Cult.fit’s Founder Dispute, Blinkit Food Licence Suspended, and Table Space Files DRHP

In 2015, Rishabh Telang and Deepak Poduval started a small Bengaluru fitness business that would eventually become part of one of India’s best-known fitness brands. A year later, Mukesh Bansal and Ankit Nagori’s CureFit acquired a controlling stake in Cult for about $3 million. Ten years later, Cult.fit has 708 centres, nearly 9.9 lakh members and FY26 revenue of about ₹1,721 crore. It filed for an IPO last month, including a fresh issue of ₹950 crore.

And that is exactly when the paperwork from the original company has returned.

Poduval has now filed an FIR alleging that Telang forged his signatures on documents used to strike off Cult Fitness Pvt Ltd, where Poduval says the two were equal shareholders. He alleges he was excluded after the business and brand were transferred in 2016 and eventually lost his 50% holding without compensation. Telang denies this, says Poduval participated in the transactions and winding-up, and says consideration was paid. The allegations remain unproven.

For Cult.fit, the immediate issue is less about who wins the family dispute and more about what investors now have to diligence. The old company itself is struck off, and Cult.fit says neither the listed-entity candidate nor its subsidiary is an accused. But the dispute touches the original Cult brand, assets and ownership history. An IPO banker cannot simply treat that as family history.

Cult.fit is entering a market that is becoming valuable enough for these questions to matter. India’s fitness industry generated roughly ₹16,200 crore in 2024 and is projected to reach ₹37,700 crore by 2030. Cult.fit has almost doubled revenue from ₹927 crore in FY24 to ₹1,721 crore in FY26, although it still lost about ₹252 crore last year.

Indian startups have seen this movie before. OYO’s decade-old dispute with Zostel over a failed 2015 acquisition is still appearing in PRISM’s 2026 IPO disclosures, with litigation continuing around Zostel’s potential equity claim. Mu Sigma went through a different but equally messy founder-family situation when Dhiraj Rajaram bought former wife Ambiga Subramanian’s 24% stake and regained control after their separation. ShopClues also saw a public fight between co-founders Sandeep and Radhika Aggarwal, who were married at the time.

The pattern is familiar. Early startups move quickly, founders trust each other, ownership changes through hurried deals, and documentation gets less attention than growth. Nobody imagines that ten years later those signatures may be examined while thousands of crores are being priced for an IPO.

Cult.fit can improve margins and open more gyms. It cannot grow its way out of an ownership dispute. That one has to be settled with documents.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Ye Kya Hua Kaise Hua”: Blinkit’s Mumbai Facility License Suspended

Blinkit’s Mumbai run just hit a food-safety speed bump after Maharashtra FDA suspended the license of its Malad West facility over an extensive cockroach infestation.

Inspectors also found improper storage, expired and damaged products, weak pest control and gaps in food-handler health records.

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“Maamla Legal Hai”: Karnataka Flags Concerns Over Bike Taxis

Karnataka has told the SC that bike taxis raise red flags around passenger safety, insurance coverage and women’s security.

The state also argues that motorcycles lack key safety features and permits should remain with transport authorities.

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“Sapne Dekhe Bade Bade”: Table Space Files DRHP For ₹800 Cr+ IPO

Table Space is heading to the IPO market with a fresh issue of up to ₹800 Cr and an OFS of up to 6.54 Cr shares.

Founder Karan Chopra and co-CEO Kunal Mehra will also offload 13.11 lakh and 1 Cr shares, respectively.

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“Waqt Rehte Nikal Lo”: Capillary Tech Promoter Sells Stake

Capillary Technologies’ Singapore-based promoter entity has sold 32.9 lakh shares worth ₹172 Cr at ₹520.86 apiece.

The stake sale comes after a recent uptick in the stock, potentially giving the promoter a chance to book profits after a rough few months.

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“Mela Dilo Ka Aata Hai”: NSRCEL and SBI Foundation Launch Second Cohort

NSRCEL at IIM Bangalore, with SBI Foundation, has launched the second cohort of its iCube initiative to strengthen startup incubators.

The program gives participating incubators access to 110+ mentors, industry networks, learning modules and strategic tools.

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“Kuch Daring Karna Hai”: Nexular Builds Connected Vehicle Platform For EV Makers

Mumbai-based Nexular is building a connectivity layer for EVs, helping manufacturers track and manage vehicles even after they leave the factory.

Founded in 2023, the startup combines connected hardware, cloud software and AI to monitor location, battery health and speed.

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“Tum Par Dil Aagya”: Redcliffe Labs Acquires Megavision Diagnostics

Redcliffe Labs has acquired Pune-based Megavision Diagnostics for around ₹40 Cr, adding two MRI-equipped centers to its network.

The deal will help the diagnostics firm combine imaging and pathology services under one platform.

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“Humari Bhi Haan Hai”: Parliament Clears Taxation Bill

Parliament has cleared the Taxation and Other Laws (Amendment) Bill, 2026, potentially paving the way for MDR on select UPI payments.

FM Nirmala Sitharaman reassured that customers won’t face a separate charge on UPI transactions.

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1. Discovered Materials has raised $9 Mn in a seed round led by Lightspeed India Partners, with backing from Y Combinator and Peak XV Partners.

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2. Vecton AI has raised ₹6 Cr in a pre-seed round led by Zeropearl VC to build enterprise-ready AI solutions for financial institutions.

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3. Bengaluru-based medtech startup Ayati Devices has raised ₹15 Cr in a Pre-Series A round led by Inflexor Ventures.

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4. FreightFox has raised ₹5 Cr in a pre-Series A round led by HighLeaf, with participation from Vijender Yadav, Puru Gupta and Aeravti Ventures.

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5. Pune-based deeptech startup Aliment has raised a pre-seed round led by Navam Capital to boost product development and deployments.

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