Raunaq Singh and Rhea Nihal Singh Anand planned to open a home gym but discovered that the market lacked the sophisticated equipment they used to work out on in college in the United States. Raunaq, who was working for his father’s car component manufacturing company, decided to create his own home exercise equipment company.
When the nation went into pandemic lockdown in 2020, less than three months into their marriage, newlyweds Raunaq Singh and Rhea Nihal Singh Anand decided to set up a home gym, but discovered that the market did not have the kind of smart equipment that they used to work out on during their college days in the US.
Seeing the market demand for such equipment, Raunaq, who was working as the Business Development Director for his father’s auto components manufacturing firm, decided to launch his own home fitness equipment company.
Rhea joined him, and the pair launched Flexnest in Gurgaon with a small staff of five people. They began with basic equipment. In the first year, Flexnest made Rs 37.5 crore in revenue.
The prices range from Rs 500 for a face mask to Rs 65,000 for a cross trainer. A yoga mat will set you back Rs 2500.
The goods are created in Germany and manufactured in China and Taiwan before being sent to India, where 70% of them are sold on their website and the remaining 30% on other online marketplaces.
They offer an experience centre in Gurugram where visitors may come and try out their items firsthand.
According to industry estimates, the worldwide home fitness equipment market is predicted to increase at a CAGR of 4.6% from $10.73 billion in 2021 to $14.7 billion in 2028.
Flexinest strives to give a comprehensive experience for its customers and offers virtual training lessons via its app, where they can also track their progress using several factors.
Rhea, 28, and Raunaq, 30, both hail from business families in Delhi, which has made it simpler for the couple to expand the firm swiftly.
Gurmeet Nihal Singh, Rhea’s father, is a clothing exporter. She attended Vasant Valley School in Delhi, where she studied business and graduated with a 91% in 2012.
Raunaq attended GD Goenka School and graduated in 2010 with a class 12 diploma in PCM. He and Rhea met through mutual acquaintances in 2015, when they were both studying in the United States. They fell in love and are planning to marry in January 2020.
The dramatic surprise occurred when the pair encountered a scenario that many people would have found difficult to deal with. Raunaq and Rhea grabbed the chance to start their own company when a statewide lockdown went into place in March 2020, forcing them to stay indoors.
Raunaq is optimistic about Flexnest’s future and expects it to reach Rs 100 crore in revenue by the end of current fiscal year.
The duo enjoys every aspect of their job. In their spare time, they work on their fitness. Rhea enjoys travelling, watching movies, and reading books, but Raunaq is solely concerned with his workouts.
