Fittr will use the funding to step up growth and expansion into new markets, including North America, the United Kingdom, and Singapore, which currently account for 30% of the fitness-tech startup’s overall revenue.
Online fitness marketplace
Fittr, community-based health, and online fitness marketplace have raised $11.5 million in Series A funding led by Dream Sports’ corporate venture fund Dream Capital and Elysian Park Ventures, the private investment arm of the LA Dodgers Ownership Group.
Existing investor Sequoia India’s Surge also participated in the funding round.
The fresh capital will be used to step up growth and expansion into new markets, including North America, the United Kingdom, and Singapore, which currently account for 30% of the company’s overall revenue. It will also focus on hiring and product development.
Founded in 2014 by Jitendra Chouksey, Sonal Singh, Jyoti Dabas, Rohit Chattopadhyay, and Bala Krishna Reddy, Fittr is a platform that connects users to a marketplace of lifestyle and nutrition coaches. The Pune-based startup has a community of over 400 coaches and a monthly active user base of 450,000, 220,000 of which are paying customers.
According to Chouksey, Fittr is on course to clock an annual revenue run rate of $15 million in the current fiscal. The startup was bootstrapped for the initial four years and has so far raised $13.5 million, including this round.
“We realize that fitness is a very short-term metric and it does not let people see the bigger picture. Sports on the other hand can become that big picture that can add to a lot of skill,” Chouksey told ET. “So, the focus going forward is going to be on sports wherein we make people fit but we also engage them in different kinds of sports.” The company will soon launch martial arts and acrobatics classes, among others, to attract a younger audience, he said.
As for Dream Capital, the fund’s focus is on backing early-stage startups in sports, gaming, and fitness technology, and Fittr fits the bill. “Dream Capital considers fitness-tech as a key focus sector due to highly overlapping demographics with sports-tech,” Dream Capital MD Dev Bajaj said. “Within this industry, Fittr’s organic and highly engaged community has been particularly impressive.”
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