Toyam Industries Ltd brings AI fitness to India as it signs with Singapore Government backed FitTech company EliteFit.AI

Toyam Industries Ltd has announced the signing of its partnership with Singapore Government backed, AI driven virtual Fitness Technology (FitTech) company, EliteFit.AI. With a focus on building a platform that provides real-time feedback to users, India is about to experience a much-required change in the fitness markets.

Concerns regarding our form and accuracy during online fitness tutorials is universal. Hands flailing around in hopes that we're doing the correct thing, and spirits gradually deteriorating because, when the time comes, the results aren't great. Most fitness gurus tell us that if are not followed properly we won't see a result, but in these desperate times of online tutorials (which certainly aren't going anywhere), how will fitness followers ever know the truth about their form?

Filling this void was long overdue, and the genius of humans and AI has yet once again, proven greatly influential for us. Real time accuracy? Check. HR's eternal problem of raising productivity? Check. Making sure you're achieving results in time? Check once again. EliteFit's B2B2C business model is here to lift you, your employees and your boss's efficiency.

EliteFit.AI serves enterprises, fitness companies, content creators and end users. By providing realtime feedback to users on their workouts, EliteFit.Ai aims to provide a significant and meaningful differentiator to content creators and apps in the fitness industry.

Commenting on the development, Mohamedali Budhwani (CMD - TIL) said "We are super enthused with this development. We have been actively scouting to expand our presence in the sports and fitness industry, in general, and this proposal very well checks all our boxes. The relationships, successfully developed by TIL in the last couple of years, would help EliteFit scale up its presence in the Indian geography. TIL has managed to get distribution rights in India, for clientele, both private and government. This tenure and terms of this agreement is fluid and would be reviewed periodically based on the traction witnessed in the client development activities.

"What EliteFit has managed to develop would help end users get much better results, thereby making them more sticky to their personal trainers and assuring trail incomes. While the global industry size (personal trainer's revenues) is pegged at $13 billion, having grown at a 5.4% CAGR, this is estimated to explode to a size of $60 billion over the next 5 years! This expansion in the industry CAGR is estimated to have been triggered by the increased focus on health, by citizens in general, post the pandemic. We don't see this trend receding anytime soon. With the signing of the distribution agreement, TIL would stand to benefit from this exponential growth estimated in the online fitness industry."

Shares of Toyam Industries Ltd was last trading in BSE at Rs. 3.84 as compared to the previous close of Rs. 3.66. The total number of shares traded during the day was 1353294 in over 528 trades.

The stock hit an intraday high of Rs. 3.84 and intraday low of 3.66. The net turnover during the day was Rs. 5151576.00.

Source : Equity Bulls

Keywords

ToyamIndustriesLtd INE457P01020 EliteFit FitTech AI VirtualFitnessTechnology