In the dynamic world of fitness, Akshay Verma, the visionary founder of FitPass, recently sat down with host Manini Priyan on the popular podcast “What’s Your Story?” to discuss his groundbreaking approach to making fitness accessible to millions across India. This insightful conversation highlighted how FitPass, a holistic, one-stack solution, has transformed the fitness landscape in the country.
Breaking Barriers: The Birth of FitPass
FitPass commands an impressive 52% of India’s fitness market with 11,000 active monthly members, totaling 1.1 million users. Akshay Verma and his team have debunked the myth that Indians are not interested in fitness. Verma compared the previous state of the fitness industry to the pre-deregulation era of air travel in India. “Back in the day, when we only had Air India, it was so expensive that most people chose to travel by train. Similarly, fitness was unaffordable and inaccessible for many,” Verma explained.
This comparison sheds light on a crucial aspect of India’s fitness industry before FitPass entered the scene: the lack of affordable and accessible fitness options. Just as low-cost airlines revolutionized air travel by making it accessible to a broader population, FitPass aimed to do the same for fitness.
Convincing the Gyms: The Uber of Fitness
During the podcast, Manini Priyan inquired about how FitPass managed to partner with numerous gyms, comparing it to Uber’s aggregation of taxi operators. Verma described the initial skepticism from gym owners, who were hesitant to devalue their services. “Just like Uber had to educate taxi drivers on maximizing their earnings through increased usage, we had to convince gym owners of the benefits of digitization and unbundling services,” he shared.
When FitPass launched in 2015, India was just beginning to digitize various sectors, but gyms remained untouched. “We had to educate them and show them the potential of reaching a larger audience through our platform,” Verma said. The task was challenging, but Verma and his team were committed to their vision of a more accessible fitness industry.
The Role of Technology
Technology is the backbone of FitPass, facilitating the democratization of fitness across India. Verma emphasized that technology enables the aggregation of physical services, making them accessible to millions. “Just like how budget hotel aggregators democratize travel accommodation, our platform democratizes fitness,” Verma noted. FitPass employs AI and data analytics to optimize user experience, making fitness more personalized and effective.
Akshay Verma’s Entrepreneurial Journey
Akshay Verma’s journey from an investment banker in London to an entrepreneur in India is as compelling as FitPass’s success. Born in Bihar, Verma moved to Delhi for his education, attending DPS and then St. Stephen’s College. After completing his master’s at Oxford, he joined UBS in London, where he witnessed the financial crisis firsthand, gaining invaluable insights.
Verma’s entrepreneurial journey began serendipitously. “We faced a problem and decided to solve it for ourselves. What started as a solution for our own fitness needs evolved into a business,” he recounted. Alongside his sister Arushi, also a co-founder, they began aggregating gyms in South Delhi. The siblings’ educational background and their belief in their mission drove them to overcome numerous challenges.
A Family Affair
The Verma siblings’ venture into business was met with initial apprehension from their middle-class family, but their passion and determination soon won them over. “Our education gave us the confidence to take risks. We believed in our mission, and our family saw that,” Verma said.
Today, with 52% of India’s fitness market under their belt, the siblings have proven that their holistic, tech-driven approach is exactly what the country needed. “We never imagined we’d be here eight and a half years later, dominating the market,” Verma reflected.
The Future of FitPass
Looking ahead, Verma sees technology continuing to play a pivotal role in expanding FitPass’s offerings. From AI coaches to global fitness experts, the platform aims to provide comprehensive fitness solutions that cater to diverse needs. “Technology allows us to continually improve and make fitness more accessible and affordable,” Verma concluded.
FitPass: A Disruptor in the Fitness Industry
FitPass has significantly disrupted the traditional gym industry in India by aggregating gyms and fitness studios on a single platform. This model has democratized fitness, making it accessible to a broader audience. Verma emphasized the importance of affordability and accessibility in driving the platform’s success.
The subscription-based model of FitPass allows users to access a wide range of fitness options without being tied down to a single gym. This flexibility has been a key factor in attracting users who were previously deterred by the high costs and rigid contracts of traditional gyms.
Overcoming Challenges and Building Trust
One of the significant challenges FitPass faced was building trust with both gym owners and users. Gym owners were initially skeptical about the model, fearing it would devalue their services. However, through persistent education and demonstrating the benefits of digitization and increased visibility, Verma and his team managed to bring them on board.
For users, the challenge was convincing them that FitPass offered a viable and reliable alternative to traditional gym memberships. By providing a seamless user experience and consistently delivering value, FitPass has built a loyal user base.
The Importance of Data and Analytics
Data and analytics play a crucial role in FitPass’s operations. By analyzing user data, the platform can offer personalized recommendations, track fitness progress, and provide insights that help users achieve their fitness goals. This data-driven approach not only enhances the user experience but also helps FitPass continuously improve its services.
Expanding Beyond Gyms
While gyms remain a core part of FitPass’s offerings, the platform has expanded to include other fitness and wellness services such as yoga, Pilates, Zumba, and more. This diversification allows FitPass to cater to a broader audience with varied fitness preferences.
Verma mentioned the inclusion of global fitness experts and AI coaches as part of their future. These additions will further enhance the platform’s offerings and provide users with a comprehensive fitness solution.
FitPass and the Future of Fitness in India
FitPass’s success story is a testament to the potential of combining technology with a deep understanding of market needs. As the platform continues to grow, it aims to further democratize fitness and make it accessible to millions more across India.
Verma’s vision for FitPass goes beyond just fitness. He sees the platform as a way to promote overall wellness and a healthier lifestyle for Indians. By continuously innovating and leveraging technology, FitPass is poised to remain a leader in the fitness industry.
