Fitelo Raises $1.5 Million In Pre-Series A Funding
The funds will be used to develop the startup into a global platform that focuses on the holistic way of a healthy lifestyle
Fitelo, a weight management app, has raised $1.5 million in pre-Series A funding round led by Guild Capital. The round also witnessed participation from Pareto Capital, Chaayos and Country Delight. The startup helps people to achieve their fitness goals.
"We feel very grateful for the interest we are getting from key partners in the ecosystem. Our team is committed to scaling Fitelo globally. The funds will accelerate our efforts to develop a global platform that focuses on a holistic and natural way of staying healthy," said Sahil Bansal, co-founder and CEO, Fitelo.
The healthcare startup is a team of 130 people, and currently has a customer base of more than 20,000 people across 15 countries, claimed by the startup in a statement.
"We set out to craft a brand that takes into account three hugely important factors, Audience, Vision and Purpose. After assisting more than 20,000 people with their transformations, succeeding in touching lives of over five lakh people, we believed it is the time to the take next step," said Mehakdeep Singh, co-founder, Fitelo.
Founded in 2019 by Sahil Bansal and Mehakdeep Singh, Fitelo is a group of dietitians, doctors, nutritionists and fitness trainers. They ensure the body's overall nutrition is maintained during the weight loss and recommend supplements or medications into the diets. It operates on a subscription-based model and assigns customers a personal health coach who is aligned to their needs.
The global weight management market size, reportedly, was valued at $214.7 billion in 2016 and is expected to grow at a CAGR of 8.3 per cent over the forecast period. According to the Institute of Health Metrics and Evaluation, 30 per cent of the world's population is either obese or overweight.