Fitness Startups: The Future?
At a time when being fit is the new mantra, seems like investors too have considered this. Rather a lot more seriously. Recently, fitness startup Cure.fit has raised $75 million from Piramal Group’s Anand Piramal, Accel Growth, Kalaari Capital and IDG Ventures India.
As per Crunchbase data, the US fitness industry has shown significant improvement since 2010. Reports say that most of the funding acquired is through seed stage funding. The total funding reached a record that was high both in the US and across the globe in 2017.
Here are the stats:
Talking about India, the numbers have been impressive too. The estimated global wellness market is expected to be at $4.2 trillion. As per a FICCI and EY report, India is predicted to reach about 1.5 trillion by FY20.
Fitness startups like Stratfit, Growfitter, Fitnapp, and HealthifyMe have been major players in the space. Industry experts say that the market is a bullish one and that the sector is turning out to be lucrative with each passing day.
The Indian fitness sector has attracted the attention of national and international celebrities. A few days back, fitness startup SARVA had raised around $6 million to $8 million from renowned actress Jennifer Lopez, baseball player Alex Rodriguez, Bollywood actor Malaika Arora and fitness brand Zumba.
If the sector continues fetching funds and inviting funds both from the country and overseas, the future is likely to invite more and more attraction. However, a major setback still persists! India being an agro-based economy, people still look up to agriculture as their livelihood. Also, in order to have a full-fledged grown economy, it is imperative that sufficient knowledge reaches Tier 2 and Tier 3 cities too; without which, a uniformity can’t be maintained.