Zomato-backed Cult.fit gearing up for ₹2,500cr IPO in India
What's the story
Zomato-backed gym chain operator Cult.fit has picked its bankers for an initial public offering (IPO). The company has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as book-running lead managers. It plans to raise up to ₹2,500 crore via the IPO, valuing the company at nearly $2 billion.
Ownership details
Zomato's stake in Cult.fit and other investors
Zomato had acquired a 6.4% stake in Cult.fit for $100 million in November 2021, valuing the company at $1.56 billion at the time. Other prominent investors include Accel Partners (post-funding round stake of 17.25%), Tata Digital, Temasek, Kalaari Capital and Chiratae Ventures. For FY24, the company reported an overall topline of ₹1,000 crore from its operations across various Indian cities.
Business segments
Cult.fit's diverse business divisions
Founded by Myntra founder Mukesh Bansal and Ankit Nagori, Cult.fit has several business divisions apart from gyms. These include Eat.fit, a healthy meal delivery service contributing 24.5% to the overall topline. Cultsport contributes 30% to the overall revenue and sells fitness apparel and equipment directly to consumers, while Mindfit focuses on mental wellness and yoga. Finally, Care.fit, which has clinics and health check-ups contributes less than 5% to the overall revenue.