Cult.fit Focuses on Long-Term Growth Beyond IPO Plans
Although Cult.fit is preparing for an IPO expected next month, CEO Naresh Krishnaswamy said the company's attention remains on long-term business growth rather than short-term listing milestones. According to sources, the company has appointed Goldman Sachs and Morgan Stanley to manage the proposed public issue, expected to raise between ₹3,500 crore and ₹4,000 crore.Â
Founded in Bengaluru in 2015 by Rishabh Telang, Cult.fit introduced a machine-free fitness model based on martial arts, yoga, and outdoor activities. Mukesh Bansal later acquired a controlling stake and expanded the business across India.Â
The company now operates 712 centres using owned and franchise formats while also owning the Indian operations of Gold's Gym and Fitness First. Through Cult Store, it sells athleisure wear, footwear, and fitness equipment.Â
Following pandemic-related losses, Cult.fit improved performance through franchise expansion, stronger penetration in major cities, and growth of its consumer products business. Revenue exceeded ₹1,700 crore and EBITDA turned positive during the last quarter of FY26.Â
The company plans to increase its network to between 1,500 and 2,000Â centres, expand Cult Neo into smaller cities, add new product categories, and continue using artificial intelligence to improve operations while driving sustainable profitability.
