What does Talwalkars Better Value Fitness Limited do?

Talwalkars Better Value Fitness Limited was one of India's largest gym and fitness centre chains, operating under the 'Talwalkars' brand. At its peak, it ran over 200 fitness centres across India. The company also had subsidiaries including Talwalkars Club Private Limited and NV Wellness Private Limited.

Why did Talwalkars get delisted?

Talwalkars Better Value Fitness faced severe financial distress starting around 2019, with allegations of fund diversion by promoters, defaults on bank loans and NCD payments, and initiation of insolvency proceedings under the IBC before NCLT. The company was subsequently delisted from BSE and NSE.

Who are the promoters of Talwalkars?

The promoter family includes Prashant Talwalkar, Girish Talwalkar, Harsha Bhatkal, and Vinayak Gawande. They collectively held a significant stake in the company before the financial collapse.

Is Talwalkars still operational?

After the NCLT insolvency proceedings, many Talwalkars fitness centres closed or were taken over by lenders. Some locations continued operations under new management, but the original listed entity no longer operates as before.

Is Talwalkars planning an IPO?

Given the company is under insolvency resolution and was delisted following financial collapse, there are no known plans for a fresh IPO as of available information.

How do I buy Talwalkars Better Value Fitness unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Talwalkars Better Value Fitness?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Talwalkars Better Value Fitness shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Talwalkars Better Value Fitness Unlisted Share Price | Buy Talwalkars Better Value Fitness Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Talk to us

Talwalkars Better Value Fitness Unlisted Share Price | Buy Talwalkars Better Value Fitness Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Once India's largest gym and fitness chain (est. 2003, NSE/BSE listed), Talwalkars Better Value Fitness is now under NCLT-ordered liquidation (April 2022). Revenue had declined from peak to ₹90.5 Cr FY2019 with losses. Gym business demerged to Talwalkars Lifestyles Limited — both entities in liquidation. Going concern sale partially executed January 2025. ED raids in July 2025 allege ₹206 Cr bank fraud. Stock at ₹1.45 — avoid entirely.

Pros

Was India's largest gym chain at peak — strong brand recall
Going concern sale completed January 2025 — some business value preserved

Cons

Under Liquidation — NCLT Mumbai order April 28, 2022
Gym business demerged to Talwalkars Lifestyles Limited (also in liquidation)
July 2025: Enforcement Directorate raids for alleged ₹206 Cr bank fraud
5-year revenue CAGR of −16.9%; last revenue ₹90.5 Cr FY2019
NSE/BSE listed at penny stock price ₹1.45 — deeply distressed

Business Segments

Fitness centres (gyms, spas, aerobics, yoga) — operations ceased under liquidation

Revenue Model

Talwalkars generated revenue primarily through gym membership fees, personal training charges, and ancillary fitness services across its network of fitness centres in India.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds5

Growth Plans

Potential resolution applicant acquiring assets and reviving the Talwalkars brand

Industry Tailwinds

Potential resolution applicant acquiring assets and reviving the Talwalkars brand

Industry Headwinds

Liquidation of assets under NCLT

Recent Developments

NCLT Mumbai liquidation order: April 28, 2022; Liquidator: Gajesh Labhchand Jain

NRRA bidding: EOI deadline December 12, 2024; bidding concluded December 28, 2024

January 2025: Going concern sale — management and directorship change

Comparable Companies

CompanyTypeTickerMkt Cap

Anytime Fitness India (unlisted)Unlisted——

Gold's Gym India (unlisted)Unlisted——

Indiabulls Wellness (unlisted)Unlisted——

Anytime Fitness India (unlisted)Unlisted

Gold's Gym India (unlisted)

Frequently Asked Questions

About Talwalkars Better Value Fitness

Talwalkars Better Value Fitness Limited is one of India's most iconic fitness chain brands, with roots tracing back to 1932 when Vishnu Talwalkar established the first gymnasium in Mumbai. The company was formally incorporated in 2003 and co-promoted by the Talwalkar and Gawande families. At its peak, Talwalkars operated 272 fitness centres across India with over 200,000 members, making it the country's largest gym chain. It offered a comprehensive suite of fitness services including weight training, cardio, aerobics, yoga, body sculpting, massage, spa treatments, and health counselling under a single brand umbrella. Talwalkars was publicly listed on both BSE and NSE (ticker: TALWALKARS) and had a significant capital market presence. The company's business model relied on membership fees from individual consumers supplemented by fitness equipment, personal training, and spa services. It expanded aggressively through company-owned and franchised centres across Tier-1, Tier-2, and Tier-3 cities, building one of the widest geographical footprints of any fitness chain in India. Revenue was reported at approximately ₹90.5 Cr and the company had a market cap of ~₹4.50 Cr reflecting its distressed state. However, the company ran into severe financial difficulties. Talwalkars defaulted on a loan from Axis Bank with the date of default recorded as 29 August 2019. The Corporate Insolvency Resolution Process (CIRP) was initiated on 11 January 2021 at the NCLT Mumbai Bench. Following the failure of the resolution process — the only resolution plan received could not garner the required 66% vote share, achieving only 59.81% — the NCLT ordered liquidation of Talwalkars Better Value Fitness on 28 April 2022. Mr. Gajesh Labhchand Jain was appointed as the liquidator. Compounding the financial distress, the Securities and Exchange Board of India (SEBI) imposed penalties totalling ₹2.46 Cr on the company and its directors in September 2023 for delays in disclosures and misrepresentation of financial statements. As of late 2024, the liquidator was conducting bidding for the company's not-readily-realisable assets (NRRA) with Expressions of Interest sought through December 2024. The company's trajectory represents one of the most high-profile fitness industry collapses in India, driven by over-leveraged expansion, COVID-related disruption of gym memberships, and governance failures.

Key Milestones

Common questions about unlisted shares

How do I buy Talwalkars Better Value Fitness unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Talwalkars Better Value Fitness Limited

How settlement works

Get price alerts for Talwalkars Better Value Fitness Limited

Discuss Talwalkars Better Value Fitness

Similar companies

Other ways to invest