Talwalkars Better Value Fitness Ltd, one of India's largest gymnasium chains, has acquired a 51 per stake in Chennai-based Inshape Health and Fitnez Pvt Ltd for an undisclosed amount in cash.
This is the third stake purchase by Mumbai-based Talwalkars within a month. Earlier this month, it had picked up a 19 per cent stake in health and fitness centre discovery site GymTrekker Fitness Pvt Ltd for an undisclosed amount. Late last month, the company made its first overseas acquisition by buying a 49.5 per cent stake in Sri Lanka's Power World Gym.
Inshape was launched in 2003 as Jigs n Jogs by A N Rajendran. It operates three gyms in Chennai and claims to have about 2,000 members. Talwalkars has five gyms in Chennai and will now manage all eight in the city.
Talwalkars has about 150 fitness centres in 80 cities. It reported Rs 201 crore revenue and Rs 43 crore profit in 2014-15.
The company also has a tie-up with UK-based fitness and health firm David Lloyd Leisure (DLL), which runs health clubs and gyms across Europe. Talwalkars David Lloyd Leisure Consulting provides consulting for leisure and sports clubs in high-end residential developments, gated community townships and corporate campuses. Talwalkars had said last year it was exploring ways to expand its alliance with DLL.
Fitness-related startups, including wearable calorie tracker and fitness coach marketplaces, have attracted investors over the past two years. Recently, personal fitness coach app Orobind raised Series A funding. Another startup FitMeIn, which provides access to multiple gyms, secured seed funding of $100,000 in September.
