Payal Kadakia’s net worth is estimated to be $50 million, and she’s only getting started. Many people are baffled as to how she managed to pull it off.
We’ll take a closer look at how she made a small fortune with ClassPass because she has a fascinating storey to tell.
ClassPass is a subscription-based fitness service that allows subscribers to access a large number of fitness classes.
| Name | Payal Kadakia |
| Birth | 2 February 1983 |
| Age | 39 years |
| Genre | CEO of ClassPass |
| Relation With | Nick Pujji |
| Net Worth | $50 million |
With so many people these days interested in improving their health and becoming more fit, it has been a huge success, despite the fact that it has only been around for a short time.
Payal Kadakia and her co-founder Mary Biggins founded the company. Both women are only thirty-three years old, but they have already achieved remarkable success in their new business, which has gone off like wildfire.
Who Is Payal Kadakia?
She is the CEO and co-founder of ClassPass. Her parents were born in the western portion of India and came to the United States. By profession, they are both chemists.
Payal was a cheerleader for the football team at her public school in New Jersey. She enjoyed dancing and did it in her leisure time on weekends.
Kadakia has a strong background in Indian dance. She is also self-taught in Bollywood dancing, having mastered the style from watching movies.
She studied operations research and economics in college and at MIT. She started an Indian dance troupe while in school, and after graduating from MIT, she formed the Sa Dance Company, which she continues to run to this day.
How ClassPass works!
For a monthly fee of $125, ClassPass provides its users with up to three sessions per studio and an infinite total number of exercise classes.
Because some pretty pricey fitness boutiques are participating, this is a significant saving for most consumers.
Members not only save a lot of money, but they also get to test a little bit of everything that is available in terms of fitness programmes in the area. It is no surprise that it has become such a huge hit.
What prompted her to start a fitness company?
Payal was preparing her startup strategy at a nearby Starbucks one evening when she was approached by a mugger who sprayed her with mace and attempted to rob her. His plan was to snare her laptop.
He was able to get her phone but was stopped by a kind stranger who scared him away. It was at this moment that Payal felt she needed to bulk up a bit more so she could better protect herself physically.
This is what sparked her curiosity in creating a fitness-related business. The company grew quickly, and its worth is estimated to be in the $500 million range.
Payal Kadakia’s initial effort was unsuccessful!
Payal Kadakia had already chosen to launch a new company called Classtivity, which focuses on the mind and body, prior to the mugging. With fewer than one hundred classes scheduled through the service, the startup was a near-failure.
Even low-cost incentives did not seem to entice buyers to participate. When she began establishing deals with more well-known and high-end fitness studios, she received her lucky break.
These brought in truckloads of customers. The company was founded in 2013, and it has a market capitalization of $500 million after only three years of operation. Forbes named her as one of eight female entrepreneurs to watch in the next years.
Payal Kadakia’s Company got Fundraising!
ClassPass piqued the interest of investors as well. Last January, they completed a round of series B funding, raising $40 million in a campaign headed by Thrive Capital and General Catalyst Partners.
In March, investors provided an extra $4 million in venture capital, with the promise of more as needed.
Payal’s Business Expansion!
Under Payals’ leadership, ClassPass has grown to cover a roster of over a hundred different studios in the New York City area.
This increases the appeal of the discount and variety membership programme to prospective customers.
This is in addition to the faithful subscribers who have stayed with the company at a reasonable cost.
In order to keep up with the increased business, Kadakia has increased her company’s staff to twenty-eight people.
The company now has forty fitness centres in the San Francisco, California area, with new locations in Los Angeles and Boston, thanks to venture money from investors.
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