IPO-Bound Cult.fit’s Rishabh Telang Denies Forgery Allegations By Deepak Poduval

Cult Fitness Pvt Ltd cofounder Deepak Poduval has filed an FIR against Rishabh Telang, alleging forgery, cheating and criminal conspiracy over a 2016 transaction involving the company’s assets and IP

The allegations relate to a transaction involving IPO-bound Cult.fit and come weeks after the company filed its DRHP, putting a legacy dispute in the spotlight ahead of its planned public listing

Telang has denied the allegations, while Cult.fit said neither it nor its subsidiary is an accused in the FIR and that the transaction was completed under valid contractual arrangements

Deepak Poduval, cofounder of Cult Fitness Pvt Ltd, has filed an FIR against his cofounder and brother-in-law Rishabh Telang at Bengaluru’s Bellandur Police Station, alleging forgery, cheating and criminal conspiracy in connection with the 2016 transfer of certain assets and intellectual property (IP) from the company to cultfit Healthcare Pvt Ltd, a part of IPO-bound Cult.fit. 

Poduval, in the FIR, alleged that Telang forged his signature on documents used to wind up Cult Fitness without his authorisation, Moneycontrol reported. He further alleged that he did not receive payment arising from the transaction with Cultfit Healthcare, a subsidiary of Cult.fit.

Telang has denied the allegations, while Cult.fit said neither it nor its subsidiary is an accused in the FIR. 

Cult Fitness, a Bengaluru-based fitness centre chain, was founded by Poduval and Telang in 2015. A year later, Cultfit Healthcare acquired certain assets and IP rights of the company, including the ‘Cult – The Workout Station’ brand. 

Responding to the allegations, Telang said the matter would be addressed through the ongoing legal proceedings. 

“Deepak was fully involved in the transactions with Cultfit Healthcare Pvt Ltd as well as the winding up of Cult Fitness Pvt Ltd, of which I possess multiple correspondence,” said Telang in a statement shared with Inc42 by Cult.fit. 

He further claimed that the Ministry of Corporate Affairs acknowledged the winding up of Cult Fitness through an email dated March 12, 2020, and alleged that Poduval had received consideration under the transaction. 

Telang also questioned the timing of the FIR, alleging that it was filed with “mala fide” intentions. He pointed to a property settlement lawsuit filed by Poduval’s wife, who is also Telang’s sister, on July 1, 2026. 

Separately, Cult.fit said that it has not received any communication from the authorities in connection with the matter. 

“The accused entity, Cult Fitness Pvt Ltd, was a separate independent company of the complainant himself and we did not have any ownership or management control,” it said in its statement. 

It added that its transaction with Cult Fitness was carried out “under appropriate contractual arrangements and for consideration which was duly paid and also acknowledged by the complainant”. 

“With this, this acquisition stood consummated and closed,” the company stated. 

Inc42 has reached out to Poduval for his response. The story will be updated if and when a response is received.  

The development is the latest instance of legal proceedings involving founders of IPO-bound startups. Earlier this year, former RentoMojo cofounder Ajay Nain moved the NCLT, alleging oppression and mismanagement and seeking to halt the company’s proposed IPO by challenging a share sale completed in 2023. The proceedings were subsequently disclosed in RentoMojo’s DRHP. 

The latest development comes nearly a month after Cult.fit filed its draft IPO papers for a proposed IPO. The company plans to raise up to ₹950 Cr through a fresh issue of shares, while existing investors are looking to offload up to 17.86 Cr shares through an offer for sale. The total IPO size is expected to be around ₹4,000 Cr. 

On the financial front, Cult.fit’s net loss narrowed 47.6% YoY to ₹251.8 Cr in FY26. The company’s operating revenue grew 41.5% YoY to ₹1,720.6 Cr. Total expenses jumped almost 16% to ₹2,027.5 Cr. 

Source: Inc42 - Startups