The structural dynamics of the ring-opening reaction in a photochromic indolylfulgimide, a reversible, ultrafast photoswitch, is investigated by ultra-broadband time-resolved vibrational spectroscopy. The experimentally observed vibrational modes of the indolylfulgimide photoisomers C and E are assigned to normal modes with the help of DFT calculations. A complete evaluation of the observed vibrational dynamics including excited-state vibrational modes is used to characterize the reaction path and the cooling behavior of the photoswitch.