BENGALURU: Health and fitness startup cure.fit has downsized its operations and laid off trainers at its gyms in tier-2 markets in India in addition to in Delhi, and in the UAE, citing a business slowdown as a result of coronavirus pandemic, mentioned two folks conscious of the event.
The Bengaluru-based startup confirmed the layoffs in an announcement on Monday. Cure.match mentioned that round 90% of its trainers throughout its cult.match gyms business have been moved to a variable pay mannequin to “tide over the disaster”. The fitness startup added that it could begin repurposing its business on digital fitness choices together with tele-consultants to offer medical providers at residence.
“We have downsized our worker base throughout markets the place we’ve shut operations and have initiated pay cuts throughout ranges. The founders have taken a 100% pay lower, the administration staff 50% and the remainder of the employees relying on seniority could have a discount of 20-30%.” cure.fit mentioned in its assertion.
The startup mentioned that it’s organising a ₹2 crore emergency fund for workers affected as a result of layoffs, and that it could present prolonged medical health insurance for workers and their households.
cure.fit’s business verticals embody meals supply (by way of its Eat.match model), bodily fitness (cult.match), psychological wellness (thoughts.match), major care (care.match), and fitness clothes (Cult Sport) on one platform (an app). The startup used to function over 200 cult.match fitness studios throughout seven cities in India.
The startup relies upon primarily on subscriptions for its gymnasium and meals supply product to generate income, and many cure.fit subscribers will now should shift to digital means to proceed utilizing some merchandise. The fitness startup has been providing dwell fitness classes on its app and web site after for the reason that nation went into lockdown in March.
“We are ramping up our digital fitness choices to help members keep match, whereas tele-consultants have been launched to offer medical providers at residence. We are additionally doubling down on well being meals & necessities residence supply whereas sustaining rigorous hygiene requirements throughout all our kitchens,” the startup mentioned.
cure.fit was based in 2016 by Mukesh Bansal, co-founder of trend retailer Myntra, and Ankit Nagori ex-chief business officer at Flipkart. The startup has raised over $400 million until date from buyers corresponding to Temasek Holdings, Accel Partners, Kalaari Capital, and Chiratae Ventures India. cure.fit was valued at over $500 million.
Tarush Bhalla contributed to this story