Cult.fit Cuts Over 100 Jobs In Quest For Profitability
The layoffs have impacted various divisions, including Sugar.fit and Care.fit.
Health and wellness firm Cult.fit has laid off over 100 employees as the Zomato Ltd. and Tata Group-backed startup seeks to post a profit in the next financial year.
"As part of our regular annual operating planning process, we have reduced some redundant positions with the aim of streamlining operations," a Cult.fit spokesperson told NDTV Profit on Tuesday. "This is aimed at improving productivity and setting us up for full profitability in FY25."
"We have done this with thoughtful consideration and with the interest of creating long-term value for our stakeholders," the unicorn said.
The layoffs have impacted various divisions, including Sugar.fit and Care.fit. Cult.fit became a subsidiary of Tata Sons Pvt., following an investment of about $75 million from Tata Digital Ltd. In December 2021, the firm raised about $145 million in a funding round led by Zomato.
