KOLKATA: Bengaluru-based fitness-tech startup Oga Fit has raised an undisclosed amount as part of its pre-Series A round of funding from US based Joyance Partners.
The brand proposes to use the capital for product development, content creation and marketing purposes. The startup’s is also targeting a launch in the United States this year and have a global user base of around one lakh over the next six months, it said in a statement.
“By providing two-way feedback between workout instructors and participants over the smartphone, Oga Fit creates a new and powerful mode for improving the quality and delight of exercise,” Joyance Partners managing partner Mike Edelhart said.
Joyance Partners is a venture fund that invests primarily in startups concentrating on individual experiences since its inception in 2017. It has made over 80 investments in segments such as bioscience, neuroscience, food science, and virtual and augmented reality. The investment in Oga Fit is its first bet on an Indian startup.
Founded in 2017 by Ashish Rawat, an alumnus of the University of South Wales, Oga Fit’s platform offers interactive live and on-demand workouts. Its proprietary technology acts as a personal trainer bringing in all the elements of in-studio workout experience without any setup costs or any special equipment.
Additionally, its motion-comparison technology tracks various joints in the body and compares it with the trainer’s to generate real-time feedback on user movements and a similarity score.
In a statement, Oga Fit said it has raised around $6,70,000 of funding till now. Other investors in the company include David Giampaolo, chief executive officer of London-based Pi Capital, wellness startup Sarva Yoga and angel investment platform Inflection Point Ventures.
Elaborating on the startup, Pi Capital chief executive David Giampaolo said: “The Indian digital fitness market is booming. The pandemic has further catalyzed this. Oga Fit has become a tech-oriented enabler in these times and is set to catapult to a global level, going forward.”
The global digital fitness market is expected to reach an estimated $27.4 billion by 2022 and is expected to grow at a compound annual growth rate of 33% from 2017 to 2022 (Global Wellness Institute Survey, 2018).
No comments: