Mindbody, the leading wellness experience technology platform has acquired ClassPass, a monthly subscription service providing access to the world’s most extensive network of fitness and wellness experiences.
The acquisition comes on the heels of recent research and data from both companies that prove consumers are getting back to in-person wellness experiences as studios reopen with nearly 80% of consumers feeling that wellness is more important than ever. Additionally, several markets that have fully reopened are seeing bookings on the Mindbody platform rebounding to pre-COVID levels and ClassPass consumer usage is at 110% percent of pre-COVID usage for subscribers who have gone back to class.
For business owners, ClassPass offers data-driven, machine learning-based SmartTools that help studios to manage excess inventory and market unsold spots at a revenue-maximizing price. Studios on ClassPass typically experience a 30% increase in reservation volume and a 15% to 20% increase in revenue when they utilize SmartTools. Additionally, 50% of ClassPass members are new to boutique fitness upon joining, and 80% visit a new studio for the first time using the platform.
Anjula Acharia, CEO and founder of A-Series Investments and Management, was Kadakia’s first investor in ClassPass. Acharia saw Kadakia was willing to bet on herself, and so she was also willing to bet on her. She saw her as a woman that could change and influence lives as she knows what people needed and especially what would be a great service for other women. “I always believed in Payal, I was her first investor, more than I was the first investor in ClassPass.
David Tisch, partner at BoxGroup, is another early investor that knew Kadakia would reach this milestone, “From the day I met Payal, she stood out. A person who has had passion and charisma that is just obviously unique. And she is obsessed with the problems she spends her times focused on. Her resilience and ability to cultivate an incredible team around her has led to this milestone today.”
As Kadakia celebrates her first exit, she reflects on how important this milestone is for women. “It’s important for young women to see other women succeeding and for investors to see female-founded businesses reach these milestones. I hope the rise of Classpass shows that women know what women need. It has been a privilege to build a company that has served so many women across the globe. This moment is definitely bittersweet for me. I feel like my child is getting married.
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