Companies

FitnessOne ties up with Shriram Finance

Our Bureau Chennai | Updated on May 10, 2011 Published on May 10, 2011

fitnessone   -  Business Line

The Chennai-headquartered fitness services company FitnessOne has tied up with Shriram Finance to offer financial assistance for its ‘Propel'-branded fitness equipment to potential consumers.

According to the pact, Shriram Finance will provide various EMI (equated monthly instalment) options for Propel fitness equipment. “Today, fitness equipment has become a consumer durable that finds place almost at every home. When there are financial options to buy a TV, refrigerator or a washing machine, why not one for fitness equipment,” said Mr Vivek Anand, Managing Director of FitnessOne .

FitnessOne, the third largest fitness service provider in the country after Talwalkars, and Gold's Gym, is present in three major segments – fitness centres, captive gyms for corporates and home gyms. Besides, it has a chain of fitness equipment retail outlets where it sells its own range of fitness equipment under the brand ‘Propel'. The company currently has 37 fitness centres (20 unisex centres –FitnessOne; and 17 ‘women only' centres – Pink) across cities in Tamil Nadu, Andhra Pradesh and Karnataka, and has been operating over 100 captive corporate fitness centres for large corporate houses such as Cognizant, Nokia, Shell, Citibank, L&T and Ashok Leyland. It now plans to infuse Rs 30 crore towards capital expenditure to spread its wings further with more fitness centres and Propel outlets. The proposed investment, to be funded through internal accruals and debt, will happen over two-year period. The company posted a turnover of Rs 35 crore in 2010-11, and “our target is to cross Rs 50 crore in the current financial year,” said Mr Anand.

Published on May 10, 2011
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