Cult.fit takes profit call, terminates over 100 employees (2024)

FAQs

Cult.fit takes profit call, terminates over 100 employees? ›

Synopsis. Fitness firm Cult. fit has laid off 100 to 120 employees as part of a cost-cutting exercise, people in the know told ET. The firm's parent entity, Curefit Healthcare, also runs other brands like Sugar.

The excellent customer experience at Cult. fit is reflected in an “insanely high” NPS score of 84% and best-in-class retention of 75% (2).

Cultfit reported a revenue of about seven billion Indian rupees in fiscal year 2023. The health and fitness company offered offline and online experiences of fitness, nutrition, and well-being. Most of the revenue that year came from the company's fitness segment.

Cult. fit is a “Made in India” wellness startup co-founded by Mukesh Bansal and Ankit Nagori in 2016. They opened offline gyms rapidly, acquired Fitness First (2018) and took a majority stake in Gold's Gym (2022) to become their master franchiser.

No-Show Penalty: Your membership will be deducted by one day for each no-show. Block Penalty: If you accumulate three no-shows within a month, you won't be able to book any classes for today and the next two days. Any subsequent no-shows within a month will result in the same penalty.

With a gym business failure rate of 81%, many gym owners should be more careful before opening their own businesses. Passion for fitness is not enough to keep the gym running forever. Without the right business experience and knowledge, your small company can fail.

According to Adjust, the average day-seven retention rate is 12%. Regarding long-term retention, it's a good idea to look at day 30. Market research shows that if someone sticks around this long, there is a good chance they will continue using your app beyond day 30.

Accel Partners retains the largest stake in Cult. fit post-allotment, holding 17.25% shares, while the founder & CEO Mukesh Bansal maintains a 10.5% stake. The startup's valuation, according to TheKredible, stands at Rs 12,400 crore post-money.

Why is CultFit famous? ›

Because there are lots of options which you can select(Like: HRX, Yoga, Boxing..etc). In my opinion cult is good for people who wants to get fit.

Founded by Mukesh Bansal and Ankit Nagori in 2016, Cult. fit has raised over $650 million from investors like Accel, Temasek, Chiratae, Kalaari Capital, and several others. Flipkart's Binny Bansal and actor Hrithik Roshan are among its angel investors, Tracxn, a private markets data provider, showed.

The best unified fitness platform with 5M million active users & 1.2 million plus social media followers.

'Last Minute Dropout' feature gives you the convenience of opting out of a class after the cancellation limit is passed. No-show of 1 membership day will be applicable BUT IF another member books your slot then we will waive off your no-show! This works on a first come first served basis.

By Planet Fitness® definition, a Lunk® is one who exhibits behaviors that work against our Judgement Free® atmosphere. Lunk-like actions are often intimidating to most members who just want to get in a good workout. While we welcome everyone, we are built on the premise of no intimidation.

Like all contracts, gym membership contracts create a binding agreement between you and the gym, which lasts until the contract ends. The gym might be able to sue you to collect its membership fees if you stop paying before you are legally allowed to.

Member retention—what drives it and how to improve it has been a hot topic for a long time. Get together with a group of association professionals and the question often comes up: “What's your retention rate?” If the answer is 90% or higher, everyone wants to know the secret. Generally, rates are between 78 – 86%.

So what can we aim for? While the average is somewhere between 60% and 70%, that still means that up to 40% of all members you acquire are likely to disband their gym membership. That's almost half of your gym's income. Your target should be to hit a 75% retention rate.

Statistics reveal that the average retention rate for personal training clients hovers around 80%. This means that for every ten clients you coach, eight may stick around if you play your cards right.

A retention rate of 90% or higher is considered to be a good retention rate, meaning organizations should strive for an average employee turnover rate of 10% or less.