HealthAssure acquires fitness startup FitMeIn in an all-stock deal

HealthAssure acquires fitness startup FitMeIn in an all-stock deal
12 May, 2020

Primary healthcare services aggregator HealthAssure has acquired New Delhi-based Pasta Lifestyle Solutions, which offers subscription-based fitness services to corporates via its brand FitMeIn.

As part of the deal, HealthAssure will allot equity shares worth Rs 50 lakh to Pasta Lifestyle, according to its latest regulatory filings.

“As a healthcare company, we need to keep integrating and building more and more touch points with consumers. We do not deliver health, but we bring health closer to people. We realised that for us the next step is to engage with our customers more on a day-to-day level and that’s where FitMeIn fits in very well,” HealthAssure founder and CEO Varun Gera told TechCircle.

The FitMeIn brand will be merged into HealthAssure over the next 6-12 months, he said. The company is looking at more acquisitions in the technology and content space, he added.

A majority of the FitMeIn team, including two of its founders, have moved to HealthAssure, according to a statement.

Co-founder Lalit Singh had quit the company earlier. The other co-founders, Vishesh Goel and Nidhisha Varshney, will handle products and head the fitness vertical, respectively, at HealthAssure, it said.

Set up in June 2015, FitMeIn provides its corporate clients access to multiple fitness studios, online training and nutritionist services. Its parent company also owns a studio management software-as-a-service (SaaS) product named Jivine. The company, with its corporate services and SaaS product, claims to have serviced close to five lakh customers so far.

The firm had earlier raised $100,000 in a seed funding round from Green House Ventures (GHV), a startup accelerator launched by serial entrepreneur and Indian Angel Network member Vikram Upadhyaya. 

HealthAssure was founded in 2011. It collaborates with hospitals, clinics, laboratories, doctors and insurance companies to offer healthcare schemes for corporate employees. The firm claims to operate a network of 4,000 primary care centres across 1,100 cities. It serves over 1.5 million customers, including companies such as ICICI Prudential, Deloitte, Cigna, Max Bupa, Yahoo and Aditya Birla.

It last raised funding in a $2.5 million Series A round from early-stage investor Blume Ventures. The company has received a total capital of $5 million till date. 

According to a valuation report filed with the Registrar of Companies, HealthAssure is valued at Rs 118 crore, after taking into account projected cash flows for five financial years.