Cult.fit, backed by Zomato, lays off 150 employees: Report

Zomato-backed fitness unicorn Cult.fit has sacked around 150 employees to lower cash burn, said a report on Tuesday. 

The unicorn, which counts Tata Digital and Zomato among investors, currently has a cash burn of around Rs 15 crore, sources told Moneycontrol

Founded in 2016 by Mukesh Bansal and Ankit Nagori, Curefit offers a comprehensive range of fitness services and products through its two brands, cult.fit and cult.sport.

With a mission to make fitness fun, easy and accessible, cult.fit offers group workouts, online classes, sports facilities, and personalised solutions at fitness centers & partner gyms across the country. 

The losses of the Bengaluru-based company declined by 20% during the previous fiscal year ending March 2023.

Cult.fit’s revenue from operations surged 3.2 times to Rs 694 crore in FY23 from Rs 216 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies.