Chinese fitness platform Keep to launch $500 million US IPO

Chinese fitness platform Keep, invested in by SoftBank and Tencent, plans to launch a US IPO of up to $500 million USD, according to Tech Web. Keep has made no comment as of yet. 

Keep was launched in October 2014 as a fitness community platform where users could access home workouts and share their progress with other users. It has since expanded its membership services to become its main source of revenue and has begun offering products, such as Peloton-like fitness bikes and wearables, and apparel on top of its video and streamed classes.

Fitness apps have seen a huge surge in demand, especially since the two-month COVID-19 lockdown in 2020 and an increased sense among the public and the government of keeping fit to stay healthy. According to Sina Technology, as of March 2021, Keep has accumulated 300 million users, six million of which are daily users, and 40 million of which use the app on a monthly basis.

The company closed its sixth round of financing with $360 million USD in January 2021. 

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