Toyam signs with Singapore govt. backed fit-tech startup Elitefit.ai

Toyam Industries Ltd. (TIL) is pleased to announce the signing up of its partnership with EliteFit.Ai, a Singapore based Fitness Technology (FitTech) start-up focussed on building an AI-driven virtual fitness trainer platform that provides real-time feedback to users on the correctness of their workouts.

Being a B2B2C company, EliteFit.AI serves enterprises, fitness companies, content creators and end users. By providing real-time feedback to users on their workouts, using AI, EliteFit.Ai aims to provide a significant and meaningful differentiator to content creators and apps in the fitness industry.

Commenting on the development, Mohamedali Budhwani (CMD - TIL) said "We are super enthused with this development. We have been actively scouting to expand our presence in the sports and fitness industry, in general, and this proposal very well checks all our boxes. The relationships, successfully developed by TIL in the last couple of years, would help EliteFit scale up its presence in the Indian geography. TIL has managed to get exclusive distribution rights in India, for a certain period and for some specific clientele (both private and government). This tenure and terms of this exclusivity agreement is fluid and would be reviewed periodically based on the traction witnessed in the client development activities."

"What EliteFit has managed to develop would help end users get much better results, thereby making them more sticky to their personal trainers and assuring trail incomes. While the global industry size (personal trainer's revenues) is pegged at $13 billion, having grown at a 5.4% CAGR, this is estimated to explode to a size of $60 billion over the next 5 years! This expansion in the industry CAGR is estimated to have been triggered by the increased focus on health, by citizens in general, post the pandemic. We don't see this trend receding anytime soon. With the signing of the distribution agreement, TIL would stand to benefit from this exponential growth estimated in the online fitness industry."

Toyam Industries Ltd. (TIL) is the only publicly (BSE) listed company, run passionately by sports enthusiasts, engaged in sports promotion and management. TIL successfully conducted the "Kumite-1 League," in the presence of legendary Mike Tyson, and is now implementing the league's vision through its reality TV show, "Kumite-1 Warrior Hunt.

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