FITPASS, which provides access to gym and fitness studios across multiple location, has raised $1 million investment from Olympic gold medal winner Abhinav Bindra’s venture fund Shooting Star and Franchise India Brands.
The current investment is the fifth in an early-stage company by Shooting Star, which was set up in March 2016.
FITPASS co-founder Akshay Verma said that they are on expansion mode and would use the investment to launch the services in other metro cities.
“We have already partnered with 400 centres in Bengaluru and will also launch in Mumbai and Pune soon. We have also seen good traction on the nutrition app and counsellor side while our gym ERP has a 93% conversion rate for the centres we work with. It usually takes a centre two months to turn into a paying customer for the FITPASS ERP,” said Verma.
Delhi-based startup claims to be one-touch solution to achieve health and fitness goals. It also gives consumers the flexibility to workout whenever you want, however you want and wherever you want. It offers variety of workout routines- Yoga, Zumba, Pilates, Aerobics, Bollywood Dance, MMA, Cross Fit, Circuit training, Kickboxing, Spinning, Bootcamp and many more.
FITPASS boasts of adding about 11,000 active paying members per month and has partnered with 1,250 centres in Delhi-NCR.
The retail market for fitness in India is valued at Rs 4,579 Cr, growing at 16-18 per cent and is estimated to cross Rs. 7,000 crore by the year this year end.
Of late, health and fitness space has witnessed series of investment. Other startups in this domain which are providing similar services include Growfitter, Fitso, Fitnapp, Book Your Game, Fitternity, Gympik, FitTicket, Fitraq, and FitPass.
Recently, Growfitter raised $600K in a Pre-Series A round of funding from San Francisco-based VC SQue Capital. Gurgaon-based Fitso, had raised $200,000 in an angel round from Sujeet Kumar, the former president of operations at Flipkart, Intelenet Global Services CEO Bhupender Singh, and PolicyBazaar CEO Yashish Dhaiya.
In January, mobile marketplace for gym memberships, Fitnapp, had raised pre-Series A funding from Noida-based real estate developer SD Group.
