Background: TBVF is one of the India's largest fitness chain and holds ~10% market share. TBVF has over 147 health clubs and gyms across 76 cities and towns of India and members base of over 133,000. They have 103 owned gyms, 16 gyms under JV, 6 licensed gym, 7 Franchisee gyms and 15 HI-FI format gyms. Geographic distribution of gyms: West (43%), North (27%), South (25%) and East (5%). Urban, semi-urban mix's of gym: Tier I (35%), Tier II (40%) and Tier III (25%). During...