F45 Training

Sector: Fitness and Wellness  |  HQ: Austin, Texas, United States (India presence: multiple cities)  |  Founded: 2013  |  Employees: unknown

Listed as: NSE / BSE listed (FXLV (NYSE))  |  NSE / BSE

Company overview

F45 Training is an Australian origin global fitness franchise brand that operates a chain of high intensity functional training studios under a franchise model. The F45 in the brand name stands for Functional 45, referring to the 45 minute group training sessions that are the core product. Founded in Sydney in 2013 by Rob Deutsch and Adam Gilchrist, F45 expanded rapidly through the late 2010s and was listed on the New York Stock Exchange in 2021. The company has thousands of studios across more than sixty countries. In India F45 Training operates through a master franchise arrangement with India based operators, with studios across Delhi NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad and other major cities. Each Indian F45 studio is independently owned and operated by a franchisee under the global F45 brand, curriculum and operating standards. The Indian franchise targets premium urban fitness consumers in the age bracket of 25 to 45 years who are willing to pay premium membership prices for structured group functional training delivered with energy, music, lighting and the gamified team workout experience that defines the F45 brand.

Competitive position

F45 Training in India competes in the premium urban group fitness segment with Cult.fit which has scaled aggressively through company owned and franchise centres, Anytime Fitness which operates over two hundred locations primarily through franchise, Gold's Gym which is the legacy global brand in Indian premium fitness, F45 competitor Orangetheory Fitness which entered India through a master franchise, Cure.fit's group classes and selected boutique studios. F45's advantage is the global brand recognition, the differentiated 45 minute high intensity group functional training format with daily varied workouts, and the franchise model that scales with relatively low capital intensity for the master franchisor. Its disadvantage is premium pricing that limits the addressable market in India compared with mass market players like Cult.fit and Anytime Fitness, and the broader profitability challenges of F45 globally that may constrain India investment.

Key risks

F45 global business challenges affecting brand investment Premium pricing limiting Indian addressable market Intense competition from Cult.fit and Anytime Fitness

Outlook

F45 Training was founded in 2013 in Sydney, Australia by Rob Deutsch and Adam Gilchrist with the thesis that group fitness would scale globally if structured in a consistent, daily varied, time efficient 45 minute high intensity functional training format. The brand grew rapidly through the late 2010s through aggressive franchising in Australia, the United States, the United Kingdom and other markets. In 2021 the company listed on the New York Stock Exchange at a valuation that briefly exceeded 1.5 billion dollars. The post listing journey has been challenging. F45 has faced operational issues, leadership turnover, COVID era impacts on the franchise business, capital structure pressures and a sharp share price decline from listing highs. The company has restructured its operations and refocused on franchise system health, but the share price remains a fraction of post IPO highs. Class action lawsuits and management changes have also affected the broader public market perception. The India presence operates through a master franchise arrangement and has grown to dozens of studios across major metros and tier one cities. Each studio is approximately 2,000 to 4,000 square feet, equipped with functional training gear including TRX, kettlebells, plyometric boxes, battle ropes, sleds, rowers and air bikes. A typical session involves a group of fifteen to thirty members rotating through circuit stations under the guidance of trainers, with the daily workout broadcast through screens around the studio. The F45 product is structured around three workout categories. Cardio focused sessions emphasising heart rate elevation through high intensity intervals. Strength focused sessions emphasising muscle building through compound movements with weights. Hybrid sessions combining cardio and strength. Every studio globally runs the same workout on the same day, creating consistency across the franchise and providing a network effect through global community. Franchise economics for studios involve an initial franchise fee, ongoing royalty payments based on revenue, contribution to global brand marketing fund, and the substantial upfront capital expenditure for studio buildout, equipment, technology and lease costs. Indian franchisees typically invest in the range of one to two crore rupees upfront and target break even within eighteen to thirty months depending on location and member acquisition success. Membership pricing in India is typically in the range of three to six thousand rupees per month for unlimited access plans, placing F45 at the premium end of the Indian fitness market. The premium positioning attracts a relatively narrow but committed customer base of premium urban consumers who value the group accountability, structured workout, time efficiency and community elements. Financials at the India level are not in the public domain. Global F45 financials are disclosed under SEC requirements with revenue from franchise fees, royalty payments, equipment sales to franchisees and selected company owned studios. Profitability has been pressured by operational issues and impairments. Strategy in India from 2025 to 2030 is shaped by the broader F45 global trajectory and the maturation of the Indian fitness market. Themes include selective expansion of the studio network in tier one cities where premium fitness demand is concentrated, deepening member retention through community programmes and corporate tie ups, and addressing the competitive pressure from Cult.fit at a sharper price point. The India master franchisee may also explore adjacent fitness formats including specialised boutique studios. The Indian fitness market has grown structurally with rising health awareness, urbanisation, and post pandemic emphasis on physical wellbeing. The premium segment in metros has matured with brands like F45, Cult.fit Premier, Anytime Fitness and Gold's Gym all serving overlapping target customers. The lower end mass market is dominated by Cult.fit core and a long tail of neighbourhood gyms. The regulatory environment for fitness studios in India is governed by state level shop and establishment registrations, fire and safety norms, electrical and structural safety, the Goods and Services Tax, and selected state regulations on health and fitness services. Equipment and facility safety standards are voluntary. Member personal information falls under the Digital Personal Data Protection Act 2023. Franchise arrangements are governed by the Indian Contract Act and selected provisions of the Competition Act 2002. Key risks include the broader F45 global business challenges affecting brand investment and franchise support, intense competition from Cult.fit and other Indian premium fitness operators, real estate cost inflation that pressures studio level economics, member churn in a discretionary subscription category, COVID era reset of consumer fitness behaviour, and the perennial challenge of trainer hiring and retention in a labour intensive operating model. Management at the global F45 level has seen significant turnover. The India master franchise is operated by Indian entrepreneurs with a senior team across operations, marketing and franchise support. Governance at the studio level varies by franchisee. ESG considerations include the health and wellness mission of the brand, member safety in high intensity workouts, accessibility considerations for diverse member profiles, energy efficiency of studio operations, and trainer welfare in a relatively transient employment category.

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.