Delhi-based ClassVerse, a marketplace providing users access to fitness studios and classes, has shut down after operating for nearly 10 months of its operations & launch.

Rukaiya Kanchwala, founder of ClassVerse and former director of marketplace at Jabong, said the firm closed operations last month as it was difficult to achieve unit economics.

ClassVerse had a similar business model as US-based startup ClassPass, which is positioned as the next Uber in the US and had acquired FitMob, its competitor, last year. ClassPass was tracking to a US$60 million revenue run rate for 2015 as of February.

“While we were seeing a strong month-on-month growth, the market size was not big enough. The cost of customer acquisition was high. Also, we did not see enough traction in terms of users coming to the portal. The market was not there,” said the startup’s founder Rukaiya, as per TechCricle.

Before founding Classverse in 2015, Rukaiya spent 8 years at Dell prior to coming to India with Rocket Internet, helping the VC establish its portfolio in the country. At Rocket she helped establish Groupon India (taking the company pan-India) and was responsible for the Marketplace division at Jabong (managing a $100m annual top line).

ClassVerse was a curated marketplace that provided users access to fitness studios, classes and gyms for a monthly membership fee. It was operating in Delhi, Gurgaon, Mumbai and Noida.

[Top Image – Shutterstock]

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