New Delhi, India Jul 8, 2026 ALN: Gym franchise operator Cult.fit has recently filed its draft Initial Public Offering (IPO) papers with the Securities and Exchange Board of India (SEBI), marking a significant milestone in its growth trajectory. The company is aiming to raise up to ₹4,000 Crore through this public float, which is indicative of its ambitious expansion plans and robust business model in the fitness industry. The proposed IPO will consist of a fresh issue of shares worth up to ₹950 Crore, alongside an offer for sale (OFS) of up to 17.86 Crore shares, allowing existing shareholders to liquidate part of their holdings.

The participation in this IPO is expected to be substantial, with around 22 institutional investors and 13 individual shareholders set to take part. This diverse group of investors underscores the interest in Cult.fit's business model and its potential for growth in the burgeoning health and fitness sector in India.

At the forefront of Cult.fit’s shareholding structure is Temasek, a well-known investment firm, which holds over a fifth of the company's equity. Temasek, through its holding entity MacRitchie Investments, plans to offload approximately 2.47 Crore shares in the upcoming IPO. This move is significant as it reflects Temasek's confidence in Cult.fit's future, while also providing liquidity to its investment.

Following Temasek, venture capital firm Accel stands out as another major investor in Cult.fit, holding a 13.45% stake. Accel's decision to sell 65.32 Lakh shares via the IPO indicates a strategy to capitalize on its investment gains while still retaining a significant interest in the company's future performance.

Mukesh Bansal, one of the original co-founders of Cult.fit, retains an over 8% stake in the company. He is also set to participate in the OFS by offloading about 1.60 Crore shares. Bansal's involvement in the IPO is pivotal, not only due to his substantial shareholding but also because of his leadership role as the Managing Director and Executive Chairman, where he has been instrumental in steering the company's vision and operations.

Chiratae Ventures, which has been a key backer of Cult.fit since 2018, has emerged as the largest selling shareholder in the IPO. The VC firm will sell 2.81 Crore shares held across two entities, IDG Ventures India Fund III LLC and Chiratae Trust, reflecting its strategy to realize profits from its early investment in the company. Chiratae’s stake in Cult.fit is approximately 6%, further emphasizing the significant returns that early investors can achieve in a rapidly growing sector.

In addition, Germany’s LifeFit Group Fitness First Luxembourg SCA will sell up to 1.96 Crore shares, while Tata Digital plans to offload nearly 1.59 Crore shares. These sales highlight the diverse range of institutional and corporate investors involved in Cult.fit, showcasing the company's broad appeal and the confidence that various stakeholders have in its market position.

Notably, other investors like Deepinder Goyal’s Eternal and Kalaari Capital have chosen not to participate in the OFS component of the IPO, indicating a long-term commitment to the company and its future growth potential.

From the fresh capital of ₹950 Crore expected to be raised through the IPO, Cult.fit has outlined several strategic initiatives. The company intends to set up new fitness centers and exclusive brand outlets, which is crucial for expanding its footprint across India. Additionally, a portion of the funds will be allocated to cover costs related to existing fitness centers, as well as to repay and prepay borrowings. This financial prudence is aimed at strengthening the company's balance sheet and enhancing its operational efficiency. Furthermore, part of the funds will also be directed towards marketing and promotional activities, which are essential in a competitive market landscape, as well as for general corporate purposes.

As of March 31, 2026, Cult.fit owned a total of 708 fitness centers across 77 cities in India. This extensive network includes 218 centers that are company-owned and operated, while 288 centers are owned or operated by franchise partners. The remainder consists of "marketplace gyms" owned by independent owners, illustrating a diverse operational model that allows for scalability and flexibility. Additionally, the network features 29 exclusive branded outlets (EBOs), which cater to a growing consumer demand for specialized fitness services and products.

On the financial front, Cult.fit showcased impressive growth in its fiscal year 2026, with operating revenue surging by 42% year-on-year to reach ₹1,720.6 Crore. This substantial increase in revenue is indicative of the rising popularity of fitness services in India, driven by a growing health-conscious population. Moreover, the company successfully narrowed its net loss by approximately 48%, reducing it from ₹480.8 Crore in the previous fiscal year to ₹251.8 Crore. This positive trend in financial performance reflects the effectiveness of Cult.fit's business strategies and its ability to adapt to market demands.

In this context, understanding the leadership team behind Cult.fit is essential to grasp the company's strategic direction and operational execution. The company is led by a diverse and experienced board of directors and key managerial personnel, each contributing their expertise to foster growth and innovation.

Decoding Cult.fit’s Leadership Team

The board of directors at Cult.fit comprises influential figures with extensive backgrounds in business and technology, which enriches the company's strategic decision-making process.

Board of Directors

Mukesh Bansal

Mukesh Bansal, as the co-founder, has been pivotal in Cult.fit’s journey since its inception. Serving as the Managing Director and Executive Chairman, he previously led the company as its CEO. His entrepreneurial journey began with the founding of Myntra, a fashion e-commerce platform, and he later took on a significant role at Flipkart. In FY26, Bansal's total remuneration was ₹49.9 Lakh, reflecting his commitment to the company.

Naresh Krishnaswamy

Naresh Krishnaswamy, who succeeded Bansal as CEO, joined Cult.fit in April 2018 and was appointed to the board in October 2024. With an educational background from IIT Madras and IIM Calcutta, Krishnaswamy brings valuable experience from his previous role as the chief revenue officer at Myntra. His total remuneration in FY26 was ₹2.5 Crore, reflecting his significant role in driving the company's revenue growth.

Subrata Mitra

Subrata Mitra represents Accel on Cult.fit’s board, joining as a non-executive director in 2018. He also holds board positions in other prominent unlisted companies, including Scripbox and Juspay, showcasing his extensive experience in the investment and technology sectors.

Arun Madhavan Kumar

Arun Madhavan Kumar, managing partner at Celesta Capital, joined Cult.fit’s board as a non-executive independent director in December 2025. His previous experience includes serving as an assistant secretary of commerce for the US government and as the India CEO of consulting firm KPMG, providing a wealth of knowledge in business strategy and governance.

Indu Bhushan

Indu Bhushan is a bureaucrat and businessman who was appointed as a non-executive independent director in January 2026. He currently serves on the boards of several Indian companies, including United Spirits Ltd and Colgate-Palmolive (India) Ltd, bringing a diverse perspective to the board.

Kalpana Morparia

Kalpana Morparia, a Padma Shri awardee, joined the board as a non-executive independent director in March 2026. With over 45 years of experience, she has held significant positions such as the Joint Managing Director of ICICI Bank and CEO of JP Morgan India, contributing invaluable insights into financial management and corporate governance.

Pragya Misra

Pragya Misra, currently the Head of Strategy & Global Affairs at OpenAI, was appointed to the board as a non-executive independent director in March 2026. Her previous roles at companies like Truecaller and WhatsApp further enhance the board's technological expertise.

Key Managerial Personnel

Bishnu Prakash Hazari

Bishnu Prakash Hazari, another co-founder of Cult.fit, has been leading the finance operations as the group CFO since the company's inception. He is responsible for finance, legal, governance, and compliance functions, ensuring the company’s financial health. His gross remuneration for FY26 was ₹1.59 Crore, reflecting his critical role in the organization.

Siddharth Sharma

Siddharth Sharma has been serving as Cult.fit’s company secretary since June 2024 and took on the additional role of compliance officer in March 2026. His previous experience at Royal Orchid Hotels and Tirupati Starch & Chemicals has equipped him with the necessary skills to manage corporate governance and legal compliance effectively. His gross remuneration in FY26 was ₹36.9 Lakh.

Senior Management

Nimesh Mathur

Nimesh Mathur was appointed as the Chief Human Resources Officer (CHRO) in April 2026. He has been associated with Cult.fit since January 2025 and previously led HR at Jio Haptik. His total gross remuneration for FY26 was ₹96.6 Lakh, highlighting the importance of HR in driving organizational culture and talent management.

Porko Elango

Porko Elango heads the new business division focusing on fitness services. With a background that includes roles at McKinsey, Sequoia Capital, and Nike, he brings a wealth of experience to the company. His consolidated FY26 gross remuneration across group entities was ₹1.13 Crore, reflecting his strategic importance in expanding Cult.fit’s service offerings.

Gaurav Luniya

As head of corporate development, Gaurav Luniya manages mergers and acquisitions and investor relations for Cult.fit. His expertise in corporate strategy is crucial for the company's growth and expansion. His gross remuneration for FY26 was ₹1.11 Crore, underscoring the significance of his role in navigating the company through a competitive landscape.