Cult.fit Ltd Files DRHP With SEBI for an Initial Public Offering (IPO); Reports 36.26% YoY Revenue Growth in FY26

Cult.fit Ltd (previously Curefit Healthcare Pvt Ltd), India's largest fitness services provider, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

The Company is India’s largest fitness and active lifestyle platform by the number of fitness centers in its network as of March 31, 2026, according to the Redseer Report. It offers fitness services and active lifestyle products through an integrated platform comprising the cult.Fit app, cult.Fit website, and other online and offline channels. According to the Redseer Report, the Company is also the only fitness and active lifestyle platform in India with a presence across both fitness services and fitness products as of March 31, 2026. The Company aims to be the preferred destination for individuals seeking a fit and active lifestyle.

The offer comprises a fresh issue of equity shares aggregating up to ₹ 950 crore and an offer for sale aggregating up to 17,86,09,200 equity shares by the selling shareholders. The face value of each equity share is ₹ 1.

The company proposes to utilize the net proceeds towards:

• Repayment/prepayment, in full or in part, of certain borrowings availed of by the Company;
• Capital expenditure towards setting up new Cult Elite and Cult Neo centres (collectively, “Cult Centres”);
• Investment in its subsidiary, Cultsport Private Limited, for capital expenditure towards setting up new Exclusive Brand Outlets (“EBOs”);
• Expenditure towards lease/rent/licence agreement-related payments for existing identified centres operated by the Company;
• Brand marketing, advertising and business promotion to enhance brand awareness; and
• General corporate purposes.

The Company is the largest fitness and active lifestyle platform in India as of March 31, 2026, with 708 fitness centers spread across 77 cities in India, which was four times the scale of the next largest player, according to the Redseer Report, and in fiscal year 2026 had a transacting base of 987,020 paid members for its fitness services business and over 4.23 million products shipped in the fitness products business.

The business benefits from a diversified revenue profile, with fitness services contributing roughly 70% of revenues and the fitness products business accounting for the remaining 30%, providing a balanced mix of recurring and transactional income streams.

The Company has demonstrated a trajectory of growth with improving profitability. Its revenue from operations increased from ₹9,266.62 million in fiscal year 2024 to ₹17,206.06. million in fiscal year 2026, representing a growth with year-on-year increase of 36.26% in fiscal year 2026 compared to a year-on-year increase of 31.17% in fiscal year 2025. Adjusted EBITDA Margins strengthened from -2.76% in fiscal year 2025 to 8.41% in fiscal year 2026.


Cult Elite is a hybrid fitness centre format offering equipment-based gym workouts alongside trainer-led group classes across multiple formats, including strength, yoga, dance and boxing, while Cult Neo is a pro-segment gym format offering a standardized fitness experience with in-house designed equipment, superior ambience and certified staff. Exclusive Brand Outlets (EBOs) are company-operated retail stores dedicated exclusively to the sale of Cult-branded fitness products.

The Company’s core belief is that great products build great brands. As per the Redseer Report, fitness and active lifestyle brands experience a high level of reluctance from new users to engage, and a strong brand with products that deliver on commitment is critical to build trust and shape customer behavior. Over the last 10 years, through extensive user engagement across its fitness services and fitness products, the Company has built a brand that embodies fun, community, and an aspirational yet accessible approach to fitness.

Technology is the core pillar that powers the company's integrated platform. It deploys technology across all aspects of its operations from personalized workout recommendations and AI-driven decisioning to standardized service delivery, capacity optimization, and operational efficiency at scale, enabling it to deliver a consistent, good-quality fitness experience across its wide network of fitness centers and through its digital offerings.

In its apparel category, the company operates in the mass-premium segment and offers performance and athleisure products with dedicated ranges for running, training, yoga, combat-based fitness formats, and others. In its footwear category, it similarly operates in the value and mass-premium segment and offers performance-oriented and comfort-led products for use cases such as running, training and more. In its equipment category, the company offers fitness equipment for use both at home and at commercial gym fitness centres, as well as recovery products, fitness accessories, and cycles.

The fitness services market in India is estimated at approximately ₹256 billion (approximately US$2.9 billion) in CY2025 and is expected to grow to ₹487-531 billion (US$5.6-6.1 billion) by CY2030, representing a CAGR of 14-16%, driven by rising urban disposable incomes, increasing health consciousness and improved affordability and accessibility through scale-led fitness platforms. According to the Redseer Report, a fit and active lifestyle is essential for overall well-being, and enabling this requires access to quality fitness centres where people can work out, along with quality, affordable products that support users across their fitness journey.

The Equity Shares to be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges, being BSE and NSE.

Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited are the book running lead managers (BRLMs) to the issue.

Kareena Kapoor Khan Invests in Fizzy Goblet, Elevating Brand Partnership to Strategic Ownership

Left to Right _ Kareena Kapoor Khan and Laksheeta Govil, Founder, Fizzy Goblet

• Fizzy Goblet’s muse and Bollywood icon moves from brand ambassador to strategic investor, marking a landmark moment for India’s homegrown footwear brand

Fizzy Goblet, India’s homegrown footwear and accessories brand, today announced a strategic investment by actor Kareena Kapoor Khan, marking a new chapter in an association that spans over a decade. This deepened partnership comes at a key inflection point for the brand, which is scaling its offline and online presence across India and sharpening its international ambitions.

Kareena Kapoor Khan, who has served as the brand’s ambassador since April 2022 and has organically worn Fizzy Goblet since 2014, will now deepen her role as a strategic partner. Beyond brand-building, she will participate in the design selection process and help drive awareness for Fizzy Goblet across India and international markets.

The investment also coincides with a strong growth phase for Fizzy Goblet. Founded over 12 years ago by Laksheeta Govil with ₹1 lakh borrowed from her parents and repaid after an early exhibition, the brand spent much of its journey bootstrapped and disciplined about growth before raising its first institutional capital from Accel. Today, Fizzy Goblet is tracking a revenue run-rate of roughly ₹60 crore and is targeting ₹100 crore+ in the next year.

Notably, the company’s growth has been built entirely through its own ecosystem: 100% of sales come from Fizzy Goblet’s own website and company-owned and operated stores, with no marketplaces and no franchisees. The retail footprint has also expanded meaningfully alongside Kareena’s association with the brand from four stores at the time of its first campaign with her in 2022 to 16 stores today.

Laksheeta Govil, Founder, Fizzy Goblet, said: "It is my vision to make Fizzy Goblet the first globally recognisable Indian footwear and accessories brand. Having Kareena on board as a strategic partner is the first major step on that journey. She is the ultimate embodiment of everything we stand for, and this partnership marks the beginning of an exciting new phase for us."

Kareena Kapoor Khan said, "I believe deeply that India’s design abilities and history have so much to offer to the world, and Fizzy Goblet embodies that. The brand has always been in my wardrobe, and my conviction in what Laksheeta is building has only grown."

The announcement reflects a broader shift in India’s consumer landscape, where celebrity partnerships are increasingly moving beyond endorsements to long-term ownership and strategic alignment. For Fizzy Goblet, the move strengthens a relationship that has evolved organically over time from Kareena first being spotted in the brand in 2014, to becoming brand ambassador in 2022, and now a strategic investor in 2026.

Founded on traditional Indian silhouettes that are gaining global recognition, including juttis and kolhapuris, Fizzy Goblet has expanded its range to include women’s workwear, loafers, heels, sneakers, comfort sliders, holiday styles, bags, and potlis, while remaining fully designed and manufactured in India. The brand sees this as an opportunity to scale Indian design sensibilities for a global consumer, much like Indian beauty and fashion labels have begun to do.

A first initiative under the elevated partnership will be announced in July 2026.

Fizzy Goblet

Founded by Laksheeta Govil, Fizzy Goblet is one of India’s leading homegrown footwear and accessories brands. Built on the strength of traditional Indian craftsmanship — from juttis and kolhapuris to contemporary heels, workwear and everyday styles — the brand has spent over 12 years redefining Indian design for the modern woman. All products are designed and manufactured in India. Fizzy Goblet retails through its own website and 16 company-owned-and-operated stores, with a growing international presence.

Axis Max Life Deploys GreyLabs Voice AI, Driving 15% Sales Uplift Through 100% Call Intelligence

• By analyzing over 6 lakh customer conversations - totalling over 1.4 Cr minutes of call time across 700+ agents, with GreyLabs AI’s Voice AI Suite, Axis Max Life is driving measurable improvement in sales conversion, agent performance, and product design

Axis Max Life Insurance Ltd., formerly known as Max Life Insurance Company Limited (“Axis Max Life”/“Company”), has deployed GreyLabs AI's Voice AI Suite, purpose-built for BFSI enterprises, to unlock deeper customer intelligence and drive sales effectiveness. The deployment has enabled Axis Max Life to move beyond limited, selective call reviews to 100% AI-led assessment of all meaningful calls, surfacing actionable intelligence that has contributed to a nearly 15% uplift in sales conversions.

One of the most significant discoveries from the deployment: the first 90-120 seconds of a sales conversation predicts conversion propensity more powerfully than any customer demographic profile. This insight helps Axis Max Life identify high-intent customers and guides its telesales teams, shifting sales strategy from who the customer is to what they say on the call.

Axis Max Life has built an advanced digital life insurance business over the past five years. Its online business has grown 10x during this period, with digital channels now contributing around 15% of the company's Annualised Premium Equivalent (APE). Today, one in three new customers is acquired digitally, and the online business continues to grow at approximately 4x the industry growth rate, making Axis Max Life one of the digitally advanced life insurance businesses in India.

As Axis Max Life's digital business scaled rapidly, the volume and complexity of telesales conversations grew beyond what traditional review processes could meaningfully analyse. Recognising the untapped intelligence within these conversations, Axis Max Life partnered with GreyLabs AI to build a more systematic, AI-led approach to understanding customer intent at scale.

With GreyLabs AI, Axis Max Life now analyses all meaningful conversations across more than 700 agents, covering over 6 lakh calls and 1.4 Cr. minutes of customer interactions. Post-conversation, contextual follow-up messages built around what customers actually said rather than where they dropped off, have driven click-through rates significantly higher. Even product design decisions are now driven directly by customer voice.

Aman Goel, Founder & CEO, GreyLabs AI

Speaking on the development, Aman Goel, Founder & CEO, GreyLabs AI, said, “Axis Max Life Insurance has been an exceptional partner, a team that was willing to fundamentally rethink how customer intelligence should work in a regulated industry. BFSI as a sector has historically been cautious about AI adoption and rightly so. But what this deployment demonstrates is that when AI is implemented with the right guardrails, the right intent, and a genuine focus on business outcomes rather than technology for its own sake, the results are transformative. What Axis Max Life has shown is that in regulated industries, AI does not need to replace human judgment, it needs to inform it. That is the model we are building across BFSI."

Vaibhav Kumar, Head – Product Management and E-Commerce, Axis Max Life Insurance, said, "At Axis Max Life, our digital business is built on the principle of understanding what our customers need. GreyLabs AI's Voice AI Suite has given us an ability to listen to our customers at scale - not just what they say, but what they mean. The intelligence we've gained has helped us serve customers better, design more relevant products, and build more meaningful conversations at every touchpoint. This is exactly the kind of partnership that helps us deliver on our promise to customers."

Vaibhav Kumar, Head - Products, ECommerce and Enterprise COE

Building on these results, Axis Max Life and GreyLabs AI are exploring expanded applications of AI across the sales lifecycle including a Voice AI Calling Agent being implemented to proactively engage prospects, guide them through their purchase journey. This collaboration reflects a broader shift underway across India's BFSI sector demonstrating that regulated financial institutions can deploy AI with confidence, compliance, and measurable business impact.

About GreyLabs AI (https://greylabs.ai/)

GreyLabs AI is a leading Voice AI and Voice Analytics company purpose-built for BFSI enterprises, backed by Rs. 100 crore Series A funding from Elevation Capital and Z47. The company works with 100+ institutions such as Axis Bank, RBL Bank, IDFC FIRST Bank, AU Bank, DCB Bank, Federal Bank, Axis Finance, Piramal Finance, PhonePe, BharatPe, and more - helping them deploy AI across sales, collections, renewals, and customer support.

Its solutions include Voice AI Calling Agents and Voice Analytics, enabling human-like customer interactions, 100% call audit coverage, agent performance assessment, compliance-led monitoring, and customer intelligence at scale. GreyLabs AI is focused on building secure, compliant, and outcome-driven AI infrastructure that financial institutions can trust and build on.

About Axis Max Life Insurance Limited (https://www.axismaxlife.com)

Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a subsidiary of Max Financial Services Limited (“MFSL”) with Axis Bank Limited and its affiliates also being shareholders of the Company. Axis Max Life offers comprehensive protection and long‑term savings life insurance solutions through its multi‑channel distribution, including agency and third‑party partners. The Company has built its operations on a need‑based sales process, a customer‑centric engagement model and trained human capital. As per audited financials for FY2025‑26, Axis Max Life recorded a gross written premium of INR 38,877 crore.

Offgrid Energy Labs Launches UK’s Ist ZincGel® Facility, Showcasing India’s Deep‑Tech Battery Innovation

• Launch of the UK’s first Dedicated ZincGel® Long-Duration Battery Manufacturing Facility. 
• Demonstrates global commercialisation of Indian deep-tech innovation in advanced energy storage. 
• Supports growing global demand for long-duration storage amid accelerating renewable energy adoption. 
• Anchors UK–India collaboration in advanced battery manufacturing and materials innovation. 
• Establishes a foundation for scaling future giga-factory development and large-scale battery manufacturing

Offgrid Energy Labs, an IP-led battery innovation company founded in India, has announced the launch of its first ZincGel® pilot manufacturing facility — an initial 10 MWh demonstration line — in Hook, Hampshire, United Kingdom on 7 July 2026. The facility will serve as the company's first commercial pilot manufacturing line, marking the transition of the India-developed energy storage technology from laboratory innovation to international-scale production.

The launch comes at a pivotal moment for India's energy transition. Having already achieved 50% of installed electricity capacity from non-fossil sources ahead of schedule, India is now focused on building the storage infrastructure required to support its long-term target of 500 GW of non-fossil fuel capacity by 2030. The Central Electricity Authority estimates that the country's energy storage requirement will reach 411.4 GWh by 2031-32, including more than 236 GWh from battery energy storage systems, highlighting the growing need for scalable, safe and cost-effective storage technologies.

Originally conceptualised and developed within India's deep-science ecosystem, Offgrid's proprietary ZincGel® platform is built on zinc-bromine chemistry designed for manufacturability, scalability, and commercial viability from inception. Unlike lithium-ion systems, ZincGel® is non-flammable — eliminating the thermal-runaway failure mechanism behind lithium-ion battery fires — and is engineered to deliver 100% depth of discharge every day across a 6-to-16-hour discharge range and a 20-year operating life. It has been specifically designed for infrastructure-scale use cases such as renewable integration, peak-load management, microgrids, and industrial backup resilience.

Commenting on the launch, Rishi Srivastava, Co-founder, Offgrid Energy Labs, said, “The launch of our UK manufacturing facility represents an important milestone not only for Offgrid, but for the global commercialisation of Indian deep-tech innovation. We are launching at a pivotal moment for the India UK relationship as the CETA takes effect from the 15th of July. As the world scales renewable energy deployment and strengthens its focus on energy security and supply-chain resilience, there is an increasing need for next-generation storage technologies that are safe, scalable and built for long-duration applications. We believe ZincGel® can play a meaningful role in supporting both India's and the world's energy transition. By establishing our first manufacturing capability in the UK, we are creating a foundation to serve global markets while demonstrating how India-origin innovation can contribute to solving some of the world's most pressing energy challenges around energy sovereignty, industrial resilience and decarbonisation.”

Coming up in the backdrop of the India-UK CETA, which also makes it easier for the movement of professional talent between the countries, the facility also reflects the growing strategic importance of diversifying global battery supply chains beyond lithium. As countries seek to strengthen energy security and reduce dependence on concentrated critical mineral ecosystems, alternative battery technologies are gaining increased attention. For India, which is simultaneously expanding renewable energy deployment and building domestic advanced manufacturing capability, the development of non-lithium storage platforms represents an important opportunity to enhance technological self-reliance and strengthen long-term energy sovereignty.

The ZincGel® battery technology benefits from secure bromine supply relationships and industrial backing from Archean Chemical Industries, India's largest bromine exporter with established global supply capabilities. In parallel, Offgrid is supported by Ankur Capital, a science-led venture fund recognised for backing deep-technology sustainability ventures.

Tejas Kusurkar, Co-founder, Offgrid Energy Labs, added, “The energy transition requires a portfolio of battery chemistries designed for different applications. While existing technology has been instrumental in enabling mobility and short-duration storage, long-duration stationary applications demand technologies that prioritise safety, deep discharge capability, longevity, and supply-chain resilience. ZincGel® is built on zinc-bromine chemistry, using abundant and widely available materials to deliver safe, non-flammable, long-duration storage for grid-scale applications. As renewable energy penetration increases, alternative battery chemistries such as zinc-based systems will play an increasingly important role in delivering reliable, cost-effective and resilient energy storage.”

The establishment of UK manufacturing marks the first step in Offgrid's broader vision of creating globally competitive battery technologies originating from India. As countries accelerate renewable energy deployment and seek resilient storage solutions, the company aims to build a globally distributed manufacturing footprint anchored by Indian innovation, intellectual property and materials expertise. By combining India-origin deep-tech development with international manufacturing capability, Offgrid seeks to contribute to energy security, industrial resilience and the global transition toward low-carbon power systems.

About Offgrid Energy Labs

Offgrid Energy Labs leads in IP-driven battery innovation for a decarbonised future, developing ZincGel® — a patented zinc-bromine platform that offers safer, sustainable, scalable, and commercially viable energy storage for global markets, including India. The company is registered in India, UK, and USA and its technology is protected by more than 60 patents filed across the UK, EU, India and the United States. Offgrid uses common, non-toxic materials, robust zinc chemistry, and a flexible ZincGel® platform tailored for energy storage needs. Supported by investors like Shell Ventures, Ankur Capital, and Archean Chemical Industries, Offgrid is setting new standards in clean battery technology and paving the way for a renewable-first energy infrastructure.

AIIMS Delhi Pioneers Blockchain in Faculty Hiring

AIIMS New Delhi has successfully completed one of its largest faculty recruitment drives, filling over 460 posts across more than 50 disciplines using blockchain technology to ensure transparency, confidentiality, and efficiency. The six‑month process involved more than 3,200 applicants, with results declared on July 6, 2026.

To recall, earlier AIIMS has published tenders for empanelment of PSUs to implement blockchain‑based recruitment systems, covering end‑to‑end automation and transparency. These are available on Government e‑Marketplace (GeM).

Key Highlights of the Recruitment

• Scale of recruitment: 464 faculty posts (265 at AIIMS New Delhi, 199 at AIIMS‑CAPFIMS, Maidan Garhi).
• Positions covered: Assistant Professors to Professors across 50+ disciplines.
• Applicants: Over 3,200 candidates competed for the posts.
• Duration: Six‑month recruitment exercise.

How Blockchain Was Used

• Digital locking of marks: Candidates’ scores were secured using one‑time password (OTP) authentication.
• Algorithmic merit list: Final merit lists were generated automatically using pre‑defined algorithms, ensuring minimal human intervention (only in tie‑breaking).
• Transparency & confidentiality: Blockchain ensured tamper‑proof records and rapid declaration of results.

Impact on AIIMS

Area	Details
Medical education	Strengthens teaching capacity, improves teacher‑student ratio.
Patient care	Expands specialised healthcare services at AIIMS and CAPFIMS.
Research	Boosts advanced medical research and training programmes.
Governance model	Sets precedent for transparent recruitment in other central institutions.

Risks & Challenges

• Dependence on digital systems: Any technical glitch could delay results.
• Algorithmic bias concerns: Though predefined, algorithms must be audited to ensure fairness.
• Scalability: While successful at AIIMS, replication across diverse institutions may face infrastructure challenges.

Why This Matters

• This recruitment drive is one of the largest in AIIMS history, directly addressing faculty shortages that have long affected teaching and patient care.
• By adopting blockchain, AIIMS has set a benchmark for transparent, tamper‑proof recruitment in India’s public institutions.