Cure.fit, a Bengaluru-based wellness startup, has laid off hundreds of employees across its countrywide centres.
Across the startups’ 180+ centres in the Country, Cure.fit has laid off around 800 of its employees citing that some cost-cutting measures need to be taken due to disruptions in business in the current pandemic situation.
The company has been backed by celebrity endorsements which led to its immense popularity. The company has closed its operations in smaller towns and cities in India and UAE. Cure.fit also went on to open centres in Dubai not more than a year ago. The remaining staff will face salary cuts on different levels. According to a report, the founders endured a 100 percent salary cut along with 50 percent cut in the managers’ pay. The remaining employees will face about 20 to 30 percent salary cuts.
The authorities did not give the employees any warning and asked the staff to quit their respective jobs. They were given the option to choose either their 45 days’ pay or to consider May 1 as their last working day. Tejasvi, a student of Lady Shri Ram College opined: “Cure.fit’s downsizing does not seem to make sense because if they have 5 crores to donate, they surely have enough money to give full salaries to its employees as well.”
Founders of this startup established Cure.fit in 2016 that has financial backing from Temasek Holdings of Singapore. It was reported that the company spent huge amounts of money in getting Bollywood celebrities and star athletes on board for endorsements. In addition to this, Cure.fit donated INR 5 crores to PM Cares fund while overlooking the needs of its employees and putting them in jeopardy. Staff members of the organization have demanded that they should be compensated with salary of 6 months along with insurance.
A petition by the employees of the organisation surfaced on change.org seeking support for their cause so that the organization takes some action. The company raised INR 832 cores led by a Singapore’s investment company, Temasek. Cure.fit responded by stating that as many as 90 percent of the trainers are still associated with the company and employees that were laid off have been offered a severance package as well.
Feature Image Credits: Deccan Herald