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Gurugram based fitness startup Fitso has been hogging lot of limelight during the past few weeks. Media’s interest in Fitso increased dramatically after it came to light that Zomato is reportedly pursuing talks to acquire this five year old startup. If grapevines are to be believed then these talks have moved to the advanced stage and the term sheet can be signed any time.
Leaving this acquisition talks to the realm of speculation, Fitso has just filed its financial statement for FY19 with ROC. According to its regulatory filings, Fitso clocked revenue of nearly INR 7 Cr in FY19. This is a jump of almost 5X as compared to FY18 when it earned a revenue of nearly 1.5 crore. However, company’s expenses also increased by 3.5X to touch INR 11 crores in FY19. It total expenses stood at approximately Rs 3 crores in FY18.
With Fitso’s total expenses tethering around INR 11 cr, the company made a loss of almost Inr 4 cr in FY19.
Fitso was founded in 2015 by three Delhi alumni – Naman Sharma, Rahool Sureka and Saurabh Agarwal. It is basically a full stack sports facilities provider. The company aims to standardize sports facilities across stadiums and sports clubs by leveraging technology and providing dedicated coaches to its members. The company claims that it is on a mission to make Indians fit and healthy.
As of today, Fitso provides services only in Delhi NCR region and it claims that nearly 20,000 members in Delhi NCR region are currently availing their services.
According to Crunchbase data, Fitso has so far collected $1.7 Mn through multiple rounds. It also counts Zomato’s co-founder Pankaj Chaddah as one of its investors. In all likely hood, Chaddah may have triggered the acquisition talks between the two companies.
