[Funding alert] Fitness startup Fitso raises $1.5M in Pre-Series A from SRI Capital, Pankaj Chaddah, Ashish Gupta
Fitso, a YourStory Tech30 startup from last year, raised $1.5 million from SRI Capital, Zomato Co-founder Pankaj Chaddah, and Helion Ventures founder Ashish Gupta.
The fitness startup plans to use the freshly raised capital to increase its number of indoor all-weather swimming pools, invest in expansion, good talent, and technology to boost its operations.
Fitso is a full-stack sports facilities provider. Its primary product SEALs offers coaching and access to all-weather swimming pools in Delhi-NCR through the year. Recently, the startup was launched in Hyderabad. At present, it has sports programmes for badminton and tennis with plans to launch an all-in-one pass.
Naman Sharma, Co-founder of Fitso, said the team found a gap in the sports and fitness industry - unorganised and conventional. The startup is making fitness accessible and affordable using technology, and by eliminating the need for a gym membership or expensive equipment.
"We focus on providing a facility to play sports under the guidance of a qualified coach. Fitso has seen families buy a Fitso subscription together. We plan to become the biggest brand name in the sports-oriented fitness segment," said Naman.
According to Redseer, the fitness industry is estimated to be at $12 billion in 2018, projected to increase at 18 percent CAGR to $32 billion by 2022, of which recreational sports contribute up to $20 billion. The report suggests that this growth will be driven by an increase in the number of health-conscious individuals, which is estimated at 90 million in 2018 and is projected to increase to 130 million by 2022.
Pankaj Chaddah, Co-founder of Zomato said, "India as a nation increasingly becoming more health and fitness conscious. We need startups like Fitso to make sports more accessible to people."
Fitso was founded in August 2015 by Saurabh (ex-Flipkart), Naman (ex-Zomato) and Rahool (ex-Yepme, ex-UrbanClap). Having started with swimming as its early product-offering, Fitso claims to have more than 20,000 subscribers in Delhi-NCR. It started as an app to find running and cycling partners.
The startup works as a complete fitness solution provider with its own full-stack technology powering it.
Shweta Singh, Principal Investor at SRI Capital, said, "There is a gap in demand for sports facilities among people of all age groups and supply of good quality facilities. There is a latent demand for a service like Fitso, which takes the hassle away from engaging in sports. Fitso is making sports accessible to all."
(Edited by Saheli Sen Gupta)
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.