The firm’s parent entity, Curefit Healthcare, also runs other brands like Sugar.fit and Carefit, and is backed by the likes of Tata Digital and food-delivery major Zomato.
“As part of our regular annual operating planning process, we have reduced some redundant positions with the aim of streamlining operations. This is aimed at improving productivity and setting us up for full profitability in FY25,” the firm said in a statement, declining to give further details around the impacted roles.
ET reported in late 2022 that the firm was aiming for a public listing after its core gym business turned in an operating profit at the time. In February 2022, the firm acquired a majority stake in F2 Fun & Fitness, becoming the master franchise partner for Gold’s Gym in India and expanding its footprint even further.
The firm saw its operating revenue more than triple to Rs 694 crore in FY23, from Rs 216 crore in FY22. At the same time, its losses narrowed by 20% to Rs 551 crore in FY23.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit provides fitness-related services through a mix of online and offline channels. These include offline group workouts at Cult.fit centres and other gym- or equipment-based workouts at partner gyms and fitness centres across the country as well as online training.
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The firm has raised over $650 million in funding from investors like Accel, Temasek, Chiratae, and Kalaari Capital. It was valued at over $1.5 billion in a $145-million funding round led by Zomato.Bansal and Nagori undertook a significant restructuring of the firm in 2020, making its cloud kitchen business an independent entity. Nagori now runs that business as Curefoods.