Curefit Healthcare Private Limited has filed its draft prospectus for a public listing, featuring a ₹9.5 billion fresh issue alongside a 178.6 million share offer for sale. The company plans to use the capital for capital expenditures, gym expansions, and clearing debt following its recent shift into quarterly EBITDA profitability.
BENGALURU, India — Curefit Healthcare Private Limited, the parent company operating India's largest corporate fitness platform under the "Cult.fit" brand, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The regulatory filing submitted to the market regulator outlines a comprehensive public capital raising strategy structured around two distinct liquidity avenues. According to the draft prospectus, the Cult.fit IPO will comprise a fresh issue of equity shares worth up to ₹9.5 billion (approximately $114 million), supplemented by a secondary market Offer for Sale (OFS) of up to 178.6 million equity shares offloaded by its early institutional backers, founders, and seed investors.
Intended Utilization of IPO Capital Realizations
The deployment blueprint detailed in the draft prospectus designates the fresh capital injection toward institutional consolidation and network scaling across domestic consumer hubs. The company has explicitly committed the ₹9.5 billion fresh issue proceeds across three core operational parameters:
Capital Expenditure (CapEx): Allocation of funds to expand its physical gym network, upgrade localized fitness studio equipment, and build out its "Cult Neo" tier across Tier-1 and Tier-2 municipal markets.
Debt Servicing: Prepayment and partial repayment of specified outstanding short-term and long-term borrowings to lower corporate interest obligations and strengthen the group's debt-to-equity ratio.
General Corporate Purposes: Allocation toward day-to-day corporate financing, product research and development, and brand maintenance across digital systems.
The corporate transition occurs as the fitness operator targets a public listing across both BSE Limited and the National Stock Exchange of India (NSE).
Financial Turnaround and Structural Scale
The timing of Cult.fit's public market debut aligns with an operational turnaround. According to company datasets detailed inside pre-filing investor disclosures, Cult.fit achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) positivity during the final quarter of the 2025–26 fiscal year. The firm's total operating revenue escalated by 40% year-on-year, crossing the ₹17.0 billion mark in FY26 compared to ₹12.15 billion in FY25.
The fitness business model maintains a dual revenue layout. Physical memberships and digital-access "Cultpass" subscriptions generate roughly 72% of consistent group income. The remaining revenue is derived from its direct-to-consumer (D2C) wing, Cultsport, which focuses on sportswear, athletic footwear, and specialized home training apparatus.
Market Positioning and Corporate Governance Changes
The Bengaluru-headquartered startup was founded in 2016 by former Myntra co-founder Mukesh Bansal and ex-Flipkart senior executive Ankit Nagori. Ahead of submitting its draft prospectus, the company realigned its top-tier corporate governance structure to satisfy compliance rules managed by the Securities and Exchange Board of India (SEBI).
Cult.fit has formally appointed four high-profile independent directors to its corporate board: veteran investment banker Kalpana Morparia, corporate consultant Arun M. Kumar, former bureaucrat Indu Bhushan, and public policy expert Pragya Misra. Prominent institutional investors holding equity tranches ahead of the public window include Accel Partners, Tata Digital, Temasek, and food-delivery aggregator Zomato.
Official Statements
"The proceeds from the fresh issue will allow the organization to optimize its capital structure, lower financing friction, and advance our physical fitness infrastructure rollout across India," noted the executive management board within the statutory text of the draft prospectus.
The company's draft filing indicates that Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial are functioning as the designated book-running lead managers for the upcoming transaction.
Why It Matters
For retail market investors, the Cult.fit IPO serves as a key indicator of public market interest in new-age consumer internet and wellness ecosystems. A successful listing establishes a clear valuation baseline for unprofitable or newly profitable digital platforms seeking public liquidity. For everyday consumers and gym members, the capital injection provides immediate access to updated facilities, advanced booking software, and expanded neighborhood gym choices as corporate entities standardize India's highly unorganized health sector.
Key Facts at a Glance
Fresh Issue Allocation: Up to ₹9.5 billion to be raised via new equity shares.
Offer for Sale Component: Early institutional backers plan to offload up to 178.6 million existing shares.
Core Growth Capital: Proceeds are earmarked for capital expenditure, gym scaling, and paying down debt.
Financial Status: The company crossed ₹17.0 billion in FY26 revenue and recorded positive quarterly EBITDA.
Transaction Managers: Supervised by top-tier merchant bankers, including Goldman Sachs and Morgan Stanley.
Frequently Asked Questions
What is the specific price band for the Cult.fit IPO?
The definitive price band and specific lot sizing numbers have not yet been determined. These details will be finalized and announced in the Red Herring Prospectus close to the formal launch date after SEBI clears the initial draft documents.
Who are the largest institutional shareholders selling stakes in the OFS?
The exact share distribution details among individual institutional backers such as Accel, Temasek, and Tata Digital will become accessible to public review once SEBI releases the finalized prospectus following review cycles.
How will this listing impact current Cultpass and gym memberships?
The corporate public offering will not alter ongoing customer subscription agreements. The capital raised is meant to improve facility quality, add equipment options, and grow gym footprints across India.
Source: Draft Red Herring Prospectus (DRHP) filings submitted by Curefit Healthcare Private Limited to the Securities and Exchange Board of India (SEBI), alongside regulatory compliance disclosures dispatched to the National Stock Exchange of India (NSE) investor portals.
