The road map of Cult.fit leading to the stock market has been marred by a fresh legal tussle surrounding its erstwhile corporate setup. Deepak Poduval, founder of Cult Fitness Pvt Ltd, has registered an FIR against another founder, Rishabh Telang, alleging forgery, cheating, and conspiracy in relation to a transaction of 2016 related to the business and its intellectual properties.
The issue has come up just weeks before Cult.fit registered its prospectus for going public, with a past corporate transaction being highlighted at a very crucial juncture of the firm’s journey.
As per the FIR, Poduval has claimed that he was a party to forgery in relation to documents to shut down Cult Fitness without his consent. Moreover, he claimed that he was not compensated due to a transaction made between Cultfit Healthcare and himself.
The controversy pertains to a deal in 2016, when Cultfit Healthcare got hold of the assets and intellectual property rights of Cult Fitness, including the ‘Cult – The Workout Station’ brand name. Cult Fitness was set up by Poduval and Telang in 2015.
Telang denied the accusations and said that the issue will be sorted out via the legal process which is already underway. It is further alleged by Telang that Poduval was also a part of the deal and the winding up of Cult Fitness and he has communication regarding the same.
In addition, Telang has made an allegation that consideration of the deal was also received by Poduval. Telang raised doubts about the timing of filing the FIR, referring to another property dispute case that was filed by the wife of Poduval, who is also the sister of Telang, in July 2026.
Further, Cult.fit separately clarified that neither the company nor any of its subsidiaries is an accused in the FIR. Cult Fitness was an independent company and the acquisition of assets and intellectual properties has been done through contractual agreements with consideration received by the complainant.
The latest legal news comes when Cult.fit is at a crucial juncture in its business journey. Recently, the company has filed its draft IPO papers and plans to raise up to ₹950 crore via fresh issue, and existing investors can also offload up to 17.86 crore shares through offer for sale.
The company has also been showing improvement on the financial front. In FY26, Cult.fit’s net loss narrowed 47.6% year-on-year to ₹251.8 crore, while operating revenue grew 41.5% to ₹1,720.6 crore. Total expenses increased nearly 16% to ₹2,027.5 crore.
For now, the dispute remains a matter of ongoing legal proceedings, with the allegations contested by Telang and Cult.fit. Its emergence ahead of a proposed public listing nevertheless places additional attention on the company’s corporate history as it prepares for the next stage of its growth.
