
FIT - Tech Startups to Experience a Bright Future in India


Are you planning to join a Zumba class or do you want to enroll yourself in an unconventional fitness regime like Crossfit training? Most Indians are enthusiastic about the idea of taking up dance, yoga or joining a gym to transform their bodies,but are worried about the credibility of the fitness centre. They are usually also victims to the common barriers to fitness-price,location and boredom. In a country where more than 2/3rds of its citizens belong to the 'less than 35-yearold' age group, there is a growing interest amongst individuals for fitness solutions. With a high market potential, there fore,many fitness start-ups have decided to come forward and provide a personalized solution that suits each individual’s fitness needs.
Drivers of growth
From senior citizens to office goers,college students and housewives,lifestyle diseases are increasingly taking a toll on people's health. Various lifestyle diseases such as type 2 diabetes,obesity and stroke have currently emerged as major health hazards to human lives. Sedentary lifestyles and poor eating habits have resulted in health problems in the young and old alike. In fact, one in three Indians is classified as medically unfit, due to a lifestyle disease that could easily have
been prevented. All of these statistics have led to an increase in the demand of fitness services across urban and rural markets. Youngsters, working professionals and even elderly people are turning health conscious and are taking time out from their busy schedules to stay active and guard their health.
The future of fitness startups
With high market fragmentation,stupendous market potential and overall growth,the fitness industry in India is all set to ride high in the coming years. Over the last couple of years, the industry had witnessed a major transformation, with the age group of 20-44 trying out exciting activities like Zumba, aerial yoga, Pilates, MMA, and kickboxing. In 2020, new technology trends and business models are expected to emerge and be the game changer for the fitness industry.
The fitness industry is already ripe for disruption and is showing signs of growth in the next couple of years. According to PwC FICCI report,the fitness industry is currently estimated at Rs.1 lakh crore (US$ 16.6 billion)annually and is pegged to increase at an annual growth rate of 25-40%. With such a high growth curve,fitness startups are well poised to make the most of the demand with their tech innovations and business models and to play a crucial role in making fitness solutions accessible and palatable to India's vast yet highly discerning consumer base.
Various fittech startups are cashing in on this trend, and with the use of technology are creating a wave in the startup ecosystem. Different platforms are providing diverse health and wellness services at the touch of a button and as per the needs of the individual customer's body. They are offering customized, cost effective services that also give users the flexibility and convenience to workout anywhere, anytime. The concept of fittech startups has also caught the fancy of celebrities and industry peers, some of them even turning into entrepreneurs themselves. Several business moguls are seen investing in different fittech startups and are also spreading awareness about the importance of leading a healthy life, made easier through the business models of fittech companies. This, in a way has helped the fitness industry grow exponentially. According to news reports, business tycoon Ratan Tata has invested in virtual fitness coaching platform, GOQii, former Flipkart executive Mukesh Bansal has launched Cure Fit and cricketer Virat Kohli has set upfitness brand, Chisel.With high market fragmentation, stupendous market potential and overall growth, the fitness industry in India is all set to ride high in the coming years
The future of fitness startups
With high market fragmentation,stupendous market potential and overall growth,the fitness industry in India is all set to ride high in the coming years. Over the last couple of years, the industry had witnessed a major transformation, with the age group of 20-44 trying out exciting activities like Zumba, aerial yoga, Pilates, MMA, and kickboxing. In 2020, new technology trends and business models are expected to emerge and be the game changer for the fitness industry.
The fitness industry is already ripe for disruption and is showing signs of growth in the next couple of years. According to PwC FICCI report,the fitness industry is currently estimated at Rs.1 lakh crore (US$ 16.6 billion)annually and is pegged to increase at an annual growth rate of 25-40%. With such a high growth curve,fitness startups are well poised to make the most of the demand with their tech innovations and business models and to play a crucial role in making fitness solutions accessible and palatable to India's vast yet highly discerning consumer base.