Background: TBVF is one of the India's largest fitness chain and holds ~10% market share. TBVF has over 163 health clubs and gyms across 83 cities and towns of India and Sri Lanka with members base of over 166,000. They have 96 owned gyms, 27 gyms under subsidiary, 17 Franchisee gyms, 20 HI-FI format gyms and 3 Zorba. Geographic distribution of gyms: West (45%), North (25%), South (25%) and East (5%). Urban, semi-urban mix's of gym: Tier I (36%), Tier II (39%) and Tier III (25%)....