Cure.fit acquires Fitternity in second acquisition in 2021
Fitternity | February 9, 2021
https://www.livemint.com/companies/start-ups/curefit-acquires-fitternity-in-second-acquisition-in-2021-11612858891924.html Cure.fit acquires Fitternity in second acquisition in 2021 Fitness startup Cure.fit on Tuesday said it has acquired fitness facilities aggregator Fitternity, a move that will give it access to a higher number of offline fitness centres in the country. The value of the deal was not disclosed. After the acquisition, Fitternity will continue to exist as a separate platform and will help Cure.fit to scale its Cult Pass - the company’s all-access pass to offline gyms and Cult centres in the country, the company said. Cult Pass, launched in December, marked Cure.fit’s entry into the gym and equipment-workout space as it looked to add all fitness formats on its platform. This is the second acquisition for Cure.fit this year after it bought out California-based fitness company Onyx in January to boost its at-home fitness offerings and to bolster its international business. “Fitness in India is still in initial stages at sub 1% penetration. Over the next 10-20 years, this will increase to 15-20% like in the West. With increasing health awareness, demand is increasing, and we need to put up quality supply. With Fitternity on board, Cure.fit will improve existing offline gyms, bring them up to speed with better technology, and focus on empowering them to adjust to the post-Covid scenario amid changing consumer expectations," said Mukesh Bansal, co-founder, Cure.fit. The acquisition will bring in more than 5,000 fitness centres across top 20 cities in India, and 3 million customers under the purview of Cure.fit and Fitternity. Cure.fit is also planning to help offline gyms with operating procedures and aid them in increasing their visibility for better utilisation through the acquisition. “At Fitternity, we have always focused on creating innovative solutions to make fitness easy and accessible for Indians - this vision will be further extended with our partnership. Fitternity will continue to run as it always has," said Neha Motwani, co-founder and CEO, Fitternity. Cure.fit added that the combined infrastructure of Fitternity will result in almost doubling of revenues from the Cult Pass offering. In May, the had company raised close to $75 million in equity funding led by existing investor Accel, which valued the startup at roughly $550 million. It had subsequently raised debt from Innoven Capital, as well as others. It had spun off its food tech vertical Eatfit into a separate entity to function and raise funds for it independently.
Fitternity raises $4M from Sixth Sense Ventures
Fitternity | May 8, 2019
https://tech.economictimes.indiatimes.com/news/startups/fitternity-raises-4m-from-sixth-sense-ventures/69228970 The startup plans to use the fresh capital to scale up its supply base in the top 20 cities and increase offerings in ancillary categories across sports & preventive healthcare. Fitness discovery and booking platform Fitternity has raised $4 million from Sixth Sense Ventures, a consumer-focused domestic venture fund. The Mumbai-based startup had previously raised about $2 million from investors like Exfinity Venture Partners and Saha Fund. The company plans to use the fresh capital to scale up its supply base in the top 20 cities, manage inventory at scale and increase offerings in ancillary categories across sports & preventive healthcare. Founded in 2013 by Neha Motwani and Jayam Vora, Fitternity enables users to discover and book various fitness activities like gyms, fitness classes, yoga, Pilates and Zumba among others. It is currently present in nine cities including Bengaluru, Mumbai, Delhi-NCR, Pune, and Hyderabad among others. The company claims that it is relying on technology and data insights of over 10 million customers and over 10,000 Fitness centres, to grow in an asset-light fashion The platform works on a pay-per-session model enabling users to pay only when they work out while offering the flexibility of trying different workouts each time. It also offers memberships for select locations and has partnered with top insurance companies to offer fitness linked insurance premiums. Other players in the Fitness segment include Cure.fit, HealthifyMe, and FitPass. Cure.fit is the most funded startup in the segment, having raised around $170 million until now. Sixth Sense Ventures has so far backed companies in the retail, logistics, services, and consumer products sectors. Some of its investments include Eupheus Learning, JHS Brands, Soothe Healthcare, SaffronStays, Hindustan Foods, Fullife Healthcare, LEAP India, AVG Logistics and MyHealthcare.
Fitness Startup Fitternity Gets $4 Mn Funding From Sixth Sense Ventures
Fitternity | May 7, 2019
- The startup plans to use the funds to scale up the supply base
- It will also leverage new funds to add offerings across sports and preventive healthcare
- Fitternity serves over 10 Mn users across 10K centres Mumbai-based fitness discovery and booking startup Fitternity has secured $4 Mn in a fresh funding round from consumer-focused venture fund Sixth Sense Ventures. The startup now plans to scale across three major focus areas, including:
- adding offerings in ancillary categories across sports and preventive healthcare
- scaling up the supply base in top 20 cities
- managing inventory at scale Founded in 2014 by Neha Motwani and Jayam Vora, Fitternity is a fitness startup which runs an integrated marketplace for preventive healthcare. Fitternity helps people in discovering health-based destinations. The company has partnered with gyms and health clubs to offer discounts to its customers.“Our business models are seeing great traction on both sides of demand and supply and we aim to scale across three major focus areas – adding offerings in ancillary categories across sports & preventive healthcare, scaling up our supply base in top 20 cities, and managing inventory at scale,” Motwani, founder and CEO, Fitternnity said. The startup has built a tech-enabled platform combining marketplace and subscription model for fitness services which encompass a $4 Bn market in India. On Fitternity, users can book fitness services in real-time across the ‘Fitternity assured’ network of over 4,000 service providers. The company claims to leverage technology and data insights of over 10 Mn customers and over 10K fitness centres. Sixth Sense Ventures believes that Fitternity has pioneered the Pay-Per-Session model, membership portability and dynamic pricing. The fitness startup has also partnered with insurance companies to offer fitness linked insurance premiums, and are replacing outdated gym reimbursements with portable and flexible Fitternity Sessions for leading corporates. Jayam Vora, cofounder and COO said that with robust unit economics in place, the startup is confident to grow its revenue 6X over the next 12 months. Nikhil Vora, founder and CEO of Sixth Sense, said, “Fitternity is a great fit for Sixth Sense as its business model has perfectly evolved to be relevant to the changing behaviours of the Indian consumer. Their innovative offerings make the platform extremely sticky. Our dream is to see Fitternity evolve to become the Google for discovering fitness, the BookMyShow for buying fitness and akin to a Zomato-Swiggy for consuming fitness.” Fitness Market In India Globally, the fitness marketplaces are effectively cashing upon the hectic and the stretched work schedule of the millennials. However, in India owing to the inherent price-sensitivity, a major part of the community has restricted itself from joining any kind of fitness regimen. It is being discussed widely that preventive healthcare is the need of the hour and fitness is the primary driver. The Indian fitness market is at an inflection point, primed to scale up to $7 Bn by 2022. Apart from Fitternity, other major players who are building a different niche for themselves include Cult.Fit, Growfitter, Book Your Game, Gympik, FitTicket, Fitraq, and FitPass. At present, fitness in India is a $3 Bn market growing at 18%, with only 4% of the market comprising of organised gym chains. Sixth Sense Ventures believes that new fitness regimes such as cross-functional training, Zumba, HIIT, Pilates, kickboxing, etc have very high awareness amongst urban millennials. This is driving demand for mixed fitness routines and variety amongst Indian consumers, they believe.
Sixth Sense Ventures inks maiden deal in fitness segment
Fitternity | May 7, 2019
https://www.vccircle.com/sixth-sense-ventures-inks-maiden-deal-in-the-fitness-space Venture capital firm Sixth Sense Ventures has struck its debut deal in the fitness segment, two people privy to the development told VCCircle. The consumer-focussed venture capital firm has invested $4 million (around Rs 28 crore at current exchange rates) in online fitness discovery platform Fitternity Health E-solution Pvt. Ltd, the people said, asking not to be named. Spokespersons for Sixth Sense Ventures and Fitternity confirmed the development. The company will use the capital to add offerings in ancillary categories across sports and preventive healthcare, further develop its supply base in the top 20 cities and manage inventory at scale, Fitternity's co-founderNeha Motwani said. “Fitternity is a great fit for Sixth Sense as its business model has perfectly evolved to be relevant to the changing behaviours of the Indian consumer,” said Nikhil Vora, founder of the VC firm. Fitternity Health E-solution, which owns fitness discovery portal Fitternity.com, was founded in 2013 by Motwani and Jayam Vora. A management student from Narsee Monjee College of Commerce and Economics, Neha had earlier worked as a consultant at Aon Hewitt, the global talent, retirement and health solutions business of Aon Plc, before starting her own venture. Vora, who is an engineer by education, was previously general manager at Dialhealth, a retail, distribution and e-commerce venture in the health and wellness space. Fitternity helps gyms and fitness studios grow their revenues via a tech-enabled marketplace-cum-subscription platform, where users can purchase sessions or memberships of different fitness programmes, including gym sessions, yoga and Zumba classes. Users can pay per session and can also change their memberships across any of the gyms registered with Fitternity. The company claims its users can get access to sessions at 10,000 fitness centres. The company last raised capital in April last year from new and existing investors. It secured $2 million (Rs 13 crore) from existing investors Saha Fund and Exfinity Venture Partners as well as number of angel investors. Fitternity estimates that the Indian fitness market is a $3-billion market growing at 18% which can be scaled up to $7 billion by 2022. It claims that only 4% of the market comprises of organised gym chains. Sixth Sense Ventures The VC firm was founded in 2014 by Vora, the former managing director and co-head of research at IDFC Securities. It runs two funds—it raised Rs 125 crore for the first fund and had a target corpus of Rs 350 crore for the second fund. The company claimed to have marked the first close of the second fund in March 2018. In its debut deal, it had invested in luxury watch retailer Ethos. From the first fund, it invested in 10 companies such as Cross Roads India Assistance Pvt. Ltd, a roadside assistance provider for cars and two-wheelers; Grab, a Mumbai-based hyperlocal logistics service provider; gaming arcade operator Smaaash Entertainment Pvt. Ltd, besides Hindustan Foods and JHS Svendgaard. It exited three investments from its first fund, recording an internal rate of return of 40%. From the second fund, it has invested in seven companies and exited none so far. These include Rakesh Jhunjhunwala-backed Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast & Up, AVG Logistics, and Eupheus Learning, which develops textbooks and their digitised versions to integrate class and home learning.
Sixth Sense Ventures bets on getting India fit, invests in India’s largest fitness platform – Fitternity
Fitternity | May 6, 2019
Fitternity, India's leading fitness discovery and booking platform, has raised ~USD 4 million from Sixth Sense Ventures, India’s first consumer centric domestic venture fund. Using technology and data insights of over 10 million customers and over 10,000 Fitness centres, Fitternity is controlling the P&L of Gyms/Fitness studios to exponentially grow their revenues in an asset-light fashion. Disrupting the fitness industry to cater to the mindful, health-conscious evolution of consumers, Fitternity is perfectly aligned with Sixth Sense's investment philosophy of Investing in the Consumer of Tomorrow...today!! Fitternity has pioneered the Pay-Per-Session model, membership portability and dynamic pricing - addressing the fear of wasted long-term memberships and need for variety. This will not just drive penetration, but also increase yield for fitness centres. Fitternity is in sweet-spot to pre-empt fitness consumption across demographics and geographies. Furthermore, Fitternity is revolutionising health insurance and employee wellness incorporates. They have already partnered with top insurance companies to offer fitness linked insurance premiums, and are replacing outdated gym reimbursements with portable and flexible Fitternity Sessions for leading corporates. India has the second largest occurrence of diabetes, has the third largest population of obese women and 10 million heart patients are below 40 years. Preventive healthcare is the need of the hour and fitness is the primary driver. The Indian Fitness market is at an inflection point, primed to scale up to USD 7 billion by 2022 and we believe Fitternity is at the driver's seat! Currently, Fitness in India is a USD 3 billion market growing at 18%, with only 4% of the market comprising of organised gym chains, 96% is long-tail. New fitness regimes such as, cross-functional training, Zumba, HIIT, Pilates, kickboxing, etc have very high awareness amongst urban millennials. This is driving demand for mixed fitness routines and variety amongst Indian consumers. Fitternity was founded in 2013 by first-generation entrepreneurs, Neha Motwani, a management graduate and consultant and Jayam Vora, an engineer and Healthcare specialist. "We are really excited to partner with Sixth Sense. Nikhil Vora and team's expertise and network across the consumer space will enhance and accelerate our growth and ability to achieve our larger vision. Our business models are seeing great traction on both sides of demand and supply and we aim to scale across three major focus areas – adding offerings in ancillary categories across sports & preventive healthcare, scaling up our supply base in top 20 cities, and managing inventory at scale." – stated Neha, founder and CEO, Fitternity. "We have a deep understanding of the pain points of consumers in their fitness journey and through innovative offerings across a strong network of gyms / studios we aim to provide an optimal solution to our customers across their wellness lifecycle. With robust unit economics in place we are very confident to grow our revenue 6X over the next 12 months. We have benefited immensely with Nikhil’s inputs over the last few years. Having the opportunity to scale up Fitternity alongside the Sixth Sense team is truly exciting", adds Jayam, cofounder and COO. Nikhil Vora, founder and CEO of Sixth Sense, says, "Fitternity is a great fit for Sixth Sense as its business model has perfectly evolved to be relevant to the changing behaviours of the Indian consumer. Their innovative offerings make the platform extremely sticky. I've known Neha and Jayam for a while and is heartening to see them evolve over the years and build a strong team as they become leaders in the fitness space. Our dream is to see Fitternity evolve to become the Google for discovering fitness, the BookMyShow for buying fitness and akin to a Zomato-Swiggy for consuming fitness." Sixth Sense Ventures is India’s first domestic, consumer-focused venture fund that is Investing in the consumer of tomorrow…Today! Sixth Sense's first fund, Sixth Sense India Opportunities I (SSIO-I) closed in 2016 and the entire corpus of Rs.118Cr. was invested in 10 companies across the consumer value chain. SSIO-I is already at 2.3X (44% IRR), and with 4 exits already completed Sixth Sense has achieved a rare feat of possibly being the first VC fund in India to return capital back to its investors within 3 years! Their second fund, SSIO-II, closed at Rs.515Cr., more than double our target corpus of Rs.250Cr. on the back of enthusiastic investor interest. They achieved this feat in a record 9 months, despite the volatility in the markets. Sixth Sense Ventures was awarded Fundraiser of the Year 2018 - Venture Capital at the Annual VCCircle Awards. With 9 investments already done, Fitternity will be the tenth investment from SSIO-II. Sixth Sense's other investments include, Eupheus Learning, JHS Brands, Soothe Healthcare, SaffronStays, Hindustan Foods, Fullife Healthcare, LEAP India, AVG Logistics and MyHealthcare.