Singapore-based start-up Passport Asia is set to expand in Asia after hitting profitability in six months after launching their mobile-only fitness sharing App.
This popular app has also seen strong growth in South Korea and India and Malaysia, and expects to enter 12 more Asian cities by the second quarter of 2016.
Passport Asia has already attracted a number of high-profile investors, and is currently initiating its third round of funding that will drive growth for the foreseeable future.
The company attributes its success to concentrating on, and growing, a core group of regular users, which lead to much more stable and sustainable growth.
"For a tech start-up barely six months from launching, to hit profitability now is a huge milestone not just for us but for the mobile tech space in general, and Singapore's start-up ecosystem," said co-founder Sanjey Chandran. "It is one thing to be valued at millions of dollars, but quite another to have a strong enough business model that makes you worth millions of dollars. We are the only fitness sharing App in Asia that is profitable, and I believe we have cracked the mobile fitness-sharing model in a way that ensures sustained, defendable growth over the long-term."
Reduced customer churn
The company has also experienced reduced customer churn, and the number of users who sign up for a month, then never return once their package is used up, is in the low double-digits.
Passport Asia prioritises user experience and has completed 34 different iterations of the App since its launch.
The company boasts its own dedicated in-house tech team, and this allows it create a smooth and efficient user experience.
Moreover, it leverages customer data to improve both the user experience, and partner gym performance.
"We are able to view and analyse data on our users, such as their preferred workout times, where they like to work out and even what kinds of activities they like to do, at what time, preferred day of the week, age range and gender," said Paul Warmer, chief operating officer. "We then took this to our partner gyms and studios and worked with them to change schedules and offerings, allowing them to optimise and improve their own take-up."
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