Fitness products startup OneFitPlus (OFP) on Wednesday said it is expanding its product lineup and bolstering its manufacturing capabilities in the country as it aims to log Rs 350 crore in revenue by March 2023.
The Hyderabad-based company, which deals in connected fitness equipment like treadmills, indoor bikes and bicycles, said it also plans to foray into e-bicycles segment by Diwali this year.
OFP has recently launched a new bicycle 'Bolt' under its Urban Terrain brand that offers a range of mountain and fat tire bikes.
"We have witnessed 3x growth in FY2022 (so far in terms of number of units sold) and setting up its own manufacturing unit would help provide more value, range and improve demand fill rates," OFP founder CEO Mohit Mathur told PTI.
He added that the manufacturing unit is in Greater Noida with a production capacity of up to 60,000 bikes on a yearly basis.
"The production line has been set up for Bolt currently but we will be ramping up as we plan to enter the e-bikes segment by Diwali. These e-bicycles will be priced between Rs 25,000 to Rs 30,000," he said.
Mathur stated that its fitness accessories and exercise bikes are also manufactured in India.
"OFP intends to put major initiatives into manufacturing as they aim to become an 'atmanirbhar' (self-reliant) brand which is proud to be made in India. From a business standpoint, company owned manufacturing gives brands like OFP a better control over supply chain and enables them to pass the cost benefit to its customers," he said.
Mathur said OFP provides a complete ecosystem to their customers - right from personal training to dieting and nutrition plans.
"The way it works is that a customer purchases either spin bikes or treadmills from OFP, they can download the app on their smartphone or tablet, dock the gadget on spin bike or treadmills and connect in a live workout session. We also provide on-demand personal training, nutrition and diet consultation and have voice assistant integration available in the app," he explained.
He added that the company currently has revenues of Rs 150 crore and aims to touch Rs 200 crore in revenues by March next year and Rs 350 by March 2023.
On Urban Terrain, Mathur said the company expects the brand to clock Rs 100 crore in revenue in FY23.
"Urban Terrain offers outdoor bikes with precise technological detailing to offer the ultimate riding experience. The bikes are priced between Rs 9,000 to Rs 15,000 and include pan-India installation, diet plans and personal training videos," he said.
Urban Terrain was set up in January 2020 and the bikes are priced Rs 11,000 onwards. With Bolt, the company is looking at tapping into the mid-premium range (Rs 9,000-15,000).
Mathur pointed out that 65 per cent of its cycle sales comes from tier II and III cities, where these premium cycles are being purchased by fitness enthusiasts.
"The customers in small cities are not at all averse to spending on fitness related equipment. Professionals like doctors and lawyers in these cities are particularly interested. That's what our sales data tells us," he said.
OFP has also launched a multiplayer fitness gaming version within its Fitwarz app. The connected game can be played on the treadmill and spin bike from the company. The platform motivates users to exercise by offering a competitive real-time multiplayer experience and engages them through its gamified approach.