The Indian Wire » Startups » Zomato co-founder Pankaj Chaddah, others back sports facility provider startup Fitso with $1.5 million investment
Startups

Zomato co-founder Pankaj Chaddah, others back sports facility provider startup Fitso with $1.5 million investment

The startup industry, in the fitness space, is emerging at a fast rate due to the large number of investments coming from the glamour industry. Celebrities such as Shahid Kapoor, Akshay Kumar, Malaika Arora, and many more have infused a great deal of capital into the fitness startups, ultimately contributing wealth to the Indian startups ecosystem.

Fitso, a full-stack sports facilities startup, has secured $1.5 million (approx INR 10 Crore) from SRI CapitalZomato Co-founder Pankaj Chaddah, and Helion Ventures founder Ashish Gupta.

Based out of Delhi-NCR, the platform 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.

Naman Sharma, Co-founder of Fitso, said that 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.

Fitso was founded by Saurabh Aggarwal, Naman Sharma and Rahool Sureka in 2015. Its primary product SEALs offers coaching and access to all-weather swimming pools in Delhi-NCR through the year.

“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,” added Naman.

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.

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.”

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.

Adding on, according to Redseer, the fitness industry is estimated to be at $12 billion in 2018, projected to increase at 18 per cent CAGR to $32 billion by 2022.

Apart from Fitso, other fitness-driven startups in the race constitute of Strava, Endomondo, RunKeeper, Runtastic, HealthifyMe, GOQii, Dropbox, among more.

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