Background: TBVF is one of the Indias largest fitness chain and holds ~10% market share. TBVF has over 130 health club and gyms across 69 cities and towns of India and members base of over 126,000. They have 92 owned gyms, 11 gyms under JV, 10 licensed gym, 7 Franchisee gyms and 10 HI-FI format gyms. Geographic distribution of gyms: West (39%), North (30%), South (25%) and East (5%). Urban, semi-urban mixs of gym: Tier I (31%), Tier II...