Passport Asia’s classes will be cancelled, membership renewal will cease and existing users will get discounted subscription rates to KFit
Singapore-based fitness service startup Passport Asia has officially hung up its gloves. According to a report by Channel NewsAsia, the fitness service startup sent an email to its users announcing that all classes will henceforth be cancelled and all membership subscriptions will be terminated.
Certain classes, however, such as R-evolution, Space and Light Yoga, Rhythmic Fitness, The Pit, Krav Maga and Kinetics Climbing will still be available for a limited time period on a first-come-first-serve basis.
This move is part of Passport Asia’s new partnership with its local rival KFit–which allow its existing users to jump ship at S$50 (US$35) off the total subscription price.
In an official press release, Passport Asia said:
“As we sought partners- we had multiple options but KFit clearly stood out for its superior tech platform, its unparalleled traction across Asia and a razor sharp focus on operations.”
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The victor graciously accepted Passport Asia’s exit, and said, in the same press release:
“We at KFit have the utmost respect for the Passport Asia team for their contributions to the industry. They are in the midst of a transition and sought to partner us amongst many other options available to them.
In view of this, we have decided to partner with Passport Asia by offering an exclusive promo code to their customers so that they can continue on their fitness journey. Given the similarities in our values we feel their customers will have an equally good if not better experience with our wide variety of partners and strong platform.”
Only a few months ago, Passport Asia forecasted positive growth. In November 2015, it claimed to be experiencing strong growth in South Korea, Singapore and Malaysia, and was supposed to enter 12 more cities in the second quarter of this year. It had 1,000 gym partners providing over 100,000 classes.
Back in July, Passport Asia claimed to have 11,000 paying subscribers and was experiencing double digit month-on-month growth since its launched in June 2015. It was also looking to raise a seven digit figure.
In contrast, KFit was roaring far ahead, clinching US$15.25 million in three rounds of funding rounds. It also has 270,000 users, and partners with almost 4,600 gyms, providing over 400,000 activities.
What will this consolidation mean for other fitness service startups in the region or those seeking to enter Asia? It’s too early to tell.
Passport Asia has declined to make further comments, but will be releasing updates in a few weeks’ time.
The post KFit emerges as survivor of the fitness; absorbs Passport Asia appeared first on e27.
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