Cult.fit is moving closer to its stock market debut after reporting EBITDA profitability and strengthening its financial performance. Sources said the Bengaluru-headquartered company is expected to launch its IPO next month, with Goldman Sachs and Morgan Stanley managing the offering. The fundraising is estimated at ₹3,500 crore to ₹4,000 crore.
Founded in 2015, Cult.fit started with a machine-free workout model centred on martial arts, yoga, and outdoor training. Mukesh Bansal acquired a controlling stake a year later and broadened the business. Today, the company operates more than 712 fitness centres through owned and franchise locations.
CEO Naresh Krishnaswamy explained that the business recovered steadily after the pandemic through disciplined execution, franchise expansion, deeper penetration in major cities, and growth of its consumer products business. Revenue crossed ₹1,700 crore while EBITDA turned positive during the final quarter of FY26.
Cult.fit also owns the Indian businesses of Gold's Gym and Fitness First and sells fitness products through Cult Store. Looking ahead, the company plans to reach between 1,500 and 2,000 centres, expand its lower-priced Cult Neo format, add new product categories, and continue improving operations with artificial intelligence across customer service, marketing, engineering, and product development.
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