FitMeIn raises seed funding from GHV
FitMeIn, an online platform that provides access to multiple fitness studios for a monthly membership fee, has secured $100,000 in seed funding from Green House Ventures (GHV), a startup accelerator launched by serial entrepreneur and Indian Angel Network member Vikram Upadhyaya.
New Delhi-based Pasta Lifestyle Solutions Pvt Ltd, which operates FitMeIn, has also been selected for GHV's 12-month acceleration programme, as per a press statement.
FitMeIn was co-founded by Nidhisha Varshney, Lalit Singh and Vishesh Goel in June 2015. It is an online platform which offers multi-studio membership facility in Delhi/NCR.
The company's customers can use any fitness centre in its network for a monthly membership fee of Rs 2,499. The fee is converted into virtual currency called FitCoins. A user can redeem these for any session that he/she wants to attend. The company will launch its Android and iOS apps soon.
"Out of experience, I can say one class or one gym workout for over two months can get very boring. That is the problem that we are trying to solve for not only a majority of fitness freaks, but 'wannabe' fitness freaks as well. With FitCoins, you are spoilt with a wide array of options. Which in turn will make a workout fun; and you are more likely to be consistent when you are having fun," said Nidhisha Varshney, co-founder of FitMeIn.
FitMeIn customers can also add workout options such as zumba, pilates, aerial yoga, crossfit, bootcamp, spinning and swimming.
"It's a novel concept in India. With all kinds of lifestyle diseases catching up early, we will need a paradigm shift in the way we live our lives. With a highly adrenaline-driven team, FitMeIn will completely turnaround the way India will 'work out'," said Vikram Uphadhaya, chief mentor at GHV Accelerator.
FiitmeIn would compete with the likes of Flexipass, Classverse, Fiticket and others. All these startups have drawn inspiration from ClassPass, the US-based firm which was reported to have a revenue run rate of $60 million for the year in February. New York-headquartered ClassPass, whose founder Payal Kadakia is of Indian origin, was valued at around $400 million in its recent round of fundraising. The resounding success of ClassPass in the US seems to have propelled several Indian internet startups to launch services that link fitness enthusiasts with gyms and studios through a curated marketplace.
Launched in October 2014, GHV provides seed-stage capital to startups operating in India. It is planning to on-board 25 startups by early 2017. This is the fourth investment by GHV since its launch, according to VCCEdge, the data research platform of VCCircle. Its most recent investment as in PickMyLaundry, a mobile platform that facilitates booking and delivery of laundry services.
In June, it backed MyTaxiIndia which went on to get funding from Japan's Nihon Kotsu. GHV also invested in hyperlocal delivery company Angular Technologies Pvt Ltd, which operates as LazyLad. It has also put money in FoodPort.