Acquisition project | Ankit Anvekar

1. Introduction

Fittr is an online fitness and nutrition platform that offers personalized fitness & nutrition plans, online coaching. The brand has recently stepped into wearables - they launched Fittr HART, the smart ring that calculates Heart rate variability (HRV), Sleep duration & quality, Recovery etc.

Fittr was founded in 2016 by Jitendra Chouksey, Fittr begas as a small group on WhatsApp to then shifting to Facebook group and quickly evolved into a comprehensive mobile app and web platform. The platform has completed more than 300,000 successful transformations.

Core Offerings:

1. Personalized Plans: Fitts provides customized fitness and nutrition plan tailored to individual goals, lifestyles and preferences, created by certified coaches. It is like an uber for trainers, these trainers have a great experience and have multiple slots to book training.
2. Community Engagement: Fittr emphasizes a supportive and motivating community, enabling users to share experiences, motivate each other, and achieve fitness goals collectively.
3. Lifestyle Management Plans: The brand also provides Plans for POCS/ PCOD management, Thyroid management, Diabetes Lifestyle management, Pre and Post Natal Care.
4. Strength and Conditioning, Online Coaching, Mental Wellbeing and Yoga are a part of their One on One coaching.
5. Comprehensive Free Health Tools: The Fittr app includes a range of free tools like a calorie counter, diet tool, step counter, exercise library, and more, helping users track their progress and stay informed.

Fittr secured $11.5 million in Series A funding in September 2021. This funding was co-led by Dream Sports' venture capital firm Dream Capital and LA Dodgers' private investment arm Elysian Park Ventures. The funds are being used to expand Fittr's market presence in North America, the UK, and Singapore, which currently account for 30% of its overall revenue.

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At this stage, Fittr has reached to over 2.5 M users and demonstrated product-market fit and is focusing on scaling its operations and market reach.

We are going to focus on the Growth strategy of Fittr in India.

2. Market Analysis

In India, the fitness app market is rapidly growing, with significant players like HealthifyMe and Cure.fit. Fittr, with its strong community of over 2.5 million users and substantial revenue growth, is a prominent player in this market.

Fittr generated revenue of approximately INR 89.19 crore (around USD 11.2 million) in FY22. Despite facing substantial losses due to high operational costs, it has managed to maintain a significant presence, particularly through its strong user base and personalized coaching services.

• The fitness app market industry in India is projected to grow at a CAGR of 8.46%, reaching US$267.70m by 2024.
• Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of 8.46% from 2024 to 2028.
• This growth trajectory would result in a projected market volume of INR US$370.50m by 2028.
• In terms of user penetration, it is estimated that there will be 7.91% users of fitness apps in India by 2024.

TAM

TAM represents the entire potential market for fitness apps in India.

Data and Assumptions

• Revenue in 2024: USD 267.70 million
• Revenue in 2028: USD 370.50 million
• Annual Growth Rate: 8.46%
• User Penetration in 2024: 7.91%
• User Penetration in 2028: 9.18%

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Total Addressable Market (TAM)

TAM Revenue 2028=370.50 million USD

Number of Users

Total Population 2028=1.4 billion

User Penetration 2028=9.18%

TAM Users 2028=1.4 billion×0.0918=128.52 million

Serviceable Available Market (SAM)

The SAM by Fittr's services, assuming a 30% target market share.

SAM Revenue=0.30×370.50 million USD=111.15 million USD

Number of Users

SAM Users=0.30×128.52 million users=38.56 million users

Serviceable Obtainable Market (SOM)

The SOM is the portion of the SAM that Fittr can realistically capture, considering a 15% market share.

Revenue

SOM Revenue=0.15×111.15 million USD=16.6 million USD

Number of Users

SOM Users=0.15×38.56 million users=5.78 million users

3. Ideal Customer Profile

ICP 1: Kartik

Demographics:

Age: 29 years

Gender: Male

Location: Urban areas (e.g., Noida)

Industry: IT

Designation: Mid-Level positions (8 years of work experience)

Relationship Status: Dating

Salary: 20 LPA

Psychographics:

Lifestyle: Lives alone, busy professionals with a sedentary office job, looking for convenient fitness solutions. Soon going to get married. He is making good money but wants to take care of his health.

Health Consciousness: Interested in getting fitter but struggle with structured workouts, consistency and motivation. Uses a smart watch to track his sleep and steps.

Technology Savvy: Frequent users of social media platforms like Instagram, 2nd most used app is Zomato, as orders food occasionally.

Behavioural Traits:

Fitness Goals: General fitness, weight loss, muscle gain, improving health.

Preferred Fitness Activities: Goes to a local gym but wants personalized fitness plans and is not fully convinced by gym trainers.

Purchase Behavior: Influenced by Word of Mouth by people around, checks quality and environment of services before enrolling.

Challenges: Lack of time, motivation, and knowledge about available services and their benefits.

ICP 2: Sunaina

Demographics:

Age: 35 years

Gender: Female

Location: Mumbai

Industry: Media

Designation: Mid (10 years of work experience)

Relationship Status: Married

Salary: 35 LPA

Psychographics:

Lifestyle: Occasionally engages on social media, very busy schedule and a family person

Alarming Health Issues: PCOS and weight issues but believes in lifestyle changes

Social: Enjoys going out for a meal and travels

Behavioural Traits:

Fitness Goals: Weight Loss

Preferred Fitness Activities: Home workouts, virtual fitness classes, yoga, and meditation.

Purchase Behavior: Price-conscious, but getting the right health guidance is a priority.

Challenges: Need for continuous motivation and variety in workouts to stay engaged.

4. Core Value Proposition

Making fitness and nutrition accessible, personalized, and community-driven.

5. JTBD Framework

When I go for a paid subscription at Fittr, I want to improve my health, get fitter, so that I can avoid health issues, get stronger and be an example in my social circle.

6. Core Marketing Pitch

High quality, accessible and NO BS health solutions Custom workouts and nutrition designed according to your needs and wants. Connect with like-minded individuals for encouragement.

7. Acquisition Channels

Core Problem - The purchase cycle is slightly longer, it's not an impulsive decision. Building Trust is absolutely important.

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Experiment 1: Increasing awareness through paid ads on social media - YouTube, Instagram and Facebook

Objective and Campaign1 TOF Audience: App Installs

Objective and Campaign1 TOF Audience: App Purchases

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Messaging:

1. Emphasizing more on solutions for lifestyle based illness or problems
2. Weight loss, Gain muscle - Generic
3. Improve stamina,
4. Tools to calculate and get better at performance
5. Be a part of exclusive paid community

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Creative Strategy:

1. Claims - Achieve X in Y days
2. Testimonials
3. Creative hooks like Traya,

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Experiment 2: Increasing trust through long-form content on YouTube

1. Engage with audience in long format content - Invite guests, clients to discuss transformation journeys.

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Experiment 3: Build a referral channel

Sample User Journey:

1. Step 1: User logs into the Fittr app and sees a banner about the Fitcoins Referral Program.
2. Step 2: USer clicks on the banner and is taken to the referral dashboard, where he finds his unique referral code/link.
3. Step 3: U shares his referral link with his friend Sarah via social media.
4. Step 4: Sarah signs up using John’s referral link, completes her first workout, and both John and Sarah receive Fitcoins.
5. Step 5: John continues to refer more friends, earning more Fitcoins and climbing the referral leaderboard.
6. Step 6: John redeems his Fitcoins for a premium subscription and Fittr merchandise.

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