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New Delhi, Tata Digital-backed healthtech platform Cult.fit (formerly Cure.fit) has raised $10.2 million in its Series F round led by <keyword id="20732080" type="General" weightage="20" keywordseo="valecha-investments" source="keywords">Valecha Investments</keyword>. According to the company's regulatory filings with the Registrar of Companies (RoC), the board has issued 1,55,080 equity shares to <keyword id="20732081" type="General" weightage="20" keywordseo="extreme-brands-llp" source="keywords">Extreme Brands LLP</keyword> and 15,92,157 Series C 'compulsory convertible preference shares' (CCPS) to other investors. The shares have been issued at Rs 483.62 per share to raise Rs 84.5 crore or $10.2 million (Valecha Investments led the round with Rs 36.36 crore). Start-up news portal Entrackr was first to report about the funding. To date, the homegrown health and wellness platform has raised over $670 million from companies like <keyword id="20037043" type="General" weightage="20" keywordseo="tata-digital" source="keywords">Tata Digital</keyword>, Zomato, Temasek and <keyword id="20214436" type="General" weightage="20" keywordseo="kalaari-capital" source="keywords">Kalaari Capital</keyword>, among other investment firms. Last month, the company laid off nearly 150 employees to achieve profitability by FY25. In 2022, Cult.fit acquired the <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> business of international fitness chain Gold's Gym for an undisclosed sum. Meanwhile, Indian startups raised $732.7 million across 107 deals in January this year amid layoffs, shutdowns and top-level exits.

Homegrown healthtech platform Cult.fit raises $10.2 million

<ul><li>Numerous trainers from <keyword id="3465872" type="PERSON" weightage="20" keywordseo="curefit">curefit</keyword> have taken to social media to speak about the issue.</li><li>Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori.</li><li>The company also has celebrity brand ambassadors like Hrithik Roshan and Tiger Shroff and has over 270 centres across India and Dubai. </li></ul>Indian chain of gyms and fitness centres, Curefit has laid off hundreds of employees and trainers across the country. Numerous trainers have taken to social media to speak about the issue and said that the irony is the company laid them off on International Labours Day. These employees were not sent a formal mail but actually got a call saying they should put in their resignation, a source told Business Insider. “I have been with Curefit for a year now, but I got a call on May 1 saying that I have been laid off but I should send a resignation to the company. After that, I spoke to three people from the company and all three gave me different reasons, one said that the company doesn’t have money to pay while another said there are thousands who are being laid off,” a boxing trainer from <keyword id="6825388" type="UNKNOWN" weightage="20" keywordseo="cultfit">Cultfit</keyword>, Mumbai told Business Insider. Curefit admitted that it had laid off staff. "While we are doing everything we can to solve for our customers, we also need to adjust to the new realities and manage costs to ensure the long term viability of the business. We have downsized our employee base across markets where we have shut operations and have initiated pay cuts across levels. The founders have taken a 100% pay cut, the management team 50% and the rest of the staff depending on seniority have a reduction of 20 to 30%.," the company said. All employees part of the downsizing have been provided with a significant severance package to help them with the current situation, including extended health insurance for them and their families. "Further, we will provide our full assistance in out-placing them in the coming days. We have also created an emergency fund of Rs 2 Cr to support affected employees in the coming months.," said the company's statement. <div type="Article" hostid="261" msid="75156295" title="Don’t layoff during lockdown— India needs a ‘jobs protection programme’ like US and the billionaires must lead while the government helps" mstype="2" mssubtype="0"></div> Some of the employees also complained that the startup has the money to hire celebrity trainers and donate to the <a href="https://twitter.com/raghuram_tweets/status/1257135243577839617">PM Cares fund</a> but couldn’t keep its employees' jobs safe. Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori. It has fitness centres under the Cultfit brand and a health app called Curefit. It also has diagnostic centres called Carefit and yoga and meditation centres called mindfit. The company also has celebrity brand ambassadors like Hrithik Roshan and Tiger Shroff and has over 270 centres across India and Dubai. With the coronavirus lockdown, Curefit had to shut down its centres but was quick to pivot and bring the classes online. Its online classes had also gained popularity of late. The startup is backed by investors like Chiratae Ventures, Accel Partners, Kalaari Capital &amp; Oaktree Capital, Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/goldman-sachs-reliance-samsung-and-others-onboarding-interns-virtually-during-the-lockdown/articleshow/75526863.cms">Goldman Sachs, Reliance, Samsung and others onboarding interns virtually during the lockdown</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-stake-sale-to-silver-lake-boosts-ril-share-valuation/articleshow/75526873.cms">Reliance Jio’s valuation jumps more than half a billion dollars in just 12 days, thanks to Silver Lake</a>

Curefit fired hundreds of employees and trainers on International Labour Day

New Delhi, Indian startups have raised $732.7 million across 107 deals in January this year amid layoffs, shutdowns and top-level exits. According to TheKredible's data, there were 70 early-stage deals with a total value of $314.4 million, and 21 growth-stage deals worth $418.3 million. There were 16 undisclosed rounds. In January, the total funding for startups experienced a significant decrease from $1.7 billion in the last month of 2023. It was also the lowest funding amount for January when compared to the last three years, reports Entrackr. Notably, no startup managed to secure funding above $100 million in January. <keyword id="20320433" type="General" weightage="20" keywordseo="vivifi" source="keywords">Vivifi</keyword>, a fintech startup, received the most funding in January, totalling $75 million. AiDash, wow! Momo, <keyword id="20450793" type="General" weightage="20" keywordseo="impact-analytics" source="keywords">Impact Analytics</keyword>, and BluSmart were among the five most funded companies last month. Three companies in the growth stage, OneCard, Infra.Market, and Yulu, have raised debt funding, as per the data. <keyword id="20450792" type="General" weightage="20" keywordseo="krutrim-si-designs" source="keywords">Krutrim SI Designs</keyword>, led by Bhavish Aggarwal, has announced $50 million in funding, making it the fastest unicorn in the Indian startup ecosystem. International Battery Finance and three fintech startups - StockGro, FinAGG, and Ecofy - made the top five list. StockGro raised the most debt last month, the report noted. Layoffs continued to stalk startups, with more than 600 layoffs across three companies. Online food delivery platform Swiggy led the way with 350 layoffs, followed by Cult.fit and InMobi. Flipkart, an e-commerce marketplace, was also in the news for firing over 1,000 employees. In addition to layoffs, several top-level employees left Indian startups. Udaan alone saw two departures, including CFO Aditya Pande and FMCG business head <keyword id="20400665" type="General" weightage="20" keywordseo="vinay-shrivastava" source="keywords">Vinay Shrivastava</keyword>. The CEOs of Indus Appstore and KnowledgeHut, both owned by PhonePe, and the co-founders of DealShare and Fashinza have left. Besides layoffs, cricket non-fungible token (NFT) platform Rario and ByteDance's <keyword id="20158260" type="General" weightage="20" keywordseo="resso" source="keywords">Resso</keyword> announced to shut down operations.

Indian startups raised $732 million across 107 deals in January

Filmmaker Sooraj <keyword id="40286" type="General" weightage="100" keywordseo="barjatya" source="Orion">Barjatya</keyword> says he is set to venture into digital space soon with at least three web series under development at his family banner Rajshri Productions. These projects will focus on family-friendly entertainment, a genre championed by the production house through films such as "Nadiya Ke Paar" (1982), "Saaransh" (1984), Salman Khan-starrers "Hum Aapke Hain Kaun" (1994) and "Hum Saath Saath Hain" (1999). Barjatya said he was inundated with many offers from leading streamers during the coronavirus pandemic to explore the digital medium. "We have been offered to make Rajshri kind of stories by all platforms. After the pandemic, families have come together. I am surprised and happy. We are in the process of starting three-four series soon." "It is in our space (family entertainers). Some are in the scripting stage, others are in the ideation stage. We will look at all of this post the release of 'Unnchai'," the 58-year-old director told PTI in an interview here. Back in 2017, Barjatya had said the production house was toying with the idea of making content for the web. Rajshri has already produced many successful TV shows like "<keyword id="11857" type="General" weightage="50" keywordseo="woh-rehne-waali-mehlon-ki" source="Orion">Woh Rehne Waali Mehlon Ki</keyword>" and "Pyaar Ka Dard Hai Meetha Meetha Pyaara Pyaara". Currently, the filmmaker is looking forward to the release of his upcoming feature "Unnchai", a drama about four friends, played by Amitabh Bachchan, Anupam Kher, Boman Irani and Danny Denzongpa. Parineeti Chopra, Neena Gupta, and Sarika also round out the cast of the film, slated to be released on November 11. Post "Unnchai", Barjatya said he will focus on a string of projects, including a web series, a movie with his frequent collaborator and friend <keyword id="6354583" type="General" weightage="50" keywordseo="salman-khan" source="Orion">Salman Khan</keyword>, and his son Avnish Barjatya's directorial debut. With Avnish's movie, the filmmaker will launch actor-MP Sunny Deol's younger son Rajveer and actor Poonam Dhillon's daughter Paloma. "After 'Unnchai', I will get busy with my younger son Avnish's movie, starring Rajveer and Paloma. As a producer, it is a big responsibility. After that, I will start my film with Salman Bhai. It is in family space," he added. Barjatya shared that it is <keyword id="6355601" type="General" weightage="80" keywordseo="khan" source="Orion">Khan</keyword> who often encourages him to make family-oriented movies. "He says 'I do my action everywhere but we will do family (dramas) together. He always encourages me to go back to what we do, he is like let's do the same thing... Like having a brother, sister and family because no one does that today. "He says, 'Let's go back to these (films)'. Essentially, it is a part of his life and even mine. Besides, both of us want to spend more time together," he said. Barjatya's last directorial was the 2015 film "Prem Ratan Dhan Payo", starring Khan and <keyword id="6505896" type="General" weightage="50" keywordseo="sonam-kapoor-ahuja" source="Orion">Sonam Kapoor Ahuja</keyword> in the lead. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/chief-twit-elon-musk-refuted-reports-of-twitter-layoff-before-nov-1/articleshow/95194068.cms">Chief Twit Elon Musk refuted reports of Twitter layoff before Nov 1</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/boat-joins-cult-fit-to-launch-at-home-workout-programme/articleshow/95199482.cms">boAt joins cult.fit to launch at-home workout programme</a>

You Searched For "cultfit layoff" and got 4 results

Homegrown healthtech platform Cult.fit raises $10.2 million

IANS

Curefit fired hundreds of employees and trainers on International Labour Day

Sanchita Dash

Indian startups raised $732 million across 107 deals in January

IANS

Sooraj Barjatya to enter the OTT space, has three family-friendly web series under development

PTI

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