Pune based MultiFit Expands South India Operations, Plans to Invest Around Rs 60-70 Cr with in 1 Yr
To open 17 large format functional fitness studios in 1 year, two in the next month, five before year end
India’s largest Functional Fitness Studio Brand ‘MultiFit Wellness Private Limited’ had sealed a definitive agreement with Mr. Krishna Chivukula Jr. (CEO, INDO-MIM Pvt Ltd) & Sumit Rathor’s (renowned Golfer, former President and captain Karnataka Golf Association, and Founder Sumit Rathor Consulting Pvt Ltd) newly formed venture Skyefit LLP for expansion of its Bengaluru Operations. As per the terms of the agreement MultiFit and Skyefit will together open 17 large format functional fitness studios in the city over next 12 months, two within the next two months and five before the year end, for which all properties have been finalized and construction work has commenced. The announcement by the brand, which earlier this year marked its entry into the city with the launch of its Indiranagar studio, forms a part of its larger South India expansion focus unveiled by the company recently. The company also announced that it would be opening its South India operations headquarters in Bengaluru shortly. The company plans to invest around Rs 60-70 crore in South Indian Market with in one year.
Commenting on MultiFit’s Bangalore expansion plan, Dr. Samir Kapoor, said: “Earlier this year at the launch of our first centre at Indiranagar in the country’s fitness capital, we had made a commitment of entering the city in a big way and this announcement is a vindication of that commitment. However, given the complexity of this market, which I would personally rate at par with the advanced fitness industries in the UK and the US, it was imperative that we find the absolute right partners who not just understand this space but also share our passion and vision for fitness, nutrition and sports. In Krishna Chivukula Jr. & Sumit Rathor we are confident we have found the perfect partners for scripting MultiFit’s Bengaluru story.”
“At this stage I would like to make another commitment to all the fitness enthusiasts in the city. We at MultiFit will not just bring you the most scientific and best of class Fitness regimes and infrastructure but would work tirelessly in further enhancing and spreading the culture of fitness across the city,” added Samir.
Currently, MultiFit operates a chain of over 32 large format multi-disciplinary Functional Fitness studios across India, UK & UAE marking a presence in 8 cities, with one each in Mumbai, Bangalore (Indiranagar), Mysuru and Salem. Further it has another 20 more signed up gyms which are slated to go live over the next 4-5 months taking the total count to 52 fitness studios. As part of its expansion, MultiFit aims at (a) opening over 100 large format multi-disciplinary Functional Fitness studios over next year, (b) exponentially expanding its nutrition business, esp. the online & sports nutrition with an aim of emerging as a dominate player in the space, and (d) building one of the country’s first gym chain developed fully-customized FitTech platform.
Commenting specifically on the Bengaluru expansion plans and the Alliance, Sumit Rathor, Partner, Skyefit LLP, said: “Both Krishna and I, being serious fitness enthusiasts, we have been exploring a good opportunity in the Business of Fitness for quite some time now, but were not finding the right partner. What we were sure of was that whatever we did it had to be scalable, would positively impact a large cross section of fitness enthusiast and would not involve treadmills and conventional fitness models. When we met Samir and he told us what they were doing at MultiFit we instantly knew that we had to partner with them.”
“MultiFit’s holistic large format group driven fitness philosophy and facilities made a lot of sense to us and as fitness enthusiasts we believe that that is what we all need and look forward to. More importantly their obsession with a scientific approach towards fitness, as well as, what they have been doing with athletes and sports in general, especially on the strength and conditioning front, is something we felt would be a perfect fit for fitness enthusiasts in Bengaluru,” added Sumit Rathor .
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