AimFit raises $1 million to scale across Pakistan
Pakistan-based AimFit has raised a seed round of $1 million, becoming the first venture capital-backed fitness startup in the country. The round was led by Indus Valley Capital, an unnamed unicorn founder and the founding team of Atoms.
Co-founded by sisters Mahlaqa and Noor Shaukat, AimFit has four fitness studios offering group classes to a client base of 10,000 women. The company launched a bootstrapped online offering within 24 hours of the Covid-19 lockdown to strong online traction from its members. It now plans to this grow its online platform as well as expand its studio footprint across Pakistan.
Co-founder and CEO Mahlaqa Shaukat comments “We’re on a mission to revolutionise female fitness in Pakistan and across similar emerging geographies. We’ve seen the transformative impact AimFit has had on its members who refer to AimFit as #MyHappyPlace,” said Mahlaqa Shaukat, co-founder and CEO of AimFit. “Covid-19 expedited our online launch and we now plan to double down on our omni-channel model by rapidly expanding across Pakistan over the coming months, before targeting international expansion.”
While the last few years have seen a boost in health and fitness clubs in the major cities of Pakistan, smaller cities and the female population have largely been ignored. With increasing proliferation of smartphones and high-speed internet connectivity, AimFit plans to use its online fitness solution to reach this segment.
Aatif Awan, the founder and managing partner of Indus Valley Capital, who in his previous role as VP of growth at LinkedIn grew the platform to half a billion members, said: “At Indus Valley Capital, our mission is to help founders build the most transformational companies in Pakistan. We believe that AimFit will transform the country in an incredible way by bringing fitness to millions of women in their homes. Being able to achieve fitness goals as part of a community is truly empowering and has a spill over effect into improving other aspects of life, including family, work and mental health. We’re thrilled to partner with AimFit in revolutionising female fitness in Pakistan.”