Cult.fit has filed its draft red herring prospectus (DRHP) for its initial public offering with SEBI on Tuesday, July 7. The Bengaluru-based fitness and wellness platform backed by Temasek, Zomato and Accel, will comprise an offer-for-sale, and a fresh issue of Rs 950 crore, as was reported earlier, on July 6, by NDTV Profit.
Founded in 2016 by Mukesh Bansal and Ankit Nagori as Cure.fit before rebranding to Cult.fit, the company operates one of India's largest fitness and wellness platforms, spanning gyms, digital fitness subscriptions, sportswear and fitness equipment.
The company follows a hybrid online-offline model and has built a nationwide presence through its Cult centres and Cultpass subscription ecosystem.
Investor interest in the company remains strong. In March, Singapore's Temasek invested Rs. 440 crore through its MacRitchie unit, increasing its stake to nearly 12%.
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