Fitiness chain Talwalkars is acquiring 50 per cent stake in Chennai-based yoga studios chain Zorba for an undisclosed sum, according to a stock market disclosure.
“Talwalkars Better Value Fitness Limited (TBVF) had entered into a memorandum of understanding (MOU) with Zorba – A Renaissance Studio (Zorba) a chain of yoga studios having operations in Chennai. As per the terms of the MOU, TBVF shall acquire 50% stake in Zorba s rapidly growing Yoga Studios business,” Talwalkars said in a BSE filing.
The investment into Zorba will enable TBVF to further strengthen its wellness and fitness offerings initially in the chennai market and also enable the company to expand its yoga training activities across multiple locations of TBVF in India thereby benefiting existing members, the filing added.
The investment also marks Talwalkars’ entry into the rapidly growing yoga space valued at $80 billion globally. The overall wellness market in India is estimated at Rs 490 billion and wellness services alone compromise 40% of the market.
Incorporated in December 2013 by Sarvesh Shashi, Zorba offers courses across various facilities in yoga, zumba, posture correction and healing ailments for diseases like asthma, diabetes, tantric meditation, weight loss, stress management and personality development. The chain currently operates out of three prime locations of in Chennai.
In November, Talwalkars had also acquired majority stake in another Chennai-based fitness firm Inshape Health and Fitnez Pvt Ltd in an all-cash deal for an undisclosed sum.