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Zomato-backed Cult.fit picks Investment bankers for Rs 2,500 Cr IPO: Report

• ByStartupStory     |    March 27, 2025

Bengaluru-based fitness unicorn Cult.fit has selected a group of leading investment bankers to manage its initial public offering (IPO), CNBC-TV18 reported on March 26, citing sources familiar with the matter. The Zomato-backed company plans to raise up to ₹2,500 crore through the IPO, which is expected to value the company at approximately $2 billion, the report added.

The fitness chain has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as the book-running lead managers for the issue.

Long-Awaited IPO Move
The IPO marks a significant milestone for Cult.fit, which has been contemplating going public for some time. In 2022, Moneycontrol reported that the company aimed to list within 18 months. Founded in 2016 by Mukesh Bansal and Ankit Nagori, the company currently operates nearly 500 gyms across multiple Indian cities, offering both offline and online fitness services.

Company’s Growth and Acquisitions
Cult.fit has made notable strides in expanding its presence in the fitness industry. In 2021, Tata Digital acquired a minority stake in Curefit, which was later rebranded as Cult.fit. During the same year, Zomato invested further in the company, helping it achieve unicorn status with a valuation of $1.5 billion.

To date, Cult.fit has raised around $665 million in funding, with its latest valuation pegged at $1.47 billion in May 2024, according to Tracxn. The company has also strengthened its market position through acquisitions, including that of rival Gold’s Gym, boosting its market share and expanding its customer base.

Leadership Transition
In early 2024, Cult.fit announced a key leadership change. Mukesh Bansal, who was serving as the CEO, transitioned to the role of Executive Chairman. Naresh Krishnaswamy, previously the Head of Fitness Services, succeeded Bansal and is now the CEO of the Bengaluru-based company.

Backed by Prominent Investors
The company boasts a strong backing from marquee investors, including Accel, Temasek, Chiratae Ventures, Kalaari Capital, and several others. Notable angel investors include Flipkart’s Binny Bansal and Bollywood actor Hrithik Roshan.

IPO Outlook
With the IPO, Cult.fit aims to fuel its expansion plans, strengthen its tech infrastructure, and further enhance its product offerings. The company’s listing is expected to attract strong interest, given the growing demand for fitness and wellness services in India.

The IPO comes at a time when the Indian market is witnessing increased activity from consumer-centric startups aiming to capitalize on the public markets to fund their growth aspirations.

 

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