fit, one of India's leading fitness chains, has officially picked investment bankers for its Rs 2,500 crore Initial Public Offering (IPO). The IPO is expected to value the company at around $2 billion, marking a major milestone for the fitness startup that has expanded aggressively across India.

Cult.fit’s IPO Plans & Investment Bankers

According to sources, Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial have been appointed as book-running lead managers for the issue. The IPO comes after years of speculation about the company’s public listing. Moneycontrol had reported in 2022 that Cult.fit was eyeing a public debut within 18 months.

The company, founded in 2016 by Mukesh Bansal and Ankit Nagori, has grown into a household name with nearly 500 gyms across Indian cities. This IPO will be a key test for investor sentiment in India's fitness and wellness industry, which has seen rising demand post-pandemic.

Growth, Funding, & Notable Investors

Cult.fit has raised nearly $665 million to date. It was last valued at $1.47 billion in May 2024, as per Tracxn. Key investors include Accel, Temasek, Chiratae, Kalaari Capital, Flipkart's Binny Bansal, and Bollywood actor Hrithik Roshan.

In 2021, Tata Digital acquired a minority stake in the company, reinforcing its position as a leader in India's fitness sector. Later that year, Zomato made a strategic investment, helping Cult.fit achieve unicorn status with a $1.5 billion valuation.

Acquisitions & Expansion Strategy

Cult.fit has also expanded through key acquisitions, including its direct competitor, Gold's Gym. This move strengthened its market dominance and allowed it to scale up its operations significantly.

Leadership Change in 2024

In early 2024, Mukesh Bansal transitioned from CEO to executive chairman, while Naresh Krishnaswamy, formerly the head of fitness services, took over as the new Chief Executive Officer.

Future Outlook & Market Impact

With a strong brand presence, a loyal customer base, and growing demand for fitness services, Cult.fit is poised to make a strong market debut. The IPO is expected to generate significant investor interest, given the company’s proven growth trajectory and backing from marquee investors.

As the Indian fitness industry continues to evolve, Cult.fit’s IPO will be a key indicator of how public markets view the sector’s potential. The upcoming listing will also provide a benchmark for other fitness and wellness startups considering a public offering.

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