FitMeIn raises $100,000 from GHV Accelerator
Firm will use the money for technology enhancement and geographical expansion
New Delhi: FitMeIn, which provides users access to fitness studios and gyms on a subsidized monthly package, has raised $100,000 in a seed round from GHV Accelerator. It will use the money for technology enhancement and geographical expansion.
The company is likely to lock horns with online health product vendor Healthkart’s recently launched mobile app Phyzo which tells a user about neighbourhood yoga classes and trainers.
Pasta Lifestyle Solutions Pvt. Ltd, which owns and operates FitMeIn, was founded in June by former E&Y employees, Nidhisha Varshney, Lalit Singh and Vishesh Goel. The start-up offers monthly multi-studio membership to premium fitness workout centres in Delhi, Noida and Gurgaon.
It has currently tied up with 250 workout centres who conduct activities such as zumba, pilates, aerial yoga, crossfit, bootcamp, indoor rock climbing, mixed martial arts and swimming among others.
The centres it has on board include names like Gold Gym, Studio 60, Mantan and Talwalkar, among others. These centres are premium service providers and cost anywhere between Rs.3,000-10,000 for a monthly membership. Many of them do not provide membership for less than three months.
FitMeIn aims to provide its members the flexibility of using any of these centres as and when required for a monthly membership of Rs.2,499. The fee is converted into virtual currency called fit coins. A user can redeem these fit coins for any session he wants to attend. On an average, one session costs 1-1.5 fitcoins.
FitMeIn works with these centres on a revenue sharing basis, Goel said, without sharing further details.
While it is currently doing 80-100 bookings on a daily basis, it targets to have 1,000 bookings per day by December.
The company plans to expand its services across top five metros including Mumbai and Bengaluru by the end of this year.
“Fitness is a lifestyle imperative. We have noticed that after a point of time, a routine gym class becomes very boring. Many people also quit fitness classes because of the monotony. With FitCoins, we plan to give them plethora of options to choose from. If on one day you do not want to go for a workout, it is fine, you can just take your family out for a fun fitness day during the weekend. The aim is to make workout a fun activity. People are more likely to be consistent when they are having fun,” said Varshney.
The company will be launching its Android and iOS apps soon.
GHV Accelerator has also invested in on-demand service provider PickMyLaundry, m-commerce start-up LazyLad and food ordering start-up FoodPort, among others.
Two of its start-ups LazyLad and My Taxi India have also closed pre-Series A round of funding from foreign high networth individuals.
Editor's Picks »
- Future Retail’s Q2 result shows improvement in same-store sales
- Private insurance firms grow at the expense of LIC stuck with a sick bank
- Page Industries’s lofty valuations get a reality check in Q2
- Q2 results: Grasim’s Vodafone Idea stake is proving costly
- How Vodafone Idea’s $3.5 bn fundraising will impact telecom in India