Anytime Fitness

Sector: Health and Wellness, Fitness Clubs  |  HQ: Mumbai, Maharashtra, India  |  Founded: 2013 (India operations)  |  Employees: 1,200+ (master franchise and gym staff)

Listed as: Privately held  | 

Company overview

Anytime Fitness India is the Indian operations of Anytime Fitness LLC, the US-based 24-hour gym franchise brand owned by Self Esteem Brands, which is one of the largest fitness franchise operators globally with over 5,200 clubs across 50-plus countries. Anytime Fitness commenced India operations in 2013 through a master franchise arrangement with Mukesh Sahay and Vikas Jain who established Maverick Wellness as the Indian master franchisee. The brand has grown over the past decade to operate over 175 gyms across India with concentration in tier-1 metros (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad) and a growing tier-2 footprint. The Anytime Fitness format is structured around 24/7 access, technology-enabled gym entry (key fob or mobile app entry without staff supervision during off-peak hours), compact gym footprint (typically 3,500 to 6,500 square feet), strength and conditioning equipment focus with select cardio machines, and a membership subscription model typically priced at ₹2,500 to ₹4,500 per month. The brand serves the fitness enthusiast and busy professional segments who value flexible access and consistent equipment quality across multiple gym locations.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹350 crore (FY 2024-25 estimate, system-wide).

Competitive position

Anytime Fitness India operates in the organised fitness club segment that has been one of the most dynamic Indian wellness consumption categories over the past decade. Principal competitors include Cult.fit (the largest Indian fitness brand by user base after the 2020 pivot to digital and the subsequent omnichannel expansion), Gold's Gym India (privately held), Talwalkars Better Value Fitness (NSE listed, smaller scale), Snap Fitness, Crunch Fitness, F45 Training, Fitness First, and a long tail of independent gyms and boutique studios. The organised gym market is estimated at over ₹8,000 crore annually and growing at low-to-mid double-digit rates driven by rising health consciousness, urban fitness penetration, and corporate wellness programmes. Anytime Fitness's competitive moats are the 24/7 access model that few competitors offer, the global brand recognition, the multi-club access privilege that allows members to use any Anytime Fitness gym globally, and the franchise model that has supported tier-2 city expansion. The principal vulnerabilities are the competitive intensity from Cult.fit's bundled digital and physical offering, the structural shift of younger fitness enthusiasts toward boutique studio formats (F45, Tribe, CrossFit affiliates), and the franchise quality variability across the operator network.

Key risks

Competitive intensity from Cult.fit's omnichannel scale and physical centre acquisitions Structural shift of younger fitness enthusiasts toward boutique studio formats Franchise quality variability across the operator network

Outlook

Anytime Fitness India commenced operations in 2013 through a master franchise arrangement with Maverick Wellness Private Limited. The early India operations focused on Mumbai and the broader Maharashtra market with selective expansion in Delhi NCR. Over the following decade, the brand grew to over 175 operating gyms across India with a strong tier-1 metro presence and a progressive tier-2 footprint. The business model is structured around two operational pillars. The Master Franchise Royalty pillar covers the master franchisee's collection of royalty from individual gym franchisees on system revenue, in turn paying a fee to the global Anytime Fitness LLC. The Individual Gym Operations pillar is the operational layer where individual franchise owners invest in the gym setup (typical investment of ₹50 lakh to ₹1.5 crore for a tier-1 metro gym), pay royalty to the master franchisee, and operate the gym under the Anytime Fitness brand standards. The gym format is structured around 24/7 access with key fob or mobile app entry, compact footprint of 3,500 to 6,500 square feet, strength and conditioning equipment focus (free weights, machines, functional training rigs, kettlebells, dumbbells), select cardio machines (treadmills, ellipticals, bikes), and limited staff supervision during off-peak hours. Membership pricing is typically ₹2,500 to ₹4,500 per month for an annual commitment, with multi-club access privilege that allows members to use any Anytime Fitness gym in India and globally. Distribution and member acquisition is principally direct at each gym location through walk-in trial offers, referral programmes, and local digital marketing. Corporate wellness contracts with employers (where the employer subsidises employee gym memberships) are a growing channel particularly in tier-1 metros. The Anytime Fitness mobile app supports member engagement, workout tracking, and the multi-club access feature. Financial trajectory of the Indian system has been growth-driven. System-wide revenue (the aggregate of all gym revenues across the network) is estimated at approximately ₹350 crore in FY25 across 175-plus gyms with average revenue per gym of ₹1.5 to ₹2.5 crore depending on location. The master franchise revenue (royalty collected) is materially smaller at an estimated ₹25 to ₹40 crore. Individual gym EBITDA varies significantly by location with break-even typically at 600 to 1,000 members and mature gyms running at 18 to 28 percent EBITDA margin. Recent strategic priorities include expansion into tier-2 cities (Indore, Bhopal, Jaipur, Lucknow, Coimbatore, Vizag, Bhubaneswar), introduction of group fitness programmes at select locations, partnership with corporate wellness platforms, and the Anytime Fitness app deepening for member engagement. Strategy through 2025 to 2030 is anchored on four themes. First, gym network expansion from 175-plus to 300-plus locations by FY28, with tier-2 city deepening as the priority. Second, technology and digital member engagement through the Anytime Fitness app and the broader Self Esteem Brands platform. Third, ancillary revenue from personal training services, supplement retail, and corporate wellness programmes. Fourth, the competitive defence against Cult.fit's expanding physical centre footprint (Cult.fit operates over 800 fitness centres across India after multiple acquisitions including Gold's Gym India) and the broader boutique studio fragmentation. The regulatory environment is moderate. The Bureau of Indian Standards specifications for fitness equipment apply. State-level shops and establishments laws govern outlet operations including the 24/7 access regulatory compliance which varies across states. The Goods and Services Tax framework treats gym memberships at 18 percent. The Consumer Protection Act 2019 governs membership contracts and refund policies. The Companies Act 2013 governs corporate disclosure for the master franchisee operating entity Maverick Wellness Private Limited. Risks include competitive intensity from Cult.fit's omnichannel scale, the structural shift of younger fitness enthusiasts toward boutique studio formats, the franchise quality variability across the operator network, fitness equipment cost volatility (most equipment is imported under varying customs duty rates), and macroeconomic discretionary spending sensitivity which can affect gym membership renewal rates during economic downturns. Management quality is anchored by the master franchisee leadership at Maverick Wellness with operational support from the global Anytime Fitness and Self Esteem Brands platforms. Statutory audit is conducted under the Companies Act 2013 framework for the master franchise entity. Individual gym franchisees operate as separate legal entities with separate compliance. ESG positioning is moderate. Energy consumption (24/7 lighting, HVAC, equipment electronics) is the principal operational ESG dimension. Member welfare through safe equipment maintenance and progressive training programmes is a positive social ESG dimension.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.