Hrithik Roshan’s HRX Terminates Cult.fit Brand Partnership Ahead of IPO; Actor to Remain Investor
In a significant corporate update ahead of its highly anticipated initial public offering (IPO), fitness and wellness platform Cult.fit has dissolved its long-standing exclusive brand partnership with Hrithik Roshan’s activewear brand, HRX.
The revelation was disclosed in Cult.fit’s Draft Red Herring Prospectus (DRHP) recently filed with the Securities and Exchange Board of India (SEBI). The document confirms the termination of its exclusive agreement with Extreme Brands LLP, the entity that holds the rights to the HRX brand.
End of the Exclusive HRX Partnership
Cult.fit had originally solidified its relationship with Extreme Brands LLP on August 11, 2023, securing perpetual and exclusive rights to the HRX brand. While the annual financial details of the partnership were never publicly disclosed, the regulatory filing notes that the agreement carried a contingent liability of nearly ₹30 crore.
The DRHP confirms the termination of this agreement but does not outline the specific reasons behind the split or clarify how it will alter Cult.fit’s marketing and branding strategy moving forward.
Hrithik Roshan to Partially Divest Stake via OFS
While the commercial brand alignment is ending, Hrithik Roshan’s financial association with the company remains intact. The DRHP reveals that the actor will participate in the IPO’s Offer for Sale (OFS) by selling 6.33 lakh equity shares. Even after this partial divestment, Roshan will continue to hold a significant stake as an investor post-IPO.
The actor’s investment history with Cult.fit shows substantial growth over the years:
- May 2018 (Initial Investment): Roshan first joined Cult.fit as its brand ambassador, investing approximately ₹3.75 crore.
- Current Value: Driven by Cult.fit’s expanding market footprint, that initial stake has grown substantially and is currently estimated to be worth around ₹25 crore.
- Entity Investment: Separately, his affiliated entity, Extreme Brands LLP, had also put roughly ₹2.25 crore into the company during its growth phases.
Cult.fit’s Public Market Debut
This structural shift arrives just as the Bengaluru-headquartered fitness giant formalizes its plans to go public. Cult.fit’s proposed IPO consists of a fresh issue of shares worth ₹950 crore, paired with an Offer for Sale (OFS) that allows early backers and existing shareholders—including Roshan—to partially liquidate their holdings.
