Other Deals
Fitness & wellness player Cult.fit files draft papers to raise Rs.950-Cr
Business Standard Mint the firm
Bengaluru-based fitness and wellness company Cult.fit has filed draft papers to raise INR 950 crore through a fresh issue of shares.The offering will also include an offer for sale (OFS) by existing investors, including Temasek, Fitness First Luxembourg, Chiratae Ventures, Tata Digital, Accel India, Kalaari Capital, and Schroders Capital. Additionally, co-founder Mukesh Bansal, actor Hrithik Roshan, angel investor Bruno Raschle, Asian Paints promoter entity Doli Trading and Investments, Sun N Sand Hotels, Sateesh Andra and Ananth Narayanan's family trust are participating in the OFS.Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial, and Morgan Stanley India are the book running lead managers for the transaction.Founded in 2015 by Rishabh Telang and later expanded by Mukesh Bansal, the firm operates as a fitness and active-lifestyle platform offering machine-free workouts, yoga, and gym services.The company plans to use the proceeds from the fresh issue for setting up new fitness centres, debt repayment, brand marketing, and subsidiary investment. The company may also consider a pre-IPO placement of INR 190 crore.
Between July 2016 and January 2026, Cult.fit had attracted about USD 680.88 million from Temasek, Valecha Investments, 360 ONE, Accel India, South Park Commons, Zomato, Afore Capital, Ascent Capital, Chiratae Ventures, Epiq Capital, InnoVen Capital, Pratithi Investments, Unilever Ventures, Accel USA, Kalaari Capital, Pratithi Investments, Schroder Adveq, Oaktree Capital, Endiya Partners, Trifecta Capital, UC-RNT Fund and others.For FY25, Cult.fit had reported about INR 153.17 crore in Operating Income and about INR 83.29 crore in Net loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
