Summary
The company is investing in mass-market centres like Cult Neo, premium Pilates studios, and a rapidly growing consumer products division as it aims to become an active lifestyle brand. This puts it in competition with boutique studios, independent gyms and a growing wave of D2C fitness brands.
BENGALURU: Cult.fit is widening its playbook beyond traditional gyms, betting on affordable fitness centres, niche formats such as premium Pilates studios, and consumer products to drive its next phase of growth, the company’s top executive said.
The Bengaluru-based company’s consumer products business is expected to eventually rival its services segment in scale. Mint reported in June 2024 that chief executive officer Naresh Krishnaswamy expected the products arm to outpace gym services over the next few years. The trajectory appears to be playing out, Krishnaswamy told Mint in a fresh interview.
“The products business is growing a little faster than the fitness services segment and is now about one-third of our overall business,” Krishnaswamy said. “I expect it to become as large as the services segment.”
The push comes as Cult.fit balances rapid expansion with improving its financial profile ahead of a potential public listing. The company reported operating revenue of ₹1,215.5 crore in FY25, while its net loss narrowed to about ₹480.8 crore, according to financial statements filed with the ministry of corporate affairs.
Yet, the strategy is unfolding in a fitness market that is becoming increasingly fragmented, with boutique studios, independent gyms and new direct-to-consumer brands competing for younger consumers.
“Fitness brands today are no longer competing only as gyms—they’re competing as lifestyle ecosystems,” said Akshat Gupta, principal (consumer and internet) at consultancy Praxis Global Alliance. “Consumers increasingly see health, beauty, nutrition and activity as part of the same journey, which is why companies are trying to build a broader portfolio across services, products and experiences.”
More experimentation
A central pillar of Cult.fit’s strategy is Cult Neo, a mass-market gym format launched about 1.5 years ago. The company operates slightly over 50 Cult Neo centres and has been opening about 40 such gyms annually.
“These are high-quality gyms for the mass segment that are affordable and accessible,” Krishnaswamy said, adding that the format targets young professionals entering the workforce who are beginning to spend on fitness.
Cult.fit operates in about 60 cities, though the bulk of its business remains concentrated in large urban markets such as Mumbai, Bengaluru, Hyderabad, Delhi and Pune.
The company plans to deepen its presence in smaller markets as well, with long-term expansion targeting the top 100 cities in India ranked by fitness market size, according to Krishnaswamy. Alongside the mass segment, Cult.fit has begun experimenting with specialized formats aimed at urban consumers seeking curated fitness experiences.
One such initiative is Pilates Circle by Cult, a premium studio concept launched less than a year ago. Pilates—a fitness format focused on mobility, stability and strength—is among the fastest-growing fitness formats globally and is becoming popular in India.
A July 2025 report by Deloitte India and the Health & Fitness Association estimated that the country’s commercial fitness market could more than double to ₹37,700 crore by 2030 from ₹16,200 crore in 2024, growing at about 15% annually as awareness around health and preventive fitness increases. Boutique studios are among the fastest-growing segments, reflecting rising demand for specialized, experience-led formats such as Pilates and functional training, according to the report.
Krishnaswamy expects each major city could eventually support 20-25 such studios, though the format is likely to remain concentrated in the metro markets.
“We are seeing a clear shift toward specialized fitness formats such as Pilates, recovery and functional training because consumers increasingly want targeted outcomes rather than a generic gym experience,” said Gupta of Praxis, adding that these offerings often remain premium and urban-led, which can limit their scale compared with mass gyms.
The Pilates studios have attracted a predominantly female membership base, with about 75% of the members being women.
Cult.fit has also introduced sports venue booking through its platform, allowing users to reserve courts and play spaces. The service is available in three cities and contributes roughly 10% of its services business. While such adjacencies may expand over time, Krishnaswamy said gyms remain the company’s primary growth focus.
Product push
Alongside the services segment, Cult.fit is scaling up its consumer products business with categories including handheld recovery massagers and fitness accessories such as yoga mats, gym bags and resistance bands. It has been building an offline retail footprint, with almost 30 stores operational after opening about 20 in the past year.
“For every one gym subscription that you buy, consumers spend a lot more on fitness products, from clothing to footwear to accessories,” Krishnaswamy said. “It’s a much larger market.”
“Across fitness, beauty and nutrition, consumers are increasingly prioritising performance and measurable outcomes rather than just brand appeal,” Gupta said. “That’s creating space for fitness platforms to build product ecosystems around recovery, accessories and performance gear.”
Still, scaling both services and products simultaneously brings operational challenges.
“The opportunity for platforms like Cult.fit is to own the consumer relationship across the lifestyle journey,” Gupta added. “But building a scalable services business is very different from building a consumer products brand.”
For now, Cult.fit’s strategy is centred on expanding its gym footprint and building a complementary ecosystem of fitness formats, products and experiences. This approach can position it as a broader active lifestyle brand rather than just a chain of gyms, according to Krishnaswamy.
