Flexnest - A Fitness Tech Startup Helping People to Get Fit in the Comfort of Their Home
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Fitness has become the top priority for everyone. As the concerns for fitness are increasing, the demand for fitness equipment is also getting intensified. There is a huge growth in the fitness equipment market. The global fitness equipment market size is projected to reach $14.8 billion by 2028.
Exercising has become the daily routine for fitness enthusiasts. But, sticking to a regular exercise schedule isn't easy as there come plenty of potential hindrances, the biggest being the time. People want to resolve these concerns in the comfort of their homes.
Flexnest has come up with the fitness solutions and smart equipment for home use. Flexnest App guides on fitness equipment usage and measuring progress in achieving fitness. Read to know more about Flexnest, its founder, the services offered, startup idea & story.
Flexnest - Company Highlights
| Startup Name | Flexnest |
|---|---|
| Headquarters | Gurugram |
| Industry | Home Fitness, Fitness Technology |
| Founder | Ms. Rhea Singh Anand and Raunaq Singh Anand |
| Founded | 2021 |
| Revenue | $5 Million |
| Website | theflexnest.com |
Flexnest - About
Flexnest - Industry
Flexnest - Founders and Team
Flexnest - The Idea and Startup Story
Flexnest - Name, Tagline, and Logo
Flexnest - Products & Services
Flexnest - Business Model and Revenue Model
Flexnest - Customer Acquisition
Flexnest - Challenges Faced
Flexnest - Growth
Flexnest - Funding
Flexnest - Competitors
Flexnest - Recognition and Achievements
Flexnest - Future Plans
Flexnest - About
Founded in 2021, Flexnest is a Gurugram-based fitness startup that offers premium equipment and fitness solutions for home use. The startup integrates its smart equipment like its bikes and rowers, with content solutions to enable people to workout from the comfort of their homes, via the Flexnest App. The App provides content such as trainer-led cycling and rowing classes, virtual sessions, and strength equipment classes.
The company has a wide range of products, ranging from smart equipment like the Flexbikes and Flexrowers, to strength equipment like Flexibell, Flexikettle, Flex barbell and workout accessories such as smart weighing scale, massage guns, yoga range, etc.
The company’s mission is to cater to the At-Home fitness segment and provide their customers with a one stop shop for all their fitness needs. The ultimate aim is to become the largest D2C Fitness brand in India and launch more innovative and integrated products and have D2C retail brand stores in high-traffic, premium malls in metro cities like Delhi, Mumbai & Bangalore. The company plans to eventually manufacture everything in India.
Flexnest - Industry
The global home fitness equipment market is expected to grow from $10.73 billion in 2021, to $14.74 billion in 2028, at a CAGR of 4.6 percent, buoyed by the launch of smart workout equipment such as bikes and treadmills, a Fortune Business Insights report said. According to a similar study conducted by Research and Markets, the global home fitness equipment market is expected to reach $8.34 billion by 2025. The global trend of connected fitness is quite similar.
Flexnest currently has 40 SKUs and plans to increase that number by the end of 2022.
Flexnest went from 0-$5 million (over INR 37.88 crore) in annual revenue generated in the last year since its launch and is currently projecting annualized revenue of INR 100 Crore between April 2022 and March 2023.
Flexnest - Founders and Team
Flexnest is founded by fitness enthusiasts Rhea and Raunaq Singh Anand and their main aim to open this company as these peoples had seen running growth in Fitness industry and because of the COVID-19 pandemic, which has necessitated social distancing norms as well as unexpected lockdowns, more people are working out at home than ever before. Rhea and Raunaq Singh Anand, a husband-and-wife fitness enthusiast duo who had been looking for Peloton-like solutions in India. They had lived in the United States for some time and had personally used the Peloton bike. "After the pandemic hit and all gyms closed, they had to look for fitness products to use at home and were astounded to discover that there was nothing in the Indian market like Flexnest.
Flexnest currently has 40 employees.
Damini Bhandary
Flexnest - The Idea and Startup Story
Flexnest was incepted to address primarily 2 problems which Rhea and Raunaq saw. Firstly, there was no D2C brand that offered a full portfolio of premium fitness equipment exclusively for home-use. And secondly, there was no brand offering integrated hardware/software/content solutions like Peloton, Mirror, Tonal etc. in the west. Flexnest addresses both these issues effectively.
The idea came to us when the Covid-19 pandemic hit.
When they started a year and a half ago, they realized that while connected fitness was booming around the world, in India it was non-existent. If our phones and TVs can evolve to smart phones and smart TVs with limitless possibilities, why not our fitness equipment? They saw the opportunity of changing the way Indians worked out and embarked on their journey.
They realized that if work from home could become the future, so could workout from home.
When they launched their website in January 2021, they got a tremendous response from not just metro cities as they had expected, but from smaller remote towns which otherwise had no access to fitness products.
Flexnest - Name, Tagline, and Logo
The name Flexnest is an amalgamation of 2 worlds Flex meaning Flexing, working out and Nest as in ones home. The two word together stand for working out and getting fit in the comfort of your nest, your home.
Flexnest - Products & Services
Flexnest is changing the way people workout from their homes. Usually people buy equipment from brand A, use videos/content from brand B and measure their progress with brand C. Flexnest is different, they can do all 3.
Flexnest is not just about buying equipment. It is a full solution for home fitness - There is hardware (Equipment) and software (content - classes, videos) integration.
Flexnest allows you to buy equipment, do classes with Flexnest trainers, measure your progress through the Flexscale, all while being part of a community. It is a fully integrated, immersive workout experience like India has never seen before.
Flexnest has hardware (equipment), software (App’s on the iOS and Android stores), content (shot in their studios with world class instructors) and a community of like-minded people who work out together, share their stories and motivate each other; doing this, they close the loop. They offer the highest quality fitness classes streamed to their users homes across India.
Harshit Verma
Flexnest - Business Model and Revenue Model
The revenue model is based on product and subscription, presently it retails its products with a one-year complimentary membership. Post one year, customers will pay a subscription to use the content.
Flexnest’s products are currently sold online only and are available on ecommerce marketplaces such as Amazon and Flipkart, other than its website. While the third-party marketplaces facilitate 30% of the startup’s product sales, 70% of the sales are from its own website.
Flexnest - Customer Acquisition
People believed in their idea and also saw the gap in the market that they were going to fill by launching Flexnest.
They followed a D2C approach and retailed the products on their website. To spread the word initially they focussed on social media and influencer marketing.
All of their initial marketing was organic as people found the brand to be an answer to their fitness problems.
Since they were solving a problem that existed and were the first ones to do so, initial traction came automatically.
Flexnest - Challenges Faced
At Flexnest, their vision has been to offer a complete solution and not just equipment to their consumers; so, they actually had to build multiple companies within Flexnest. Today Flexnest is a hardware company, a software company, a media company and a D2C consumer brand.
No fitness company in India has offered a solution so holistic and comprehensive till date.
They had to build strengths in completely different verticals all at the same time, which was a big challenge. E.g. Design and manufacture products, develop software technology (App), set up media product studios to shoot classes, Pan-India distribution infrastructure – all in parallel.
To add to this, they had to overcome all these challenges in the middle of the biggest pandemic this world has ever seen – with supply chain disruptions, work from home, etc.
Flexnest was incorporated on 1st October 2020 and launched and started revenues in January 2021.
Chayanika Goswami
Flexnest - Growth
Flexnest is at an annualised revenue of USD 5 million currently and have the dominant share in the connected fitness equipment market in India.
They operate from two houses currently and will be expanding to 5 warehouses in the next few months.
Flexnest has a userbase of 40,000 out of which 20,000 use their connected offerings.
Flexnest - Funding
They are currently in talks to raise a Series A funding round.
Flexnest - Competitors
Flexnest has tough competition with cult.fit.
Flexnest - Recognition and Achievements
Their biggest achievement would be growing from 0 to 5 Million USD Annualised Revenue, all while being bootstrapped with no VC funding.
Awards and recognitions:
- Images - Most Admired D2C Brand of The Year (Health & Wellness)
- Top 100 D2C Brands - Sutra HR
- Top 500 Challenger Brands - Yourstory
Flexnest - Future Plans
Flexnest’s future plans include:
- Completing their smart equipment portfolio by launching other connected products.
- Have D2C retail-Brand stores in high-traffic, premium malls in New Delhi, Bangalore, Mumbai etc.
- Reverse integrate – Eventually manufacture everything in India.
- Currently projecting annualized revenue of INR 100 Crore between April 2022 and March 2023.
FAQs
Who is the founder of Flexnest?
Rhea Singh Anand and Raunaq Singh Anand are the founders of Flexnest.
When was Flexnest founded?
Flexnest was founded in 2021 in Gurugram.
What does Flexnest do?
Flexnest is a fitness startup that integrates its smart equipment like its bikes and rowers, with content solutions to enable people to workout from the comfort of their homes, via the Flexnest App.
What is the revenue of Flexnest?
Flexnest has revenue of $5 Million.
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