Fashion
Malaysian health and fitness company KFit Holdings is about to enter the Indonesian market after signing a deal to acquire eCommerce company Groupon Indonesia.
For an undisclosed amount, the acquisition will see KFit enter Indonesia with Groupon as a wholly owned subsidiary. The transaction is expected to be completed in the third quarter of this year.
Groupon Indonesia has more than 1 million subscribers and 15,000-plus local merchants.
“The combination of Groupon Indonesia’s established presence and KFit’s experience in building a mobile-first platform will propel us in a high-growth local commerce market, further accelerated by increasing mobile penetration,” says KFit CEO/founder Joel Neoh.
“While KFit will continue to focus on health and fitness services, this presents a strategic direction for us to enhance and broaden our offerings. In the long run, this acquisition will provide us with a strong platform for growth in Southeast Asia.”
KFit is an online subscription platform that provides users access to fitness studios, classes and gyms in various cities across Asia. Since its launch last year, it has extended its offering to include beauty and wellness, and launched its pay-per-use KFitGo. In the past six months, KFit users have reserved more than 400,000 activities. Today, one reservation is made every minute on the KFit platform.
KFit founder Joel Neoh also founded Groupon Malaysia, in 2011, going on to head Groupon Asia-Pacific.
