India's Fitness Economy: Reading the Cult.fit DRHP

Why the shift is happening now

Red Herring Research's note makes the case that consumption patterns change meaningfully once a country's per capita income crosses roughly US$2,000-2,500. Beyond this level, households begin spending more freely on discretionary categories such as food and beverage, technology, travel, and health and fitness. India crossed this threshold in FY26, with per capita income at approximately US$2,675.

This shift is already visible in the numbers. Fitness-related spending stood at about 1.7% of overall consumption in CY2025 and is projected to reach around 2% by CY2030. Between CY2021 and CY2025, this spending grew at a CAGR of 13-15%, a pace expected to edge up further to 14-16% through CY2030. The DRHP also notes that the COVID-19 period between 2020 and 2022 gave an added push to health and fitness awareness across the country.

Source: Cult.fit DRHP (SEBI), citing Red Herring Research. Figures rounded as disclosed in the filing.

More Indians are choosing to stay active

The DRHP frames the size of the opportunity through a simple participation measure: the share of the population that is voluntarily physically active. This stood at approximately 9% in CY2025, translating to about 12.6 crore Indians, and is projected to rise to 10-11% by CY2030, or roughly 14 crore people. For context, the global average for CY2025 was materially higher, at 35-40%.

Source: Cult.fit DRHP (SEBI), citing Red Herring Research.

The GenZ and Millennial push

The filing points out that fitness-related spending among GenZ and Millennial consumers has grown by about 20%, a pace expected to outrun other age groups over the next five years. This cohort makes up 52% of India's population, or roughly 70 crore people, and the DRHP notes that this group is willing to raise fitness-related spending by 50-100% through CY2030.

India against the global benchmark

Two comparisons in the DRHP stand out for how early-stage India's organised fitness infrastructure still is, relative to the US and China, as of December 31, 2025.

Source: Cult.fit DRHP (SEBI), citing Red Herring Research. Membership penetration for China is disclosed as approximately 5.5% in the filing; this has been referenced in some secondary summaries as approximately 6%.

Even using China, rather than the US, as the reference point, the gap is wide. Matching China's density of fitness centres alone would mean roughly three times the current number of centres in India. Matching China's membership penetration would mean a similarly large step-up in the number of paying members nationally. The DRHP does not forecast either outcome; it presents these as benchmarks that illustrate the scale of the underlying gap.

Fitness apparel and footwear: still a small slice

The products side of the market tells a similar story. Fitness apparel and footwear currently account for 10-15% of India's total apparel and footwear market in CY2025, compared with an average of 15-17% in China and 35-37% in the United States.

Source: Cult.fit DRHP (SEBI), citing Red Herring Research.

The fitness equipment segment specifically is projected to grow from its CY2025 base (exact figure not disclosed in the filing extract reviewed) to ₹309-336 billion (US$3.6-3.9 bn) by CY2030, a CAGR of 9-11%, covering home equipment, commercial and gym equipment, recovery products, outdoor cycles and accessories.

What is pushing the market along

• A tax cut for fitness services. GST on gyms, yoga centres and wellness studios was reduced from 18% to 5%, effective September 22, 2025, aimed at making fitness more affordable and accessible.
• Government-led participation drives. Programmes such as Fit India, Khelo India and the National Obesity Summit, along with the International Day of Yoga, have widened first-time exposure to structured physical activity, including among non-gym-going groups. Investment in district-level sports infrastructure and India's long-term ambition to host the Olympics add further support.
• Digital and cultural visibility. Fitness influencers, marathons and community sports events, cricket and other professional sport, and Bollywood's visibly fit on-screen personas have together repositioned fitness as an aspirational, everyday pursuit rather than a niche one.
• Employer-led wellness. Companies are increasingly funding gym memberships, wellness apps and on-campus fitness facilities, and building fitness into regular team activity through step challenges, yoga sessions and recreational sports leagues.

Source: Cult.fit DRHP (SEBI); Ministry of Youth Affairs, Union Budget, Ministry of Finance and Press Information Bureau budget summaries, as cited in the filing.

Competition: the top 10 brands in Cult.fit's space

Cult.fit's own DRHP flags competition from three broad directions: neighbourhood and chain gyms, boutique fitness studios, digital fitness and coaching platforms, and international fitness brands operating in India. On the products side, its Cultsport brand competes with sportswear labels, online marketplaces and private-label players. Set out below are ten brands that compete with Cult.fit across these formats, going by recent industry coverage.

Sources: Cult.fit DRHP (SEBI); FranchiseBazar, "Top 10 Fitness Franchise in India 2026"; The Weekly News, "Top 10 Fitness Chains in India"; Business Saga, "Top 10 Fitness Chains in India"; Good Bharat, "Top 5 Homegrown Gym Chains Redefining Fitness in India." Brand rankings and centre counts vary by publication and are as reported by these sources; not independently verified by SBSI.

Beyond named brands, the DRHP also notes competition from unbranded local gyms and boutique studios, which make up a large part of India's fitness services market given its fragmented, largely unorganised supply base. Cult.fit's own filing describes the company as India's largest fitness and active lifestyle platform by number of centres, on the basis of a third-party industry report cited in its draft papers.

The bottom line

Taken together, the DRHP's numbers describe a market that is still small in absolute terms but under-penetrated on almost every measure that matters: participation, infrastructure density, membership, and product spend as a share of wallet. Growth of 13-16% a year across segments through CY2030 is built on a base that remains well below where the US and China stand today, which is the core argument the filing makes for why the next five years look different from the last five.