HRX and Cult.fit Part Ways Ahead of Cult.fit’s Public Offering

Cult.fit has terminated its exclusive agreement with Hrithik Roshan's HRX brand ahead of its IPO, but the actor remains an investor.

The fitness and wellness industry is abuzz with the recent announcement that Cult.fit has ended its exclusive partnership with Hrithik Roshan’s HRX brand. This move comes as the Bengaluru-based company prepares for its initial public offering (IPO), marking a significant shift in its branding strategy.

Hrithik Roshan, who has been a prominent figure in Cult.fit’s journey, will be selling a portion of his stake through the Offer for Sale (OFS) but will continue to be an investor in the company. This development has sparked curiosity about the future of both Cult.fit and HRX.

The End of an Era: HRX and Cult.fit Part Ways

Cult.fit had secured perpetual and exclusive rights to the HRX brand through an agreement with Extreme Brands LLP on August 11, 2026. The agreement, which reportedly carried a contingent liability of nearly Rs 30 crores, has now been terminated, as confirmed in the company’s Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

The reasons behind this decision remain undisclosed, leaving industry experts to speculate about the potential impact on Cult.fit’s branding strategy. The termination of this agreement is a pivotal moment for both Cult.fit and HRX, as they navigate their paths independently.

Hrithik Roshan’s Continued Investment

Despite the end of the exclusive agreement, Hrithik Roshan remains committed to Cult.fit as an investor. The actor first invested in the company in May 2018, reportedly putting in around Rs 3.75 crores. Over the years, the value of his investment has grown significantly, with his current stake estimated to be worth approximately Rs 25 crores based on Cult.fit’s latest valuation.

Alongside Hrithik Roshan, his affiliated entity, Extreme Brands LLP, also invested around Rs 2.25 crores in Cult.fit. The actor’s decision to sell 6.33 lakh equity shares through the OFS indicates a strategic move to partially divest while maintaining a stake in the company’s future.

Cult.fit’s Path to Public Offering

As Cult.fit gears up for its IPO, the company is proposing a fresh issue of shares worth Rs 950 crores, along with an OFS by several existing shareholders. The IPO is part of Cult.fit’s ambitious plans to expand its network of fitness centres and enhance its market presence.

The company, which describes itself as India’s largest fitness and active lifestyle platform, operates 708 fitness centres across 77 cities and has 987,020 paid members. Cult.fit plans to utilize the proceeds from the IPO to set up new centres, repay borrowings, and invest in brand marketing and business promotion.

Financial highlights from FY26 show that Cult.fit reported revenue from operations of Rs 1,720.6 crore, up 41.6% from the previous year. The company’s net loss narrowed to Rs 251.9 crore, and its adjusted EBITDA stood at Rs 144.8 crore, marking significant improvements from previous years.

With a strong focus on growth and innovation, Cult.fit is poised to make a significant impact in the fitness industry as it prepares for its public offering. The end of the HRX partnership, while unexpected, opens new avenues for both Cult.fit and Hrithik Roshan’s HRX brand to explore independent growth strategies.