In Its First India Investment, US-based Joyance Partners Bets on Oga Fit
The fitness tech startup has secured an undisclosed amount in pre-series A funding
Bengaluru-based fitness tech startup Oga Fit on Monday announced it has raised an undisclosed amount in pre-series A funding from health and wellness-focused venture capital firm Joyance Partners.
This is the US VC firm’s first investment in India.
Founded in 2017 by Ashish Rawat, Oga Fit is a responsive platform that offers fully interactive live and on-demand workouts. The startup’s proprietary motion comparison technology tracks and compares 17 joints of the human body to generate real-time feedback on user movements.
The startup with its cutting edge technology aims to disrupt the global fitness industry by providing workout live with world-class trainers and celebrities anytime, anywhere.
Commenting on the recent investment, Rawat said, “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."
The startup said it will utilize the fresh capital for content creation, product development and marketing.
Prominent entrepreneurs and investors in the fitness sector, including the likes of David Giampaolo, chief executive officer of Pi Capital, Inflection Point Ventures and SARVA, have already placed a bet on the three-year old startup.
Speaking on the investment, 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."
Joyance Partners invests in companies that have the capacity to deliver or contribute to delivery of ‘delightful moments.’ Since their inception, Joyance Partners has invested in more than eighty companies with a deeper domain expertise in bioscience, neuroscience, food science and virtual reality (VR)/augmented reality (AR).
Pi Capital’s David Giampaolo said, "The Indian digital fitness market is booming and 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. This is a major reason we placed our trust in them at the outset and wish them the best going forward in terms of becoming a global brand."