ClassPass, Founded by Indian American Payal Kadakia, Acquired by Mindbody
File photo of Payal Kadakia attending Bumble Bizz Los Angeles Launch Dinner At Nobu Malibu at Nobu Malibu on Nov. 15, 2017 in Malibu, California. (Charley Gallay/Getty Images for Bumble)
India-West Staff Reporter
Mindbody, a leading wellness experience technology platform based in San Louis Obispo, Calif., Oct. 15 announced it has completed the acquisition of Indian American-founded ClassPass, a monthly subscription service providing access to one of the world’s most extensive networks of fitness and wellness experiences, according to a PRNewswire report.
Originally announced on Oct. 13, the acquisition brings two of the industry’s most prominent leaders together, creating the most comprehensive technology platform for wellness business owners and the world’s largest fitness and wellness experience marketplace for consumers, noted a Mindbody press release.
“We are thrilled to complete the acquisition of ClassPass and are excited to welcome their team to the Mindbody family,” said Josh McCarter, Mindbody CEO.
ClassPass CEO Fritz Lanman will serve as president of ClassPass and Mindbody Marketplace, and ClassPass CFO and COO Tom Aveston will serve as CFO of the new combined company, with the two working alongside Mindbody president Sunil Rajasekar and his executive team.
ClassPass, founded in 2013 by Indian American entrepreneur Payal Kadakia, provides access to the world’s largest network of fitness and wellness providers, all with one membership. The ClassPass network includes pre-vetted exercise studios, health clubs and wellness businesses that offer a broad range of digital and in-person classes including yoga, Pilates, strength training and boxing, and wellness experiences such as massages, acupuncture, and spa treatments.
ClassPass helps first-time studio owners, emerging fitness chains and known boutique brands to merchandise their excess inventory, find new customers and generate new streams of revenue, according to ClassPass.
Since 2018, ClassPass has also partnered with some of the world’s most prominent employers to offer fitness and wellness benefits through the ClassPass Corporate Wellness Program.
Kadakia, looking to take a break from her demanding job, was searching for a dance class to take. Frustrated by the experience, an idea was born, and she went on to not only find a dance class, but she found millions of classes in everything from aquacycling to bootcamp and brought them all into one app.
According to payalkadakia.com, Kadakia not only is executive chairman of ClassPass but also the artistic director of The Sa Dance Company.
She has been a “dancetrepreneur” since the age of 3 when she started training in Indian classical and folk styles of dance. It was her passion for dance, entrepreneurship, and making the world a more active, happy place that led to the founding of Classpass.
Prior to founding ClassPass, Kadakia worked as a consultant at Bain & Company and in Warner Music Group’s Digital Strategy and Business Development Group. She has a degree from MIT in Operations Research and Economics.
Mindbody is an experience technology platform for the fitness, wellness, and beauty industries. Fitness studios, salons, spas, and integrative health centers—from the newest entrepreneurs to the largest franchises—use Mindbody’s integrated software and payments platform to run, market, and grow their businesses.