Zomato to acquire a sports start-up Fitso
Indian food tech legend Zomato is said to be in talks to acquire Fitso, a Gurugram-based start-up platform that provides its members access to various sports facilities. The acquisition is unusual as the sports start-up is not related to a food delivery business.
What is Fitso?
Fitso, established in 2015 by three IIT Delhi alumni — Naman Sharma, Rahool Sureka, and Saurabh Agarwal, is a sports facility provider and active lifestyle consultancy firm. The users on this platform can choose a sport at their nearest facility and book a time slot through the Fitso app. Fitso claims to have more than 20,000 users alone in the Delhi-NCR region.
Fitso asserts to standardize sports facilities at any arena, field, or court, incorporate best facilities management practices using technology and offer highly qualified coaches for better user experience.
Fitso, which has raised $1.7 million in five funding rounds, also counts Zomato co-founder Pankaj Chaddah as one of its prime investors. Chaddah was one of the investors in Fitso's Pre-Series A funding round. Furthermore, Naman Sharma, co-founder of Fitso, was a former executive of Zomato, where he was head of mobile products from 2010-2015. Zomato had recently raised a funding of Rs 456 crore from Temasek.
India's total fitness sector is estimated at $3 billion and is expected to grow at the rate of 18 percent. However, only 4 percent of the market comprises of organized gym chains or digital fitness start-ups, primarily centered in urban areas. Tier 2 and 3 cities have not witnessed the digital fitness trend yet.