New-age Tech-first Fitpass to Add More Services
FITPASS’ recent funding of $1M led by ace shooter and Olympic gold medalist, Abhinav Bindra along with Gaurav Marya, will be used to expand the full suite of FITPASS' service offerings across 10 cities in the next six months. We speak to Akshay Verma, Co-Founder, FITPASS on more.
Akshay Verma, Co- founder and Director, FITPASS
What made you enter the South market?
While Delhi commands the largest share of the Indian fitness market at 17%, Bangalore represents a very fast growing target segment – both in terms of demand and supply dynamics along with necessary ecosystem drivers.
You have raised funds twice in six months. What are your plans for future investment?
FITPASS’ recent funding of $1 million led by ace shooter Abhinav Bindra and partner, Gaurav Marya, Chairman, Franchise India will be used to expand the full suite of FITPASS' service offerings across 10 cities in the next six months. Previously, in December 2016, FITPASS had raised $1 million, from Mumbai Angels and a consortium of Delhi and Bengaluru-based angel investors to grow horizontally and add service verticals, data-driven highly personalised fitness management tools for its users as well as to rollout bespoke enterprise products to its partner gyms/fitness studios. The latest infusion of capital will allow us to significantly enhance the user experience and digitise and revolutionalise the fitness economy.
Tell us about the growth of FITPASS?
After a user led beta phase during the last quarter of 2015, we launched FITPASS in January 2016. As is evident from our number, users absolutely love what FITPASS has to offer - freedom to workout at any gym / fitness studio in a city, freedom from upfront annual payments to gyms, freedom to choose from a variety of available workout options – gym workouts, yoga, pilates, zumba, spinning, crossfit, kickboxing, MMA and many many more. As our user base multiplied, we have stayed true to our vision to be the final fitness management destination for our users – to be everything you need to get fit and stay fit! Consequently, we have added several in-app features such as FITFEAST: dedicated personal nutritionist assistance, FITCOACH: A.I. led and video assisted fitness plans and FITSHOP: to buy original supplements, apparel, products and more.
On the supply side, with 1500+ partners, FITPASS commands the largest partner network of gyms and fitness studios in India. This is a result of our clear focus on our mission to create a double impact on their profit line – additional revenue + lower costs. We not only enable our partners to significantly monetize their unutilized asset base and provide them avenues for additional revenue (at zero cost) but have also given them proprietary SaaS products to help them manage their costs – thereby successfully delivering a double impact to their profit line. With a team of 25 highly qualified professionals, our tech-first approach has helped us achieve astounding growth rates without burning our funds. The focus has been on data-driven operations and using tech-led solutions to limit human intervention.
What is the vision of the brand?
FITPASS aspires to be a global fitness and lifestyle brand. We are committed to making fitness affordable, accessible and fun through technology, data and intelligence. A full stack 360-degree fitness and lifestyle solution, FITPASS is singlehandedly transforming the fitness industry and creating marketplace efficiencies. The company uses deep-tech and personalised data driven solutions to allow users to efficiently manage their fitness needs in today’s day and age, while creating recurring and sustainable long term value for all its ecosystem partners.
What are your expansion plans?
Bolstered by the latest round of funds, we are looking to expand its full-suite of services to 10 cities within the next six months. The mandate to expand includes both organic growth avenues and M&A led avenues. We will also be adding new service verticals to FITPASS soon. We will also announce exclusive product tie-ups that will redefine standard industry service offerings across sectors.
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