[Funding alert] Fitness startup Fitternity extends its Series A round, gets a top-up of $1M from Sixth Sense Ventures and others
With this funding, Fitternity has forayed into the subscription space, and is targeting $100 million in annual revenues over the next 24-36 months.
Fitness discovery and booking platform, Fitternity has raised additional funding of $1 million from Sixth Sense Ventures along with participation from existing investors and a new set of angel investors.
This is an extension to the $4 million Series A round raised by Fitternity in May this year, from consumer- centric domestic venture fund Sixth Sense Ventures.
According to the startup, funds will be deployed across three main areas, including venturing into sports and ancillary categories, deepening presence across top 15 cities in the country, as well as providing service providers with enterprise solutions to manage inventory at scale.
In addition to this, Fitternity also said that the capital infusion will help them grow 10 times to $100 million annual revenue over the next 24-36 months.
On the back of this funding, the startup also launched its subscription service, OnePass, which is an exclusive, all-access pass for fitness and health needs around working out and eating healthy.
Fitternity said that through this pass, users can get unlimited access to work out across more 12,000 fitness centres and sports facilities around the country with an added feature of a lifetime validity.
Founded in 2013, Fitternity was started by first-generation entrepreneurs - management graduate Neha Motwani, and consultant Jayam Vora, an engineer and healthcare specialist.
Fitternity allows users to book real-time sessions seamlessly and pay-per-session. The platform also provides users with options of membership portability and dynamic pricing - addressing the fear of wasted long-term memberships and need for variety.
Nikhil Vora, Founder and CEO of Sixth Sense, said,
"Fitness and wellness is at an inflection point in India and Fitternity is at the driver's seat propelling Indians towards a healthier life. Through their unique offerings for consumers, insurance companies, and corporates, we are hopeful that Fitternity will dominate the fitness market in India."
At present, Fitternity claims that over 10 million consumers have used its platform, which provides access to over 12,000 gyms and studios, across the country.
(Edited by Dipti Nair)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.