Fitternity Raises $4 Million from Sixth Sense Ventures
Fitternity has raised an undisclosed amount of funding from Sixth Sense Ventures and several other investors. This is an extension to the Series A of $4 million raised in May earlier this year.
With over 10 million consumers having used the platform to access over 12,000 gyms and studios across the country, Fitternity is driving the P&L of fitness centres in an asset light fashion. Fitness consumption behaviour is evolving rapidly, driven by Gen Z and millennials who are not only value-conscious but seek variety and flexibility. Fitternity has been able to pre-empt this change through a variety of offerings across the spectrum because one size doesn't fit all. On the back of this, Fitternity launched OnePass, an exclusive, all access pass for all fitness and health needs around working out and eating healthy. Now users can get unlimited access to work out across more than 12,000 fitness centres and sports facilities across the country with an added feature of lifetime validity. Fitternity pioneered the pay-per-session model, membership portability and dynamic pricing in India.
The company believes that with its multi-format business models and offerings implemented; the capital infusion will help them grow 10X to $100 million annual revenue over the next 24-36 months. The company has been able to establish an optimal linkage between pricing, consumer usage patterns and per-unit price and also provide operational support through enterprise solutions.
Nikhil Vora, Founder and CEO, Sixth Sense, said, "Fitness and wellness are at an inflection point in India and Fitternity is at the driver's seat propelling Indians towards a healthier life. Through their unique offerings for consumers, insurance companies and corporates, Fitternity will dominate the $7 billion fitness market in India."
The company is also working with corporates and insurance companies to propel preventive healthcare among Indians. Fitternity along with Aditya Birla Wellness has launched a digitally enabled wellness and rewards programme offering workouts to users across the Fitternity ecosystem of gyms and fitness centres. It is also enabling corporate leaders to implement employee-wellbeing initiatives, by replacing outdated reimbursements and inconvenient annual memberships with pay-per-session credits directly into the employees' phones enabling true convenience and flexibility to achieve their fitness goals. Fitternity recently partnered with Reliance Nippon Life Insurance Company to launch one of the biggest fitness challenges, #WalkPeChal Mission Moon - with a goal to achieve 100 crore steps in 30 days via step-counters and fitness sessions booked through Fitternity.
