India-based startup Fitternity recently closed its $5 million Series A funding in late August; and it wants to get you exercising wherever, whenever.
Six Sense Venture and other existing investors have participated in the round. Proceeds will be used to spread its presence in the 15 cities in which it currently operates, and to expand into sports and ancillary categories.
Fitternity offers an online platform to put together all kinds of fitness activities including yoga, fitness classes, gym classes, Pilates and Zumba. The platform uses a pay-per-session model. People can order the class that they want and pay for the workouts they use. Fitternity also partners with hotels to offer its customers underused gyms and swimming pools.
This is good news for most people, like me, who are paying for an expensive membership but not actually going to the gym. We have all regretted of paying thousands on membership fees and yet not going to the gym at all. The expansion of Fitternity is the answer to that guilt.
“We have grown very quickly,” founder Jayam Vora told FinanceAsia in an interview. “Fitternity expanded 3.5 times from 2018 to 2019, and we hope that the company will grow more than five times in the next twelves months.”
The Mumbai-headquartered company already serves 10 million customers with 8,900 gyms and studios selling sessions on the platform.
In August, it began a partnership with Reliance Nippon Life Insurance as well as two other insurance companies in India to give users discounts on their insurance premiums.
So far, Fitternity has raised more than $7 million from Sixth Sense Ventures, Exfinity Venture Partners, Saha Fund and others. It is looking to raise another round of funding of at least $15 million after October.
“Big cities are our target market,” Vora said earlier. “We will definitely consider cities like Singapore or Hong Kong.”
Fitternity is looking to expand its footprint in Southeast Asia in the next six to eight months and to enter the food and beverage business to provide healthy eating options.