Zomato-backed Cult.fit Gears Up for ₹2,500 Crore IPO

The Zomato-backed gym chain operator Cult.fit prepares for its upcoming Initial Public Offer (IPO). It aims to raise up to ₹2,500 Crore through the IPO, with a company valuation of around $2 billion. Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial are the top investment bankers picked as the book-running lead managers for the IPO. 

About the Company

Bengaluru-headquartered Cult.fit has quickly transformed from a fitness chain operator to a full-fledged health and wellness platform. Started by Mukesh Bansal and Ankit Nagori, the company's growth strategy is focused on integrating various wellness services, such as fitness, mental well-being, nutrition, and diagnostics, into one ecosystem.

Other business segments of Cult.fit includes Cultsport (a D2C segment that sells fitness apparel and equipment), Mindfit (focused on mental wellness and yoga) and Care.fit (healthcare segment, including clinics and health check-ups). 

Company Growth, Funding and Investors

• Founded in 2021 by Mukesh Bansal and Ankit Nagori, Cult.fit has nearly 500 gyms across India, making it a household name. As per reports, the company valuation was $1.47 billion as of May 2024 and has raised $665 million so far. 
• In November 2021, Zomato acquired a 6.4% stake in Cult.fit, helping it achieve unicorn status with a $1.5 billion valuation. Prior to that, Tata Digital acquired a minority stake in the company.
• Cult.fit has 60 institutional investors and 39 angel investors, with top investors like Temasek,  Zomato, Accel, Kalaari Capital and Chiratae Ventures. 
• As of FY 2024, the company reported an overall topline of ₹1,000 crore, with Cultsport contributing 30% and Care.fit contributing only 5%. 

IPO Dates

Although the company has finalised the book-running lead managers for the upcoming IPO, it has yet to finalise its IPO launch dates. With a target valuation of $2 billion, Cult.fit IPO is one of the closely watched IPOs of 2025.

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