Fitness startup FITPASS has raised $1 million in a fresh round of funding led by the professional shooter and India’s only individual Olympic gold medalist, Abhinav Bindra and his business partner, Gaurav Marya, Chairman, Franchise India. The fresh funds invested through Bindra’s venture fund – Shooting Star and Franchise India Brands Ltd. will be used to expand the full-suite of FITPASS’ service offerings across 10 cities in the next 6 months.
Founded by the duo siblings of Akshay Verma and his sister Arushi Verma, FITPASS breaks all the barriers to fitness by making fitness accessible and affordable for the new-age Indian consumers. FITPASS subscribers can work out at any gym/fitness studio, anytime and can freely choose from a variety of available workout options – Gym Workouts, Yoga, Zumba, Pilates, Spinning, Kickboxing, Crossfit, MMA and many more.
In addition, users can also consult their dedicated personal nutritionist and follow highly curated A.I. led coaching plans on the FITPASS app to achieve faster results.
Commenting on the development, Arushi Verma, Co-founder, FITPASS, said, “We are very excited to have Abhinav and Gaurav as our partners – learnings from their personal and professional journeys and access to the networks they command will certainly help us take the FITPASS brand to greater heights.”
Akshay Verma, Co-founder, FITPASS, added “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. The latest infusion of capital will allow us to significantly enhance the user experience and digitize the fitness economy. It’s going to be game-changing!”
The Indian fitness services market is estimated at $16.6 billion per annum by PwC and is the fastest growing services market (25% per annum). With 2/3rds of India being under the age of 35 years, the demand for fitness services is growing at an exponential rate driven by a multitude of factors: medical, personal, fashion, self-confidence, image, etc.
Startups like Classhop, Classverse, Passport Asia, Fitrr and Fitmein (backed by GHV Accelerator) are operating in the same space as Fitpass. Apart from these, there are fitness aggregators and fitness discovery platforms like Gympik and Fitternity, which are doing pretty well.
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 roll out bespoke enterprise products to its partner gyms/fitness studios.