India, March 27 -- Adding to the list of startup unicorns eyeing IPOs, fitness unicorn Cult.fit has reportedly initiated its bid to become a publicly listed company.

As per a CNBC-TV18 report, the Zomato-backed startup has shortlisted Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial to helm its INR 2,500 Cr ($292 Mn) public offering.

The IPO is likely to value the startup at $2 Bn, a near 28% jump from its last known valuation of $1.56 Bn. The startup attained the unicorn tag in 2021, when Zomato invested $100 Mn in it to acquire a 6.4% stake.

Besides Zomato, it counts Accel, Tata Digital, Temasek, Kalaari Capital, Chiratae Ventures, among others, as its investors. Cult.fit has raised a total funding of over $650...