JAKARTA (TheInsiderStories) — The Fit Company, a holding company that focuses on active and healthy lifestyle products in Indonesia, announced that it had secured an undisclosed amount of seed funding from East Ventures.
Jeff Budiman, CEO of The Fit Company comments, “We are really excited to receive the support from East Ventures. Indonesia has big potential through its young consumer population – close to 60 percent is below 30 years old, and they increasingly spend on discretionary items.”
This new consumption behavior presents a huge opportunity for a new ecosystem, especially in the health and wellness category, explained by Willson Cuaca, the Managing Partner of East Ventures.
“As Indonesia’s infrastructure for on-demand and O2O platform has been solid, it could expand the growth in this category by offering holistic products and services: activity, FMCG, tools and equipment, and ready to eat in one platform. We believe The Fit Company team has the right vision and strong execution capability to unlock Indonesia’s wellness economy potential,” he adds.
According to Global Wellness Institute , the first potential market of wellness economy–including health tech, fit-tech, and healthy food–are estimated to be US$4.2 billion in 2017 and grew 6.4 percent annually.
Realizing the importance of holistic wellness technology ecosystem in Indonesia, The Fit Company founders decided to group up all their business under one roof and become the first wellness tech startup in Indonesia.
While, CB Insights noted, wellness tech startup is a startup 2 that focuses on holistic healthy living characterized by physical, mental, social, and spiritual well-being.
Budiman stated, currently, no one in the market addresses the issue of active lifestyle holistically. Its either they provide only training or only food but never the whole pipeline.
He continued, The Fit Company’ main ambition is to leverage technology as an enabler that users to every facet of a healthy lifestyle and providing them on demand solution and guidance on their wellness needs.
The startup has five business lines consisting of Kredoaum (Fitness tech distributor), 20Fit (MicroGym), Fitstop (Gym), Fit Lokal (healthy food), and Fitmee (Healthy Instant Noodles made from konjac). The concept happens organically as they evolved as a business.
Its first started in 2014 by Budiman, Prianka Bukit, dan Bambang Bukit when they created Kredoaum (Fitness Tech Distributor) and 20Fit (MicroGym) to tackle the issue of daily physical exercise. They found the huge need for a more efficient and personalized training method for urbanites.
To this day, 20Fit has 16 studios spread across various areas in Greater Jakarta. After a period of sustained growth, in 2017 the founders learned one of the biggest challenges for their member is not only about exercising but the lifestyle part which covers their eating habits.
Thus the idea for Fit Lokal pops up. Fit Lokal is a restaurant chain with the concept of providing healthier and low-calorie comfort food option for our members and the general public. They further realized the love of Indonesian for instant noodles.
However, as the second-biggest consumer of instant noodles according to WINA , Indonesian still lack the option three for healthy instant noodles. Thus, they created Fitmee, a low-calorie instant noodle made from konjac.
To date, Fit Lokal has 3 restaurant branches within one year of operation. While Fitmee has a monthly sales growth of 20 percent. In 2018, The Fit Company began to expand its wings to conventional gyms by opening Fitstop as an option for those who prefer conventional gyms.
by Linda Silaen, Email: firstname.lastname@example.org