Tata & Zomato Backed Cult.fit Fires 150 Workers

According to media reports, Zomato-backed fitness unicorn Cult.fit has laid off approximately 150 employees in order to reduce cash burn. The unicorn, which counts Tata Digital and Zomato as investors, now has a cash burn of roughly Rs 15 crore, sources told Moneycontrol.

Curefit, founded in 2016 by Mukesh Bansal and Ankit Nagori, provides a broad variety of fitness services and goods under two brands: cult.fit and cult.sport.

With an aim to make training enjoyable, simple and accessible, cult.fit provides group workouts, online classes, sports facilities and tailored solutions at fitness centres and partner gyms around the country.

The Bengaluru-based company's losses decreased by 20 per cent over the preceding fiscal year, which ended in March 2023.

Cult.fit's operating revenue increased 3.2 times to Rs 694 crore in FY23 from Rs 216 crore in FY22, according to its consolidated financial accounts submitted with the Registrar of Companies.