[Funding alert] Fitness startup Oga Fit secures investment from US-based Joyance Partners
Fitness-tech startup Oga Fit has raised an undisclosed amount in Pre-Series A round of funding from US- based Joyance Partners.
According to a statement by the company, the funds will be used towards strengthening marketing efforts, content creation, and product development.
Founded by Ashish Rawat in 2017, Oga Fit is an interactive platform that offers live and on-demand workouts from the comfort of a user’s home. Through the platform, users can customise workout routines from a wide range of yoga, dance, and fitness content, sourced directly from trainers across the world.
Commenting on the investment Ashish says, "We are very happy to raise this funding round from a VC fund with the underlying objective of supporting startups that deliver health and happiness. Oga Fit gives you fitness on your terms and makes working out fun and accessible for everyone through its interactive tech. Our growth expectations for the year include a launch in the US market and a worldwide user base of around 100,000 over the next six months."
In February this year, Oga Fit raised $330,000 from Inflection Point Ventures (IP Ventures). Apart from IP Ventures, the startup also counts David Giampaolo, CEO of Pi Capital and Sarva Yoga as its investors.
Mike Edelhart, Managing Partner, Joyance Partners, said,
"Oga Fit exemplifies the kind of experience we feel will create unique value worldwide. 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. We entered the Indian market with Oga Fit because it is world-market ready from day one. We are happy to support Oga Fit in their journey towards becoming a global fitness powerhouse."
This marks the venture capital partnership’s first-ever investment in an Indian startup since its inception in October 2017. Till now, Joyance claims to have made over eighty investments in companies with a deeper domain expertise in bioscience, neuroscience, food science, and VR/AR.
Edited by Megha Reddy