Cult.fit, a fitness unicorn, has initiated a cost-cutting drive in order to reduce cash burn. This has resulted in the termination of approximately 120-150 employees, predominantly affecting mid- to senior-level staff. The move is intended to improve the company’s overall financial position.
Additionally, the company is undergoing a strategic shift in its business model, transitioning from a tech-enabled fitness startup to an offline-heavy gym company. This shift has led to the release of employees across various divisions, including Sugar.fit, Carefit, Cultfit and others. Although the company has confirmed the layoffs, the exact number of affected individuals remains undisclosed. It is reported that the reduction in positions is part of its regular annual operation planning process. The aim of these reductions is to streamline operations for improved productivity and set the stage for full profitability in FY25.
The layoffs coincide with Cult.fit’s plans to go public in the next couple of years. Cult.fit is a health and fitness platform based in India, and is part of Cure.fit, a technology-driven health and wellness company founded by Mukesh Bansal and Ankit Nagori.
The platform offers a variety of services, including fitness classes, healthy meals, mental wellness programs, and more. It specifically focuses on providing fitness-related services and offers a range of workout programmes, including group fitness classes, personal training, and live workout sessions. Users can access these services through the Cult.fit app, which allows them to book classes, track their workouts, and follow fitness routines.
