Delhi-based Fitpass, the all-access pass to gyms and fitness studios, has raised $1 Mn in seed funding led by Mumbai Angels and a consortium of Delhi- and Bengaluru-based angels.
Launched in June 2015 by Akshay Verma along with his sister Arushi, Fitpass connects consumers with the gyms and studios around them. The platform claims to give unlimited access to 10,0000+ options with different types of workouts like yoga, dancing, gyming, aerobics, skating, Martial Arts etc.
As Arushi points out, “with fitness being increasingly top of mind for customers, Fitpass’ model has low customer acquisition costs, loyal users and low churn rates, contributing to a strong and sustainable business model.”
The raised funds will be used to expand services to Mumbai, Bengaluru and other Tier II and Tier III cities. Also, the funds will be used for talent acquisition and to introduce personalised fitness management tools.
As shared by Akshay with Inc42, “We are a highly tech-driven and data-driven company. For instance, the majority of our users lie in the age group of 18-35 years, with an average age of 27 years. So, further expansion will be based on actually where we can get the majority of the youth population.”
Akshay further explained that fitness is an assistance-oriented service segment that requires a lot of customisation and enhancement for each individual user. “There is no one size fits all in fitness. This curated assistance can only be provided through deep tech. We are working on this and will be launching many exciting features offering highly personalised fitness management tools to our users. Simultaneously, there is an exciting product being rolled out for our partners that allow them to bring new approaches for their customers and make data-driven informed business decisions for themselves. We are changing the game in India.”
The platform charges monthly membership fees which gives users access to more than 1250 gyms including the likes of Gold Gym, Snap Fitness, Knock out, etc.
According to a press release statement, a participating investor said: “Unlike many startups, Fitpass is both cash generative and profitable. Every 10,000 users mean INR 1 Cr in topline for the company. With the fitness industry growing at 25% year-on-year and the spend on fitness estimated at $16.6 Bn, Fitpass’ one-stop-shop offering makes it an attractive investment.”
The investor also added that “the Fitpass team has great potential as it is made up of real product people focused on generating insights, understanding the problems and investing time into finding efficient solutions.”
Other startups in this space are FitMeIn, Stepathlon Kids, BookYourGame, Gympik and more.