In response to Bloomberg stating that the firm is considering going public as soon as this year, Keep insiders said that there is no IPO planned for the time being.
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The round was led by Softbank vision fund and included previous investors such as Hillhouse Capital, Tencent Holdings Ltd, Coatue Management, GGV Capital and Bertelsmann Asia Investments.
After a total of eight rounds of financing, Keep is now valued at over USD 2 billion, according to Chinese media channel 36kr – although the popular workout app declined to comment on the valuation.
At present more than 300 million users have obtained remote workout services through its app. In addition, keep makes use of its own technology and algorithm advantages to provide value-added services such as intelligent training plans for users with clear body goals.
According to the company, its main revenue driver is membership fees from the 10 million users who receive personalized services. It’s also expanding its consumer product line. Last year, for instance, the firm introduced an internet-connected stationary bike that comes with video instructions like Peloton. It has also rolled out apparel, treadmills and smart wristbands.
The company said it will upgrade its smart fitness hardware and unveil more healthy food for Chinese consumers in 2021, improve services and products for users and serving fitness professionals against the backdrop of the Chinese government's campaign for 'national fitness.'
The latest round of financing came after the fitness trend among people staying at home in China boomed amid the COVID-19 pandemic, and technology companies beefed up efforts to provide users with intelligent fitness equipment and services.