Full-stack sports facilities provider Fitso has raised $1.5 million in pre-series A funding led by SRI Capital and participation from Sprout Capital, IPV Capital, Zomato co-founder Pankaj Chaddah and Helion Venture Partners co-founder Ashish Gupta.
Fitso will use the fund to increase the numbers of indoor all-weather swimming pools. The fund will be invested in expansion, good talent and technology to boost the operations.
Fitso’s primary product SEALs offers coaching and access to all-weather swimming pools in Delhi-NCR through the year and has now been launched in Hyderabad as well.
It also provides multiple new sports programmes for badminton, tennis and others which have been very well received. It is planning to launch an All-in-One pass to provide its subscribers access to all of its facilities across sports.
“Fitness with Sports” sets us apart from the other players in the industry. To fill the gap in an unorganised and conventional sports segment, we are making fitness accessible and affordable using technology for people who want to play sports to get fit, by eliminating the need for a gym membership or expensive equipment. We focus on providing a facility to play sport under the guidance of a qualified coach. We plan to become the biggest brand name in the sports-oriented fitness segment,” said Naman Sharma, Co-founder Fitso.
The overall fitness industry is estimated to be $12 billion in 2018 as per a Redseer report. This is projected to increase at 18 per cent CAGR to $ 32 billion by 2022, of which recreational sports will contribute $ 20 billion.
In 2015 Saurabh Aggarwal, an ex-Flipkart employee and IIT Delhi graduate, teamed up with his friends and batchmates Naman Sharma ex- Zomato employee and RahoolSureka ex-Yepme and UrbanClap to launch Fitso.
Shweta Singh, Partner at SRI Capital said, “India has a gap in demand and supply of good quality sports facilities. There is a latent demand for a service like Fitso, from the people of all age groups, which takes the hassle away from engaging in sports by making it accessible to all.”
Pankaj Chaddha, founder of Zomato said, “India as a nation increasingly becoming more health and fitness conscious. We need startups like Fitso to make sports more accessible to people.”
Fitso started with swimming and now has 20,000+ subscribers in Delhi NCR.