Vishal Nigam's WTF Gyms on Shark Tank India: Unravelling the OYO for Gyms Vision

At a Glance:

Shark Tank India Season 3 Episode 2
Startup Name: WTF Gyms
Founder: Vishal Nigam and Anita Nigam
Startup’s Location: Uttar Pradesh
Industry/ Business Segment: Tech-Enabled Fitness Ecosystem
Original Ask: ₹1 Crore for 2% equity
Original Valuation Sought: ₹50 Crores
Funding Received: No Deal
Valuation Received: NA
Sharks Who Invested: None

Overview

WTF Gyms made a bold entrance into Shark Tank India, presenting themselves as the OYO for gyms. Founders Vishal Nigam and Anita Nigam outlined their vision of enhancing and maintaining regular gyms under the WTF Gyms brand. With a claim of 40+ gyms in Delhi-NCR and Bengaluru, WTF Gyms aspired to expand to 500 gyms in the next 5 years.

However, the pitch encountered hurdles when Anupam scrutinized the business model, expressing doubts about the viability of having two operators for each gym. He found the valuation unrealistic and uncertain. Even the mention of their AI model, Fitty, failed to impress Aman, who dismissed it as mere buzzwords without substantial backing.

The pitch faced another setback when Deepinder highlighted marketing errors, including grammatical mistakes and an incomplete phone number on their homepage. These lapses diminished the overall professionalism of WTF Gyms.

The final blow came with the revelation that the founder himself wasn't utilizing the gym services, eroding the Sharks' confidence in the business. With no sharks expressing interest, WTF Gyms left Shark Tank India without securing a deal.

Despite this setback, Deepinder offered valuable advice, emphasizing the importance of precision and professionalism. Namita encouraged taking feedback positively, providing the founders with insights to reflect upon for their entrepreneurial journey.

About The Founder - Vishal Nigam and Anita Nigam

Vishal Nigam stands as the main co-founder and CEO of WTF Gyms, leading a dynamic founding team that includes his wife, Anita Nigam, and brother, Arpit Nigam. Vishal's educational journey began with a B.Tech. from Lovely Professional University, laying the foundation for a career marked by expertise in blockchain, AI development, and corporate training.

His professional journey took him through various companies, where he honed his skills as a blockchain expert and AI developer, alongside his role as a corporate trainer. In 2022, Vishal ventured into entrepreneurship with the inception of WTF Gyms, a manifestation of his vision to revolutionize the fitness industry through technology.

Anita Nigam, Vishal's wife, and college batchmate, played a crucial role in the venture as the Chief Marketing Officer (CMO). Before joining her husband's entrepreneurial journey, Anita made significant contributions as part of 'Qoaching,' leveraging her skills and insights in the realm of marketing.

The core philosophy of WTF Gyms revolves around likening themselves to the 'OYO for gyms.' Their unique business model involves partnering with existing gyms, enhancing their facilities, and operating them under the WTF Gyms brand, making fitness more accessible and affordable. During their Shark Tank pitch, the founders showcased their ambition to scale from the existing 40+ gyms in Delhi-NCR and Bengaluru to a monumental target of 5000 gyms in the next 5 years.

About WTF Gyms

Founded by Vishal Nigam and Anita Nigam, WTF Gyms is on a mission to create a tech-enabled fitness ecosystem tailored to the demands of a fast-paced lifestyle. Collaborating with existing gyms, WTF Gyms enhances their overall offerings by elevating hospitality, hygiene, ambience, trainers, and technology. These gyms are rebranded under the WTF brand and are actively operated by WTF Gyms.

Going beyond the conventional fitness brand, WTF Gyms has integrated technology such as AI-powered fitness centres, AI-driven workout plans, and online workout classes into its core business model. The dedicated WTF app features an AI bot named Fitti, serving as a comprehensive fitness guide. Fitti actively monitors users' fitness journeys, providing personalized insights and recommendations.

WTF Gyms boasts a diverse product range, including pre-post workout supplements, proteins, BCAAs, vitamins, and supplements, catering to the holistic needs of fitness enthusiasts.

With 43 gyms already established in NCR and Bangalore, WTF Gyms eyes further expansion into Kolkata. The founders ambitiously plan to reach a network of over 5000 gyms within the next 5 years. Notably, revenue is currently derived from 20 gyms, which serve as pilot locations for their innovative concept. Click to visit WTF Gym here.

WTF Gyms’ Products

WTF Gyms’ Business Vision is to create a Tech-Enabled Fitness Ecosystem, which can provide a new business solution to Fast Lifestyle (Click to visit WTF Gym here). It has a limited yet impressive line of offerings for customers and other gyms.

Fitness-related products: WTF Gyms offers a diverse range of fitness products, including pre-post workout supplements, proteins, BCAAs (Branched-Chain Amino Acids), vitamins, and supplements. These products are designed to cater to the nutritional needs and requirements of individuals engaged in fitness and workout routines.

Enhancing and Maintaining Gyms: WTF Gyms involves collaboration with existing gyms, enhancing various aspects such as hospitality, hygiene, ambience, trainers, and technology. The rebranded gyms receive a fresh identity under the WTF brand and are operated by WTF Gyms.

WTF Gyms’ Business Statistics

Unit Economics of WTF Gyms

The unit economics of the company are as follows:

• Operational Cost -₹1.5 Lakh

• Average Revenue per Gym – ₹3 Lakh

• WTF Commission – ₹0.52 Lakh

• GYM Margin – ₹0.98 Lakh

Monthly Sales

WTF Premium Gyms, Fitness and Diet business monthly sales are as follows:

• September 2023 -₹65 Lakh

• August 2023 – ₹58 Lakh

• July 2023 – ₹56 Lakh

These statistics provide a picture of WTF Gyms’ financial performance.

Feedback from the Sharks for WTF Gyms

This episode of Sony Television's Shark Tank India Season 3 features prominent sharks like Aman Gupta (CFO of boAt), Anupam Mittal (founder of People Group), Namita Thapar (executive director of Emcure Pharmaceuticals), Vineeta Singh (co-founder and CEO of Sugar Cosmetics), and Deepinder Goyal (founder and CEO of Zomato).

During the pitch, Deepinder Goyal criticized WTF Gyms for lacking attention to detail, pointing out errors in their phone number and screen displays. When asked if he works out at the gym, founder Vishal mentioned he hasn’t used gyms in the last 4 months, leading to Deepinder’s disappointment, and he opted out.

Aman expressed confusion about the founders’ presentation and decided to opt-out. Namita lacked confidence in the founders and the presented numbers, leading to her decision to step out. Vineeta shared Namita’s sentiment, expressing a lack of trust in the entrepreneurs, and she also chose to opt-out. Anupam reiterated his lack of trust in the business model and founders, resulting in his decision to opt-out.

Deepinder advised the founders to underpromise to investors and overdeliver for future success. Ultimately, WTF Gyms left the Tank without securing a deal.

Funding received on Shark Tank

The entire interaction left New Shark Deepinder with the impression that bringing a business onto national TV with such preparation indicates a lack of passion for the WTF brand, potentially harming the business.

Deepinder Goyal, the new Shark, scrutinized the WTF commercial on his TV show, pointing out grammar and typographical errors. He remarked that these mistakes reflected a lack of seriousness from the business pitcher towards the WTF brand. Drawing a parallel, he mentioned how typos in a CV could lead to job loss. This perceived negligence resulted in Deepinder withdrawing from the investment right at the beginning.

Shark Anupam Mittal, based on their conversation, sensed a potential discrepancy and expressed the need to uncover what might be going wrong. Other Shark Judges echoed similar sentiments, advising caution in trusting the business pitcher.

Deepinder highlighted the challenges of implementing an "OYO For Gym" model, citing previous attempts in the salon industry. He emphasized that these industries, being passionate and multi-layered services, make it difficult to replicate successful OYO-like models.

Shark Aman Gupta and Shark Vineeta Singh noted an excessive use of buzzwords by the business pitcher. This, according to them, created difficulty in understanding and believing in the business proposition.

Deepinder advised the founders to underpromise to investors and overdeliver for future success. Unfortunately, WTF Gyms did not receive any funding on Shark Tank India season 3.

Competitor Analysis for WTF Gyms in India

In the fitness industry, WTF Gym faces competition from several established brands. Here’s a look at five such competitors:

1. FitFlex Gym

• USP: FitFlex Gym distinguishes itself by offering a personalised fitness experience through tailor-made workout plans and personalised training sessions.

• Business MOAT: FitFlex Gym's competitive advantage lies in its state-of-the-art equipment, experienced trainers, and a personalised approach to fitness, fostering a strong customer retention rate.

• Pricing Strategy: FitFlex Gym adopts a tiered pricing strategy, providing various membership plans catering to different budgets and fitness goals.

• Distribution Strategy: FitFlex Gym strategically locates its branches in prime areas and collaborates with local fitness influencers for outreach, ensuring accessibility and visibility.

• After Sales: FitFlex Gym prioritises after-sales service through regular fitness assessments, personalised guidance, and exclusive member events, fostering a sense of community.

2. GymPro Xperience

• USP: GymPro Xperience focuses on creating a holistic fitness environment with cutting-edge technology, virtual classes, and specialised fitness programs.

• Business MOAT: GymPro Xperience's competitive edge lies in its technological integration, offering virtual workout sessions, fitness tracking apps, and AI-driven personalised recommendations.

• Pricing Strategy: GymPro Xperience follows a premium pricing model, justifying it with advanced facilities, high-tech equipment, and personalised digital services.

• Distribution Strategy: GymPro Xperience strategically expands in metropolitan areas and utilises social media and fitness influencers to reach a broader audience.

• After Sales: GymPro Xperience excels in after-sales service by providing exclusive access to virtual fitness classes, personalised nutrition plans, and regular health check-ups.

3. FlexFit Studios

• USP: FlexFit Studios stands out by offering a diverse range of fitness classes under one roof, including yoga, spinning, and strength training.

• Business MOAT: FlexFit Studios' competitive advantage lies in its versatile offerings, catering to various fitness preferences and providing a one-stop solution for diverse workout routines.

• Pricing Strategy: FlexFit Studios adopts a flexible pricing strategy, allowing customers to choose specific classes or opt for bundled packages, enhancing affordability and choice.

• Distribution Strategy: FlexFit Studios strategically places its studios in both commercial and residential areas, making fitness accessible to a wide demographic.

• After Sales: FlexFit Studios focuses on after-sales by offering loyalty programs, personalised class recommendations, and regular fitness workshops.

4. PowerPulse Fitness

• USP: PowerPulse Fitness differentiates itself with its focus on high-intensity interval training (HIIT), combining cardio and strength workouts for maximum efficiency.

• Business MOAT: PowerPulse Fitness's competitive strength lies in its specialised HIIT programs, attracting fitness enthusiasts seeking dynamic and time-efficient workouts.

• Pricing Strategy: PowerPulse Fitness adopts a value-based pricing strategy, providing unlimited class access for a fixed monthly fee, emphasising cost-effectiveness.

• Distribution Strategy: PowerPulse Fitness expands strategically in urban areas and utilises partnerships with nutrition brands for cross-promotions, enhancing visibility.

• After Sales: PowerPulse Fitness prioritises after-sales with progress tracking, personalised HIIT plans, and nutritional guidance, promoting long-term commitment.

5. Wellness Hub Gyms

• USP: Wellness Hub Gyms differentiates itself by integrating wellness programs, offering services like spa treatments, nutritional counselling, and mental health sessions.

• Business MOAT: Wellness Hub Gyms' competitive edge lies in its holistic approach to fitness, addressing physical and mental well-being, and creating a comprehensive wellness ecosystem.

• Pricing Strategy: Wellness Hub Gyms employs a bundled pricing model, combining fitness classes, wellness sessions, and spa services, providing value for a comprehensive wellness experience.

• Distribution Strategy: Wellness Hub Gyms strategically places its centres in premium locations and collaborates with wellness influencers to expand its reach.

• After Sales: Wellness Hub Gyms excels in after-sales by offering exclusive wellness memberships, regular mental health workshops, and customised wellness plans, ensuring a holistic fitness journey.

Key Takeaways of WTF Gyms

What We Like: 

WTF Gym has some appealing aspects:

• WTF Gym fashions personalized meal plans for gym members to provide them with a holistic health guide.

What We Did Not Like: 

However, there is an area where WTF Gym could improve:

• WTF Gym could do better in assessing why members are quitting the gym after a month or two.

Reading Materials/ Case Study/ References

• What does BCCA stand for?

• The 6 supplements to gain muscle.

More from Shark Tank India’s - Latest Season

Read more about the startups featured on the Shark Tank India’s latest season:

Watch the WTF Gyms’ Episode on YouTube

Beyond the Tank - Interview with Vishal Nigam and Anita Nigam, the founder of WTF Gyms

Coming Soon…

WTF Gyms Promo code

Here is an exclusive WTF Gyms coupon code for Beyond the Tank Community members:

Coming Soon…

About Shark Tank India

Shark Tank India, a reality show, offers aspiring entrepreneurs the chance to present their business ideas to potential investors, known as "sharks." Launched in 2009 in the United States, it has since been adapted globally, including in India. Contestants on Shark Tank India pitch their ideas to multiple sharks in a dynamic, high-stakes setting. If a shark expresses interest, they can make an offer and potentially become an investor in the showcased business.

FAQs for WTF Gyms

1. Where can I find a WTF Gym near me?

   A: To locate a WTF Gym near you, you can visit the official website or use the WTF Gym app for the most accurate and updated information on their gym locations.

2. What is the pricing for WTF Gym?

   A: For detailed information on WTF Gym pricing, including membership plans and any ongoing promotions, it's recommended to check the official website or contact the nearest WTF Gym directly.

3. Is there a WTF Gym in Sector 122?

   A: To identify specific WTF Gym locations, including whether there is one in Sector 122, you can refer to the WTF Gym website or utilise their app for the latest information.

4. How can I get a WTF Gym membership?

   A: To inquire about and obtain a WTF Gym membership, you can visit their official website, contact the nearest gym directly, or use the WTF Gym app for detailed membership-related information

5. What does WTF stand for in WTF Gym?

   A: WTF stands for "What The Fitness" in the context of WTF Gym.

6. Is there a WTF Gym in Gurgaon?

   A: For the latest information on WTF Gym locations, including whether there is one in Gurgaon, it's recommended to visit the WTF Gym website or use their app for accurate details.

7. Is there a WTF Gym in Delhi?

   A: To find out if there is a WTF Gym in Delhi and for the most recent information on their gym locations, you can check the official website or use the WTF Gym app.