Mumbai-based fitness discovery portal Fitternity raises $2 M in new funding round
Mumbai-based Fitternity has closed a funding round recently worth $2 million, from its already existing investors like Exfinity Venture Partners and Saha Fund, along with marquee angel investors like Arihant Patni (of Patni Family Office), Anjali Bansal (ex-TPG Partner), Akshay Chudasma (MD - Shardul Amarchand Mangaldas), Satish Khanna (ex-Group President Lupin) and the Taparia family office.
Founded by Neha Motwani and Jayam Vora in early 2014, Fitternity began as an extension of its founder Neha's personal fitness journey. On Fitternity, users can book real-time sessions seamlessly across the 'Fitternity assured' network of over 4,000 service providers.
It now has more than 8,000 listings across Mumbai, Bengaluru , Delhi and Pune. The platform has more than 65,000 users accessing different fitness options. The customers are in the age group of 18 to 25 years and 26 to 45 years staying in metro, Tier I and II cities.
Fitternity claims to be clocking annual sales of over $5 million, growing twelvefold in last two years. It has built a tech-enabled platform combining marketplace and subscription model for fitness services that is a $4 billion market in India.
In a press statement, Neha said,
"The company will be raising Series A later this year to expand the ecosystem geographically, launch subscriptions that sit on top of the marketplace and build the consumer journey across all facets of wellbeing."
Fitternity's seed funding round was raised from Exfinity Venture Partners and Saha Fund in 2015. They operate on a 1:4 ratio on conversions to trials, thereby generating bottom-line impact for service providers.
In a previous conversation with YourStory, Neha said that the engagement and repeat rate is at 25 percent where users access Fitternity again to engage with service providers, discover other fitness services (like MMA and kickboxing, functional training, healthy tiffins, kids fitness, healthy snacks and beverages).
She also notes that the biggest challenge is balancing demand (fitness consumers) and supply (fitness service providers – gym/studio owners and trainers). "Recruiting and building a high-performing team across different locations, constantly running experiments on new business lines while keeping track of current growth and progress have been challenging as well," she said.
Shailesh Ghorpade, Managing Partner and CIO at Exfinity Venture Partners, said,
"The fitness industry in India is growing rapidly as awareness grows about health and well being. The industry, which comprises gyms in metros is now going to Tier II/III cities and encompassing a spectrum of choices like yoga, zumba, kickboxing, aerobics etc. Fitternity has built several innovative interventions to get better long-term value from the clients by enhancing client engagement."