Zomato-backed CureFit to cut 120 jobs as it restructures exercises

New Delhi: Zomato-backed fitness startup CureFit cut 120 jobs earlier this week in a restructuring effort, a media report said on Tuesday. The latest job cuts affected employees of the company's brands such as Sugar.fit, Carefit and Cultfit, among others, Inc42 reports.

“As part of our regular annual operational planning process, we have reduced a number of redundant positions with the goal of streamlining operations,” the company said.

“This is aimed at improving productivity and preparing for full profitability by FY25. We have done this with careful consideration and the importance of creating long-term value for our stakeholders,” the report said.

Earlier in 2020, the fitness startup laid off about 800 employees. Founded in 2016 by Ankit Nagori and Mukesh Bansal, CureFit operates primary care care Care.fit, mental health platform Mindfit and physical fitness platform Cultfit, among others. Nagori then left the company to focus on his new venture, Curefoods, a D2C cloud kitchen aggregator.

Meanwhile, Softbank-backed mobile advertising giant InMobi plans to lay off 125 employees from its global workforce of 2,500 in its second round of job cuts. According to a report by CNBC-TV18, the move will affect about 5 percent of the total workforce.