Hyrox bets big on India, eyes top-three market status in five years

Mumbai: Hyrox, an indoor fitness race that combines an eight-km run with eight functional workout stations, expects India to become one of its three largest markets alongside the US and China within the next five years, founder and CEO Christian Toetzke told ET.

"We are growing pretty fast. Over the next three years, India will evolve from a small, young market into one of our biggest and most important markets. Within five years, I see China, the US and India becoming our three largest markets," Toetzke said.

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The Germany-headquartered company is betting on India's large young population, rising fitness awareness and growing participation in organised fitness events to drive its expansion.

Hyrox generated about €135 million in global revenue in 2025 with around 850,000-870,000 participants. It expects revenue to approach €300 million in 2026 as participation rises to about two million across more markets. India currently contributes an estimated €4-5 million in annual revenue. Toetzke said he expects the country to eventually generate more than €100 million in annual revenue, making it one of Hyrox's three largest markets.

The company plans to invest seven-digit sums over the coming years to expand its footprint in India by scaling up events, strengthening gym partnerships, investing in technology and exploring permanent infrastructure.

The comments come as L Catterton, the private equity firm backed by luxury conglomerate LVMH and Bernard Arnault's family office, is leading a transaction under which existing shareholders Wanda Group and Infront Sports & Media are expected to exit Hyrox, subject to completion. Toetzke said the new investors would provide the company with access to capital to support future expansion.

Hyrox has witnessed rapid growth in India, with participation expected to rise to 15,000 at its Mumbai event in September from 1,600 participants at its first event about 16 months ago.

Deepak Raj, country head of Hyrox India, said there remains significant headroom for growth given the gap between the number of people working out in gyms and those participating in fitness competitions.

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Hyrox currently hosts events in Delhi, Mumbai and Bengaluru and has announced expansion into Ahmedabad and Noida. Registration fees range from Rs 8,750 to around Rs 17,000, depending on the participation category.

Raj said participants from 453 cities and towns have already taken part in Hyrox events, underscoring the competition's growing popularity beyond the metros.

According to a Deloitte India and Health & Fitness Association report, fitness facility memberships are expected to increase to 23.2 million by 2030 from 12.3 million in 2024, while the industry is projected to expand to Rs 37,700 crore by 2030 from Rs 16,200 crore in 2024, registering a 15% CAGR.

Despite the opportunity, India faces infrastructure constraints, particularly a shortage of indoor venues spanning at least 13,500 square metres required to host Hyrox events. Executives also highlighted the need for better-equipped gyms and more certified trainers.

Hyrox generates revenue globally through participant registrations, spectator tickets, sponsorships, merchandise sales and gym affiliations.