India tries to beat the pandemic, the health-startup way!
As the long-standing COVID-19 pandemic shows no signs of abating, healthy living has assumed massive significance the world over. Now, Indian health tech startups are reaping the benefits of growing awareness among Indians as more take to working out at home. Digital platforms are not only seeing increased traction but are also generating good revenues looking for profitability in this space.
Gurugram-based Fittr is growing at a monthly rate of 30 percent with more people working out actively. Sharing its revenue figures, Chief Executive Officer Jitendra Chouksey said the company had recorded $800,000 in revenue in August, and was looking to clock $900,000 in September.
“We have helped coaches make money through the pandemic, on an average every full-time coach gets a commission of Rs 1.5 lakh through sessions conducted by us,” said Chouksey.
The platform offers its services free of cost, only personal training sessions are charged. Currently, 55% of the charges are taken by the coaches and 45% is taken by the platform. Fittr works on the idea of nudging its users to adopt a healthy living and stick to a healthy routine so they can stay fit.
Another Bengaluru-based fitness platform, Healthifyme, has reported a revenue run rate of $15 million in August. Revenue run rate is what the company would make in a year, if it were to make the same revenue for the next twelve months. It has set a target to achieve $20 million of run rate by January.
Consumers are driven to these platforms by the need to invest in health and ensure that co-morbidities such as hypertension, obesity, diabetes and other related lifestyle diseases can be controlled. Fitness experts have pointed out since COVID-19 is turning out to be less fatal for healthy humans, many people are choosing a healthy lifestyle and working out regularly.
Further, with gymnasiums becoming risky places to venture into, many regulars are also looking for options online.
Fitness becomes core
As fitness assumes a central point of major national debate, startups are hoping to leverage this growing interest to expand their business. Now the big question is whether players will grow online or will they expand their physical footprint as well.
Interestingly, for players like Cure Fit, one of the largest in this segment, the physical branch network has taken a severe beating owing to the pandemic. The company is now looking to restart a few of its physical centres, but the maximum business is coming from online live shows.
Cult Fit, which is the fitness service offered by the Bengaluru-based startup, has used celebrity trainers, and a wide range of live classes of different types to get users to the platform through the pandemic.
Even Fittr is on track to bring in online group classes. Chouksey said that the backend development work is underway for this offering, and he believes he will be able to reduce the prices of his plans and drive up adoption.