Business Standard: December 14, 2016
New Delhi: Delhi-based Fitpass, which offers access to various gyms and health clubs via a MEMBERSHIP, has raised US$1 million in seed funding from investors in Mumbai, Delhi, and Bangalore.
Founded in 2015 by brother-sister duo Akshay and Arushi Verma, Fitpass allows members a chance to break from expensive yearly gym memberships. Once you buy a Fitpass for US$15, you can pick from a roster of over 1,000 partner gyms and health clubs and attend whatever classes you wish.
In that, Fitpass is doing what startups like ClassPass or KFit have successfully done in the US and Southeast Asia respectively. In India it competes with the likes of Fitternity and Gympick.
Fitpass has partnered with around 1,250 popular gyms and OFFERS more than 100,000 options for workouts, the company said.
“Unlike many startups, Fitpass is both cash generative and profitable,” an investor said in a statement.
Fitpass raises Rs 10 lakhs in Seed Funding from investors, takes cue from ClassPass “Every 10,000 users means 1 crore rupees [US$147,971] in topline for the company. With the fitness industry growing at 25 percent year-on-year, and the spend on fitness estimated at around US$16.6 billion, Fitpass’ one-stop-shop offering makes it an attractive investment.”
The fresh funds will be used to make classes more customized for members, co-founder Akshay said. “Simultaneously, there is an exciting product being rolled out for our partners that allows them to bring new approaches for their customers and make data-driven informed business decisions for themselves,” he added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.