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<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

<ul><li>The coronavirus pandemic graph continues to rise upwards in India with over 14 lakh cases. </li><li>And with this optimism of businesses hoping to regain their lost momentum seems to be wearing off. </li><li>Several businesses continue to stare at an uncertain future, which has brought around the second wave of <keyword id="30690" type="PERSON" weightage="20" keywordseo="Job-cuts">job cuts</keyword>. </li></ul>From hospitality, fitness to the aviation industry, the jobs scenario looks bleak and the situation seems unlikely to improve anytime soon. The COVID-19 pandemic has spread far and wide and the numbers are multiplying with over 14 lakh cases in India currently. Given the weak economic scenario and uncertainty all around, several businesses are treading the path of caution and we are witnessing a second wave of job cuts. Food delivery unicorn <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> has laid off over 350 employees after its initial exercise of laying off over 1100 people in May. Swiggy’s official statement said that ‘the past few months have reshaped our lives in an unprecedented manner’. However, the company called the latest layoff as a final realignment exercise. “In May, we began the exercise of realigning resources to create capacity in higher potential areas with the optimism of the business attaining pre-covid levels in the near-term. With the industry still only having recovered to about 50% of its peak, we have unfortunately had to go ahead with this final realignment exercise with the net loss of 350 jobs. We are concluding the exercise we began late May and there are no plans for any further restructuring,”said a Swiggy spokesperson. Food delivery and restaurants have been one of the worst hits ever since the coronavirus lockdown began in March. Social distancing is taking a toll on businesses. People remain wary and unwilling to venture out of their homes still for leisure and entertainment. Hence, many restaurants have continued to <a href="https://www.cnbctv18.com/hospitality/less-than-40-of-hotels-restaurants-are-open-in-india-says-nrais-anurag-katriar-6284251.htm">stay shut</a>, while many others are in the fear of shutting shop. Meanwhile, health and fitness startup Curefit too has reportedly recently gone for a <a href="https://tech.economictimes.indiatimes.com/news/internet/curefit-cuts-jobs-furloughs-600-staff-in-second-round-of-layoffs-as-business-suffers-amid-lockdown/77013891#:~:text=Curefit%20cuts%20more%20jobs%2C%20furloughs%20staff%20as%20business%20suffers%20amid%20lockdown,-The%20downsizing%20comes&amp;text=Health%20and%20fitness%20startup%20Curefit,directly%20aware%20of%20the%20matter.">second round</a> of layoffs and furloughs. This after initially laying off over 800 people in the beginning of May. Curefit was founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori. The company also has celebrity brand ambassadors like Hrithik Roshan and Tiger Shroff and has over 270 centres across India and Dubai. Unlock 2.0 in India has seen opening up of certain sectors, however gyms and fitness centers continue to remain shut and the subsequent bouts of strict lockdowns in several parts of the country is not helping their cause. Another sector to be severely impacted due to the coronavirus pandemic is the aviation industry. As the situation worsens and with international flights reopening only in a phased manner, the likes of IndiGo, Air India have been on a wait and watch mode. <a href="https://www.businessinsider.in/india/news/indigo-announces-second-round-of-deeper-pay-cuts-starting-september-1/articleshow/77195457.cms">IndiGo</a> yesterday announced a second round of deeper <keyword id="1118212" type="PERSON" weightage="20" keywordseo="pay-cuts">pay cuts</keyword>, even after it laid off over 2300 people, whereas its government-run competitor <a href="https://www.businessinsider.in/india/news/air-india-slashes-employee-allowances-up-to-50-despite-protests/articleshow/77108080.cms">Air India</a> has been extending leave without pay and slashing salaries for several of its employees. SEE ALSO: <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms">Escorts earnings only show that calling a rural recovery right now would be pompous⁠— all eyes will now be on M&amp;M</a> <a href="https://www.businessinsider.in/careers/news/latest-vacancies-at-india-at-tcs-wipro-intel-google-and-hike-companies/slidelist/77198197.cms">Here's a list of latest vacancies in India at TCS, Wipro, Intel, Google, and Hike</a>

India sees second wave of layoffs and pay cuts as companies grapple with COVID-19 pandemic

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

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You Searched For "curefit layoff" and got 3 results

Curefit fired hundreds of employees and trainers on International Labour Day

Sanchita Dash

India sees second wave of layoffs and pay cuts as companies grapple with COVID-19 pandemic

Sanchita Dash

Homegrown healthtech platform Cult.fit raises $10.2 million

IANS

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