Olympic gold medal winner Abhinav Bindra’s venture fund Shooting Star and Franchise India brands, led by chairman Gaurav Marya, have invested $1 million in FITPASS, a New Delhi-based provider of access to gyms and fitness studios across multiple locations for a monthly fee, Economic Times has reported.
The current investment is the fifth in an early-stage company by shooting star, which was set up in March 2016. The fund invests in partnership with consulting firm Franchise India in emerging sports academies, rehab, sports injury and health apps, among other sectors.
FITPASS cofounder Akshay Verma said the fresh capital will be used to expand the network of gyms and fitness studios that are part of FITPASS to 10 cities in the next six months.
“We have already partnered with 400 centres in Bengaluru and will also launch in Mumbai and Pune soon. We have also seen good traction on the nutrition app and counsellor side while our gym ERP has a 93% conversion rate for for the centres we work with. It usually takes a centre two months to turn into a paying customer for the FITPASS ERP,” said Verma.
Bindra had floated the venture fund to invest in startups last year. The Olympic champion has an equal partnership incubation fund, called Shooting Star LLP, with consulting firm Franchise India. The fund had an initial investment of $2 million.
The Company had earlier also funded CPK Food and Beverages Pvt. Ltd, which runs The Kettlery, with $1 million seed funding.
Among the sectors, Shooting Star would be investing in sports medicine, technology that transforms human behaviour, urbanisation and health. The ace marksman has already launched a startup for athletes in his hometown Chandigarh in collaboration with TecnoBody, an Italian company.