Fitness focused startup Cult.Fit has laid off between 100 and 120 employees. The round of redundancies is part of the business’ plan to streamline its operations and focus on pursuing profitability, which it hopes to achieve in the 2025 financial year.
“As part of our regular annual operating planning process, we have reduced some redundant positions with the aim of streamlining operations,” said the business in a statement to the Economic Times. “This is aimed at improving productivity and setting us up for full profitability in FY25.”
In the 2023 financial year, Cult.Sport’s operating revenue totalled Rs 694 crore which represented over a threefold increase compared to its revenue total of Rs 216 crore in the 2022 financial year, ET Bureau reported. The business also reduced its losses to Rs 551 crore in the 2023 financial year compared to Rs 688 crore in the 2022 fiscal.
Mukesh Bansal and Ankit Nagori launched Cult.Fit in 2016 to offer fitness services, products, and apparel through both offline and online channels. The brand retails a wide selection of sportswear, sports accessories, and equipment through its ‘Cult.Sport’ e-commerce store with products ranging from women’s sports bras to men’s shorts to bicycles among others. The brand also runs a mobile shopping app and retails a selection of smartwatches.
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