- Tram Ho
Wefit CEO Khoi Nguyen shared 4 “dead” postures when he started his business as a child, and now Wefit (now renamed WeWow) is facing the fifth “dead” posture – the cash flow problem.
When people rushed back to the job after the New Year, Wefit’s customer care team confided to the beginning of the year, sharing about the difficulties this startup is facing in operating products and managing. financial management.
” In fact, in the second half of the past year, WeWow had a lot of obstacles in the process of product operation and financial management. The difficulty is a common problem in startups and this time is really the majority of errors. from WeWow’s executive team, which makes it impossible for us to bring the best services to our customers and partners who have always accompanied, followed and supported WeWow. I sincerely apologize to all customers and partners, “Wefit said.
However, thunderstorms do not seem to stop with this startup.
A platform startup needs to balance between customers (end users) and sales businesses (merchants). But Wefit is currently in crisis with both subjects. Currently, not only the spa, the gym, the debts and disconnections but even the customers are complaining a lot about Wefit’s operation and customer care.
PT – a customer who bought the Wefit package from September 30, said: The first time using Wefit was very OK, with an unlimited number of training sessions in the gym.
By December 2019, the number of training sessions for VIP guests buying this nearly 2-year package has dropped from “unlimited” to 25 sessions per month, and most recently, only 10 sessions / month / gym.
By 13/1, her familiar gym, Huong Anh, stopped associating with Wefit.
T.’s set of packages costs 9.2 million VND, with a total time of 22 months (18-month package gives 4 months). Due to the inconvenience of changing the gym, T. asked for a refund, but she said Wefit did not respond.
On Wefit’s official fanpage, many customers also complained when many gyms stopped cooperating with this startup.
Some customers also use the word “phishing” when they can not go to practice for 1 month now, because many gyms are disconnected from Wefit because this connected startup does not pay money.
On the gym side, the spa also credits Wefit. Facebooker Khanh Ngan, working at Saturn Spa, reported the status of unpaid Wefit for 2 months and begged for 3 times, still unpaid.
Previously, it was reported that a Wefit gym that once showed off was extremely good when connecting, Salsa Spring stopped linking with the platform because Wefit was late in payment, resulting in a debt of up to 100 million VND.
Answering to the young intellectuals at the time, CEO Wefit Khoi Nguyen said: ” Startup also had a little difficulty in cash flow at the end of the year, it had to cover other expenses and had to invest more, plus winter was the low season of fitness should have debt but not all partners, some of them will pay later than others. ” Khoi said the company from now to the end of the year will close the new round of funding and therefore will have additional funding, in March 2020 Wefit will promote another new product and then there will be many changes “.
“Currently, Wefit is promoting beauty products so it needs more money to invest .”
In 2019, besides the core field of gym connection, Wefit opened a series of new areas such as connecting swimming pools, spas, launching the Wejoy brand and renaming startup to WeWow.
This launch has stirred up the beauty market for some time, with the number of spa and salon associated with Wefit up to 500. However, the beauty field is completely different from the fitness field , with product quality management. much harder. Wefit operates on a discounted model directly on the service price. For example, Wefit sells to users 1,550,000 VND / 3 months (there are 4 times a month to use the service) that money will go to Wefit and this startup will pay (after deducting discounts) for spas and salons. that customers use the service.
However, many spas and salons after a period of association with Wefit have reduced the service stage (to cut costs), even sold separate packages equivalent to Wefit for Wefit customers.
Currently around Hapulico urban area, Wefit’s spas such as Moc An, La Mer, Duong Tam, Charm Nail … have all stopped associating with this startup.
Wefit was founded by Khoi Nguyen in September 2016, with the goal of becoming a leading brand in the Fitness industry in Vietnam. Khoi used to be in the top 10 typical young faces of Vietnam in 2017; top 3 potential CEOs in 2016 at the Startup Festival program organized by VTV; top 16 young faces of the Capital’s start-up in 2017 and was once on the list of “30 under 30 Vietnam” voted by Forbes.
Khoi shared about his 4 dead postures like making a product no one uses, taking too much time to make the product so it ran out of money, the product failed to convert to sales and died because there was too much money. In particular, the posture “die because there is too much money” is the dead posture of Wefit when calling for capital and cash flow beyond the financial management ability of the founding team.
Source : Genk