Joel Neoh, the Malaysian entrepreneur and investor best known as Founder of Groupon Malaysia, and now serving as International VP for Groupon Asia Pacific, has quietly launched the beta version of new fitness venture KFit.
Under the tagline ‘Fitness for everyone’, KFit wants to provide users with access to fitness studios, classes and gyms across a range of cities for one monthly membership price. Interested parties can get on the invite list by heading over to the landing page, with an iOS and Android app due soon.
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The service will be available in markets including Tokyo, Seoul, Sydney, Hong Kong, Singapore, Kuala Lumpur, Jakarta, Taipei, Bangkok, Manila, and more. Classes will be available for the likes of yoga, crossfit, pilates, cycling, zumba, pole dancing, kickboxing, bodybuilding, bootcamp, etc.
“KFit has a similar business model as ClassPass, which is positioned as the next Uber in the US and has also recently acquired FitMob, its competitor. ClassPass was tracking to a US$60 million revenue run rate for 2015 as of February, much faster than that in Uber,” the company said in a release.
“As of end-April, it had more than 300 partners offering more than 5,000 classes a week and more than 100,000 fitness and activity slots per month. The network is expanding rapidly, with between 50 and 100 or more new partners joining every week,” it added.
The 31-year-old Neoh, who will be in Singapore on May 6 and 7, won the Ernst & Young Entrepreneur of the Year Award for the Emerging Entrepreneur category in Malaysia, and was named one of Asia’s Top 10 entrepreneurs as well as Young Global Leader by World Economic Forum in 2013.
One recent report expects China’s fitness industry alone to be worth US$6.8 billion by 2018. If KFit can plug into this growing trend of fitness spending in the rest of Asia Pacific, it could turn out to be a very lucrative ride indeed.
“Seamlessly connecting exercise lovers to local fitness providers, KFit makes fitness more accessible, flexible and fun. It opens up more possibilities for consumers and businesses and contributes to a healthier Asia Pacific,” the release said. Its ultimate hope is to turn upside down the region’s entire fitness industry.
This will be one startup to keep an eye on.
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