Mumbai-based fitness discovery and booking startup Fitternity has raised an additional $1 Mn as part of its Series A funding from Sixth Sense Ventures and other investors.
In May 2019, the company had raised $4 Mn in Series A round to scale up its services across categories, inventory and supply base. The additional investment will help the company scale up its newly launched subscription model and grow 10X to $100 Mn annual revenue over the next 24-36 months.
Founded in 2014 by Neha Motwani and Jayam Vora, Fitternity runs an integrated marketplace for preventive healthcare. The startup helps people in discovering health-based destinations. The company has also partnered with gyms and health clubs to offer discounts to its customers.
Fitternity: Pay-Per-Session To Subscription Model
The company claims that over 10 Mn consumers have used the platform to access more than 12K gyms and studios. It has now introduced a subscription model with the launch of OnePass – an exclusive, all-access pass for all fitness and health needs.
The users can get unlimited access to workout across 12,000 fitness centres and sports facilities across the country with an added feature of lifetime validity. It is notable that the company had been largely betting on the pay-per-session model, membership portability and dynamic pricing in India.
Nikhil Vora, founder and CEO, Sixth Sense Ventures, said, “Fitness and wellness is at an inflection point in India and Fitternity is at the driver’s seat propelling Indians towards a healthier life. Through their unique offerings for consumers, insurance companies and corporates, Fitternity will dominate the $7 Bn (2022E) fitness market in India.”
Fitternity is also working with corporates and insurance companies to push for preventive healthcare among Indians. In some of the corporate partnerships, Fitternity enables employees to receive pay-per-session credits among other such services.
How Is India’s Fitness Industry?
Globally, the fitness marketplaces are effectively cashing upon the hectic and the stretched work schedule of the millennials. However, in India owing to the inherent price-sensitivity, a major part of the community has restricted itself from joining any kind of fitness regimen.
It is being discussed widely that preventive healthcare is the need of the hour and fitness is the primary driver. The Indian fitness market is at an inflection point, primed to scale up to $7 Bn by 2022.
At present, fitness in India is a $3 Bn market growing at 18%, with only 4% of the market comprising of organised gym chains. The global wellness market is estimated to be at $4.2 Tn.