About this episode

The episode discusses how investors evaluate fitness businesses and the key factors that drive their valuation.

Welcome to LIFTS, where we explore the future of fitness, wellness, and human performance. In this episode, hosts Matthew Januszek and Mohammed Iqbal are joined by Aarti Kapoor, investment banker, fitness industry advisor, and one of the leading voices at the intersection of fitness, capital markets, and business growth. This conversation explores how investors evaluate fitness businesses, what separates scalable brands from lifestyle businesses, and why some concepts attract capital while others struggle to generate interest. Drawing on her experience advising fitness and wellness brands, Aarti shares how investors assess opportunities, the key metrics that drive valuation, and why factors such as brand strength, unit economics, market positioning, management teams, and growth runway often matter more than founders realise. The discussion also examines some of the biggest shifts shaping the industry today, from the evolution of boutique fitness and lessons from SoulCycle, to the rise of high-value low-price operators, the growing influence of franchising, and what investors now expect from businesses seeking capital. Aarti also explains why many founders focus on growth while…

People in this episode

Hosts: Matthew Januszek, Mohammed Iqbal

Guest: Aarti Kapoor

Topics covered

• fitness investment
• business growth
• capital markets
• scalable brands
• industry trends

Keywords

• fitness investment
• business valuation
• scalable brands
• capital markets
• industry trends

Mentioned in this episode

Organizations: SoulCycle

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