MultiFit is planning to invest Rs 60-70 crore for the expansion in the South India market.
MultiFit Wellness, the UK-based functional fitness studio brand, will make Bengaluru its South India headquarters. The brand is popular for its neo-fitness models like yoga, Mixed Martial Arts, boxing, dance and calisthenics.
MultiFit is planning to invest Rs 60-70 crore for the expansion in the South India market. It has also sealed a definitive agreement with Krishna Chivukula Jr's, CEO of Indo Mim, and Sumit Rathor's, renowned Golfer and former President of Karnataka Golf Association, newly formed venture Skyefit LLP for expansion of its Bengaluru Operations.
As per the deal, they will jointly open 17 large format functional fitness studios in Bengaluru over the next 12 months. Of these 17 studios, 2 will open within the next two months and 5 before the end of the year.
Dr. Samir Kapoor, Co-Founder and CMD of Multifit Wellness, said, "Earlier this year at the launch of our first centre at Indiranagar, we had made a commitment of entering the city in a big way and this announcement is a vindication of that commitment. However, given the complexity of this market, which I would personally rate at par with the advanced fitness industries in the UK and the US, it was imperative that we find the absolute right partners who not just understand this space but also share our passion and vision for fitness, nutrition and sports. In Krishna Chivukula Jr and Sumit Rathor, we are confident we have found the perfect partners for scripting MultiFit's Bengaluru story."
Sumit Rathor, Partner at Skyefit LLP, said, "Both Krishna and I, being serious fitness enthusiasts, have been exploring a good opportunity in the business of fitness for quite some time now, but were not finding the right partner. When we met Samir and he told us what they were doing at MultiFit we instantly knew that we had to partner with them. MultiFit’s holistic large format group driven fitness philosophy and facilities made a lot of sense to us and as fitness enthusiasts, we believe that is what we all need and look forward to."