Startup
This gym chain co-founded by Preity G Zinta and Shubman Gill aims to fuse cricket and fitness to drive wellness
Cricket is more than just a sport in India; it’s a cultural phenomenon that resonates with many, across every nook and corner of the country. Popularity and participation apart, a lot of money is also being pumped into the sport.
According to ISPO, which hosts trade shows for the sports business, cricket accounted for 85% of India’s spending on sports in 2022.
However, when it comes to world-class training facilities, especially indoor amenities, there seems to be a gap.
Seeing an opportunity in this, Australian businessmen Deke Smith and Mark Sellar recently announced their venture ‘DRIVE FITT’ in the country. Bollywood actress Preity G Zinta and Indian cricketer Shubman Gill are co-founders and part of the founding shareholders at DRIVE FITT; they also hold significant equity in the company.
Started with an initial investment of over $2 million by Sellar and Smith, DRIVE FITT is a 24/7 member-based gym facility that offers cricket training facilities integrated with gym amenities. It is targeted at aspiring cricketers, those who play cricket in the weekends, fitness enthusiasts, and anyone looking for fun ways to incorporate fitness into their lives.
Smith and Sellar’s interest in India stems from the growing demand for high-quality fitness facilities and the country’s vast and young population, which presents a significant opportunity for impact in the fitness industry.
“The lack of world-class indoor cricket training facilities and restriction of good quality facilities to just cricket academy participants, and not accessible to the general public or weekend cricketers, drove the foundation of the brand,” says Smith, CEO of DRIVE FITT, in an interaction with YourStory.
“We saw two significant trends in India: the booming fitness industry and the nation’s unparalleled passion for cricket. We saw an opportunity to create something unique by blending these two elements into a concept that’s both innovative and accessible,” he adds.
During the launch of the brand, Zinta said, “DRIVE FITT represents a unique fusion of fitness and cricket, two passions that resonate deeply with me and a lot of people in India. Our mission is to create an inclusive environment where people of all ages and fitness levels can come together to train, have fun, and stay healthy.”
DRIVE FITT will open its first company-owned facility in Gurugram in October, followed by another facility in Noida in November. Going forward, it aims to establish franchises across India; it is eyeing 300 franchises in three years.
Commenting on what drove him to associate himself with DRIVE FITT, Gill said, in a statement, “The seed of DRIVE FITT was my experience of a lack of accessible, quality training facilities. Growing up, this meant hours wasted in commuting between home, the pitch, and the gym. DRIVE FITT will change this with a unique space that integrates world-class gym and fitness facilities with cricket-infused training.”
The founders of DRIVE FITT understand the vital link between physical and mental well-being, and their goal is to help individuals achieve their fitness and wellness goals.
“Providing people with a community, a place to train, have fun, and stay fit and healthy whilst playing a sport will inevitably improve mental health. The integration of physical exercise and social interaction in a supportive environment helps reduce stress, boost mood, and enhance overall mental well-being,” explains Smith.
What it offers
Understanding the diverse schedules of people, DRIVE FITT functions 24/7 to offer a flexible and convenient environment for workout. It offers state-of-the-art cricket training facilities, yoga studios, and amenities for comprehensive strength, conditioning, and cardio training.
Daily, weekly, monthly, quarterly, and annual subscription plans are offered to cater to various needs and preferences. The daily pass costs around Rs 1,000, while monthly memberships start at Rs 7,000; annual membership can go up to Rs 35,000. Family memberships are also available for two adults and one/two children.
The facility offers personal training, cricket coaching, and group classes–all using cricket-infused training methods developed by co-founder Shubman Gill, Australian cricketer Chris Lynn, and former Aussie fast-bowler Ryan Harris, who are shareholders in the venture.
Apart from these, DRIVE FITT also offers yoga sessions.
“Aspiring cricketers receive professional training, while fitness enthusiasts enjoy a comprehensive workout experience using the best sporting technology and equipment,” says Smith.
Members will also have access to the DRIVE FITT mobile app, which allows them to book cricket and fitness training sessions and nets sessions and offers meal plans.
What everyone brings to the table
Smith is an accomplished businessman with nearly two decades of experience across sales, marketing and operations at some of Australia’s largest companies. He now serves as the managing director of Smith Agency RE, a real estate sales and marketing firm.
Sellar, a seasoned entrepreneur, is the founder of Sellar Capital, a family-owned investment company. His investments extend into medical advancements, sports ventures, pioneering startups, and education initiatives.
Lynn is a premier T20 batsmen who brings to the table understanding and knowledge of the game, along with his unique skill-set in short-form batting. Harris will contribute his expertise in developing coaching programmes in cricket and fitness. He will also offer insights on becoming a world-class fast bowler.
Sellar and Smith had always wanted to work with Zinta, whom they believe has fantastic business acumen and knowledge of the cricket business.
With over 15 years of experience owning and running an IPL team, Zinta will ensure DRIVE FITT offers excellent opportunities for franchise owners, remarks Sellar.
Gill, with his immense cricketing skills and passion for health, strength, and fitness, has significantly shaped the services offered at DRIVE FITT.
“Gill has played a key role in selecting gym equipment, developing training regimes and programmes available in the app, and enhancing the cricket facilities and offerings at DRIVE FITT,” says Sellar.
The venture has also onboarded Nikhil Kakkar, former COO of Gold’s Gym, as its chief operating officer. Kakkar, who had 16 years of experience at Gold’s Gym, will spearhead the company’s operations and franchising efforts.
Driving forward
DRIVE FITT aims to create strong brand awareness across the country through targeted marketing campaigns and partnerships, alongside store launches.
“By establishing these initial facilities and building a robust brand presence, we are confident in laying a solid foundation for future growth and inspiring more people to embrace a healthy lifestyle through our unique cricket and fitness integration,” signs off Sellar.
Startup
Hosteller raises Rs 48 Cr in Series A round led by V3
Backpacker hostel brand The Hosteller has raised Rs 48 crore in a Series A funding round. V3 Ventures led the equity round, contributing Rs 32 crore, with Blacksoil providing an additional Rs 16 crore in venture debt.
Other key investors include Synergy Capital Partners, Unit e-Consulting, Real Time Angel Fund, and several high-profile investors like Harsh Shah from the Naman Group Family Office.
The investment will allow the company to strengthen its presence in cities like Rishikesh and Manali, while also expanding into new destinations across India.
“We aim to have 10,000 beds by March 2026 from the existing 2,500 beds. Backpacker hostels have become the go-to choice for GenZ and millennial travellers in the post-covid era. The fresh capital will not only accelerate our expansion but also help us acquire customers from the newer territories,” Pranav Dangi, Founder and CEO of The Hosteller, said in a statement.
“We noticed a change in the way GenZ travels–from saving up for 1 holiday a year to travelling every long weekend. And, The Hosteller fulfills this exact need. With a standardised, tech-first, budget-friendly option – the brand offers something truly unique to its customers. This makes us even more excited about the growth ahead. The Hosteller has demonstrated outstanding execution capabilities in the consumer and travel space,” Arjun Vaidya, Co-founder of V3 Ventures, said.
Hostel companies are significantly benefitting from the rise of digital nomadism, a trend that has reshaped the hospitality landscape. Digital nomadism refers to a lifestyle where individuals leverage technology to work remotely while traveling to various locations. This modern way of living allows people to combine work and travel, enabling them to explore new cultures and environments without being tied to a specific office or geographical location.
The Hosteller was founded by Pranav Dangi in 2014. It began with the vision of creating accessible and affordable backpacker hostels across India, aiming to cater to the needs of young travelers. Since its inception, The Hosteller has rapidly grown to become one of India’s largest self-operated backpacker hostel chain, with a presence in over 55 destinations across the country.
Startup
Magenta Mobility’s FY24 revenue rises three fold, losses widen by 17.1%
Magenta Mobility on Thursday reported a 199.5% jump in its full-year revenue to Rs 35.53 crore compared to Rs 11.86 crore in the previous year helped by a significant rise in its revenue from services.
The company provides a 100% electric fleet and AI and IoT-enabled fleet management and data analytics platform to optimise logistics operations and deliveries. Revenue from these services for the year ended March 31, 2024, increased to Rs 30.17 crore compared to Rs 10.15 crore in FY23.
However, the company reported a 17.1% increase in its loss for the period to Rs 46.44 crore as opposed to Rs 39.66 crore in FY23, bogged down by rising expenses during the year. The 109.1% rise in expenses to Rs 90.17 crore was primarily due to rising driver costs, employee benefit expenses, and finance costs.
Magenta Mobility appoints drivers on a contract basis to provide services to its customers, which it accounts as an expense. The drivers’ cost for FY24 increased to Rs 18.49 crore, compared to Rs 6.34 crore in FY23.
The rise in demand for the company’s fleet comes amidst a boom in the last-mile delivery sector in India owing to the rise of ecommerce and quick commerce players. Magenta Mobility caters to clients such as Flipkart and hyper-local delivery platform Dunzo, among others.
Founded in 2017 by Maxson Lewis and Darryl Dias, the company last raised $22 million in a Series A funding round from BP Venture and Morgan Stanley India Infrastructure-managed investment fund.
Startup
Juspay cuts losses by 7.7% as revenue surges 49.6% in FY24
Payments startup Juspay Technologies saw its losses narrowing in FY24 as revenue growth outpaced expenditure. It narrowed its total loss for the period to Rs 97.54 crore, down 7.76% from Rs 105.75 crore in FY23.
According to the consolidated financial statements accessed from the Registrar of Companies, the SoftBank-backed fintech firm’s revenue from operations surged 49.64% to Rs 319.32 crore, up from Rs 213.39 crore in FY23.
Juspay’s primary revenue source—payment platform integration fees—brought in Rs 286.52 crore. Additional operating revenue from services like product implementation and support added Rs 32.80 crore.
Total expenses rose by 29.52% to Rs 443.74 crore in FY24, compared to Rs 342.59 crore in the previous year. This increase was largely driven by employee benefit expenses, which saw a 41.73% jump to Rs 303.36 crore, while other expenses increased slightly over 3.56% to Rs 123.76 crore.
Juspay, founded in 2012 by Vimal Kumar and Ramanathan RV in Bengaluru, specialises in developing payment orchestration solutions that act as a technology layer over traditional payment gateways.
The Accel-backed startup has also developed Namma Yatri, a mobility app focusing on ride-hailing services, leveraging Juspay’s strengths in payments and open-source protocols. Namma Yatri is built on the Beckn Protocol and aligns with the Open Network for Digital Commerce (ONDC), aiming to provide low-cost ride-hailing options and open access to digital mobility services.
Recently, Juspay decided to spin off Namma Yatri as an independent entity to attract separate investors and scale further. In February, the company said it acquired LotusPay in an all-cash deal to strengthen its offerings to the BFSI segment and merchants.
LotusPay, founded in 2016, pioneered NACH Debit technology with cloud-based software for merchants and banks. Using NPCI’s NACH Debit, it facilitates recurring payments for loans, insurance, and subscriptions.
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