Book Your Game (BYG) is a fitness technology company that lets users book fitness services available near them. With BYG, you can workout in gyms, attend yoga classes, zumba sessions, pilates , and choose from 40 more options using the app. The app lets you pay by the session called Workout Now, whose price varies dynamically as per the time of the day (and starts at Rs 50). You can also purchase a desired membership from the app, for which BYG has a lowest price guarantee.
INITIAL CHALLENGES FOR THE FOUNDER
According to the founder, the biggest challenge start-up faced while setting up BYG was ramping up 5 cities at the same time. Team wanted to take an aggressive (but a high risk) route of launching in 5 cities together to leverage their technology product across the maximum sized market they could. For them launching `the product in every city was like launching a new start-up every time.
EUREKA MOMENT OF BOOK YOUR GAME
The Eureka moment was the realisation for the team that almost 70% of people who wish to purchase a fitness membership do not do so because of the way fitness services (memberships) are priced. One of the founder told about his experience where he had bought a yearly membership at Golds Gym for Rs 16K (after bargaining it down from Rs 36K), and was astonished when a 3 month membership at the same gym was being offered at Rs 12K to one of his friend.
This led to the birth of the idea, and over time, founders discovered further problems that they were looking at addressing through their product.
TEAM BEHIND BOOK YOUR GAME
Devi Prasad Biswal
Devi is the Founder and CEO of BYG (Book Your Game) and primarily oversees the tech side of BYG, spending time in brainstorming the B2B and B2C side products, along with helping the team ramp up sales, and taking care of the operational and marketing aspects.
He did Engineering from Vellore Institute of Technology. Devi graduated from MDI in 2011 to join the Investment Research division in Goldman Sachs.
The idea of BYG originated when his close friend was asked almost the same price for a 3-month gym membership that Devi was paying annually. Given Devi’s passion for technology as well as fitness, he decided that this was his calling and formally started BYG in December 2015.
Raised in a highly disciplined family, Devi holds punctuality, honesty and comradeship very close to his heart. A fitness enthusiast since childhood, Devi strongly believes in living life to the extremes.
Avijeet is the co founder and COO of BYG (Book Your Game), and is the “goalkeeper” at BYG, ensuring the fundamentals and core remain strong across various teams. He primarily foresees sales and operations, marketing and finance while also helping Devi on the B2B and B2C technology products.
He graduated from Indian Institute of Management, Kozhikode in 2011 to join Goldman Sachs Asset Management (GSAM).
Avijeet wanted to be more hands-on and actively involved in building a company and its culture, but was waiting for something which really drove him. BYG was something Avijeet could instantly connect with and Devi was someone he knew is the perfect partner to work with.
REVENUE, TRACTION, AND GROWTH
BYG has seen a great momentum in terms of Revenue and continue to grow at an exponential growth rate.
BYG has come a long way since inception. However there remains substantial opportunity as BYG currently touches only 0.1% of overall industry sales. The platform serves close to 30,000 users with 59% repeat purchases. The company achieved an INR 60 lac monthly or $1.1mm annual GMV run rate in September. On the B2B side, more than 200 fitness studios and gyms use the BYG Pulse product to manage day to day operations.
USP AND REVENUE MODEL
There are similar models in the industry, however no other player is aiming at the same goals as the team. BYG believes that data science and data products can create tremendous value for users, and BYG plans to leverage that to improve the fitness industry. It aims to become the first Fitness Data Company and use all the data it has build to a much better and enhanced product that create immense value for all fitness enthusiasts.
Revenue comes from the customers who pay for the workout session or fitness memberships through the app, and BYG makes a margin on every transaction that happens through the app. Further, BYG has a SAAS-based CRM for fitness centres that has a subscription fee.
Risk taking is one of the most important characteristics of an entrepreneur, and keeping that in mind Devi and Avijeet invested slightly more than Rs 75 lacs (combined life savings plus a personal loan) to fund the first leg of BYG’s growth.
Founders managed to raise roughly INR 2.3 crore more from angel investors through a seed round during June, 2016. BYG has always had a good relationship with the investor community and is looking forward to raise investments in the near future. Read about Indian Startups.
MODUS OPERANDI OF THE PRODUCT
B2C model: You can workout in gyms, attend yoga classes, zumba sessions, pilates, and choose from 40 more options using the BYG app. The app lets you pay by the session called Workout Now, whose price varies dynamically as per the time of the day (and starts at Rs 50). You can also purchase a desired membership from the app, for which BYG has a lowest price guarantee.
B2B model: SAAS-based CRM helps the gym manage its revenues, leads, members, schedules and packages. It automates the gym’s engagement with their customers – such as special events, renewal reminders, fitness data update, and progress made.
Team’s goal is to bridge the gap between availability and accessibility by becoming a data-driven fitness company. BYG wants to build a world-class platform that has a holistic approach to fitness and that can cater to other auxiliary industries – health insurance, sports ware and pharmaceuticals – that can change the way people look at fitness. BYG wants to touch a billion lives across the globe. Read Startup News.
Are you intrested to become guest author and write about business, Leadership or finance? Register and start Contributing your knowledge and experience.