ClassVerse raises fund from Jabong directors
Under the tagline ‘One Pass, Infinite Possibilities’, ClassVerse provides users with unlimited access to fitness studios, classes and gyms across a range of Indian cities for only one monthly membership price. The New Delhi based startup’s ultimate goal is to make fitness convenient and connect new customers to gyms and studios without the dreaded annual contract.
It is proven that the best approach to fitness is a mix of cardio, strength, balance and flexibility. Attempting to fit all disciplines into a busy lifestyle can prove a challenge and routine can get boring. Here lies the beauty of ClassVerse.
Seamlessly connecting members to local activity providers, ClassVerse makes fitness more accessible, flexible and fun. It opens up more possibilities for consumers and businesses and contributes to a healthier India.
Explaining her business model, Rukaiya Kanchwala, ClassVerse Founder, an e-commerce veteran and INSEAD MBA, who has worked with Rocket Internet, Jabong, and Groupon in India and Dell in the US, says, “Not locking down customers and giving them the freedom and flexibility to choose where and when they workout is the key to our model. Our excellent partner network and diverse range of classes will ensure they keep coming back for more.I learnt that these studios have a very high capex and low capacity utilisation. I spent the weekend pitching the concept of ClassVerse to these gyms and studios. The response was overwhelmingly positive and ClassVerse was born the next day.”
ClassVerse currently has more than 250 partners, offering more than 5,000 classes a week and more than 100,000 fitness and activity slots per month. The network is expanding rapidly, with 50 or more new partners joining every week. The service is available in Delhi and Mumbai, expanding pan India in the next few months. Activities offered include not only gyms and studios that offer CrossFit, Pilates, Zumba, Cycling, Yoga, Dance, Kickboxing, Bodybuilding and much more, but also popular sports facilities such as swimming, badminton, tennis courts and more.
ClassVerse has a similar business model as US based startup ClassPass, which is positioned as the next Uber in the US and has also recently acquired FitMob, its competitor. ClassPass was tracking to a US$60 million revenue run rate for 2015 as of February.
Studios and trainers in the ClassVerse network benefit from the opportunity to promote their brand, attract new customers and fill otherwise-unutilised slots. This not only connects them with consumers beyond the reach of their current marketing efforts, but also immediately improves facility utilisation and profitability.