Start-up Stars: We aim to serve 50 mn people in next 5 yrs - Akshay Verma, FITPASS
Adgully has been turning the spotlight on the entrepreneurs who fought against all odds to bring their dreams to fruition in our special series – START-UP STARS. We at Adgully wholeheartedly support the ‘Vocal for Local’ movement and have been featuring numerous local/ homegrown businesses, brands, and Apps in the country launched in the last few years.
In conversation with Adgully, Akshay Verma, Co-Founder, FITPASS, speaks about the growth and entrepreneurial journey of his venture, the story behind the founding of FITPASS, increasing government aid for the fitness sector, inception of technology into the fitness industry and much more.
Founded in 2015, FITPASS, a homegrown app-based, end-to-end corporate wellness and engagement platform, emerged at a time when India was predominantly focused on fulfilling fundamental needs like ‘Roti’ (Zomato), ‘Kapda’ (Amazon), ‘Makaan’ (Housing.com), and ‘Transportation’ (Ola/ Uber), with fitness often being viewed as a luxury rather than a priority.
Sharing the inception of their journey, Verma said, “FITPASS was born from a collective passion for fitness and a vision to make it accessible to all. We identified a gap in the market, where traditional gym memberships posed obstacles for many individuals.”
Discussing the challenges that they encountered in establishing FITPASS, he said, “Fitness was perceived as a luxury, resulting in it being unaffordable, time-consuming, and inaccessible to the masses. On the partner side, the fitness sector remained largely unorganised and resistant to digitization. It was the sole service where customers were required to pay for an entire year upfront. Despite initial resistance, we successfully conveyed the benefits of FITPASS to partners, leading to a strong network retention rate.”
Regarding government initiatives supporting the wellness and fitness sectors, he noted, “Over the past three years, FITPASS has collaborated with various governmental bodies, including IRDAI, the Finance Ministry, and the Prime Minister’s Office, along with insurance and reinsurance companies. This collaboration resulted in IRDAI issuing new guidelines on September 4, 2020, allowing health insurers to cover fitness activities such as yoga, gym workouts, Zumba, Pilates, CrossFit, swimming, etc. This marked a significant shift, as insurance now encompasses preventive fitness – a first for India. FITPASS has partnered with leading insurers to offer bundled services aligned with these guidelines.”
Highlighting FITPASS’ integration of technology with traditional fitness practices, he added, “Our users benefit from a wide range of fitness options, supplemented by FITFEAST, a 24/7 in-app personal nutritionist. In response to the heightened focus on health and wellness, especially post-2020 pandemic, FITPASS introduced FITPASS-TV – a platform for accessing fitness from home 24/7, guided by certified trainers. FITPASS-TV offers over 45 workout formats worldwide, featuring a team of more than 2,200 national and international trainers through pre-recorded and live workout videos. Additionally, our AI-powered FITCOACH (ARIA) provides daily wellness management and customised workout plans for a personalised fitness experience.”
Offering advice to aspiring entrepreneurs in the fitness sector, he said, “Prioritise innovation and customer-centricity. In an ever-evolving industry, staying ahead requires introducing novel solutions that address changing consumer needs. Focus on delivering exceptional value and personalised experiences to stand out. Embrace technology to streamline operations, enhance user experience, and provide actionable insights.”
Sharing FITPASS’ vision for the future, Verma said, “We aim for comprehensive growth by catering to diverse fitness and wellness needs, with a goal to serve 50 million people in the next 5 years. We plan to expand into Tier 2 and Tier 3 cities, enhancing accessibility and inclusivity in fitness and wellness. By the end of 2024, we aim to be present in 15+ cities, focusing on raising awareness of online workout options, AI coaching, and personal nutrition assistance, particularly in Tier 2 and Tier 3 cities. Our commitment is to reach a wider audience and establish an extensive network of fitness and wellness offerings, aligning with our mission of making quality fitness services accessible to individuals across various geographic locations.”