Background: TBVF is one of the India's largest fitness chain and holds ~10% market share. TBVF has over 198 health clubs and gyms across 85 cities and towns of India and Sri Lanka with member base of over 166,000. They have 103 owned gyms, 9 gyms subsidiary, 20 gyms Associates, 18 Franchisee gyms, 20 Power World Gyms, Zorba (3) and 25 HI-FI format gyms. Geographic distribution of gyms: West (42%), North (24%), South (28%) and East (6%). Urban, semi-urban mix's of gym: Tier...