Zomato-backed CureFit cuts 120 jobs in restructuring exercise

New Delhi : Zomato-backed fitness startup CureFit has slashed 120 jobs earlier this week in a restructuring exercise, a media report said on Tuesday. The latest job cuts impacted workers across the company's brands like Sugar.fit, Carefit, Cultfit, among others, reports Inc42.

"As part of our regular annual operating planning process, we have reduced some redundant positions with the aim of streamlining operations," the company was quoted as saying.

"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,” it added. Earlier in 2020, the fitness startup laid off around 800 employees.

CureFit, which was founded in 2016 by Ankit Nagori and Mukesh Bansal, operates the primary care vertical Care.fit, the mental health platform Mindfit, and the physical fitness platform Cultfit, among others.

Nagori, however, subsequently departed the company to focus on his new venture -- Curefoods, a D2C cloud kitchen aggregator.

Meanwhile, Softbank-backed mobile advertising giant InMobi is planning to lay off 125 employees from its global workforce of 2,500 in its second round of job cuts. According to a CNBC-TV18 report, the move will impact roughly 5 per cent of the total headcount.