· The funds will be used towards amplyfing marketing efforts, content creation, and product development
· The funding marks the global VC’s first-ever investment in an Indian market
Bengaluru, NFAPost: Oga Fit, a Bengaluru-based fitness-tech start-up, announced that it has raised an undisclosed amount in Pre-Series A Funding from US based Joyance Partners. This marks the venture capital partnership’s first-ever investment in an Indian startup.
An initiative by Social Starts, Joyance Partners invests in companies with the capacity to deliver, or contribute to the delivery of, Delightful Moments. They are the first venture fund focused purely on the individual, personal experience. Since their initiation in October 2017, Joyance has made over eighty investments in companies with deeper domain expertise in bioscience, neuroscience, food science, and VR/AR.
Founded in 2017 by 26-year-old Ashish Rawat (CEO), Oga Fit is a one-of-its-kind responsive platform that offers fully interactive live and on-demand workouts.
Oga Fit’s proprietary motion comparison technology tracks and compares 17 joints of the human body to generate real-time feedback on user movements (yoga asanas, dance steps, fitness exercises, etc). The brand will use the funding for content creation, product development, and marketing.
Speaking about the funding, Oga Fit Founder Ashish Rawat said he is 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,” said Oga Fit Founder Ashish Rawat.
Adding further, Joyance Partners Managing Partner Mike Edelhart said Oga Fit exemplifies the kind of experience we feel will create unique value worldwide.
Delight of exercise
“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,” said Joyance Partners Managing Partner Mike Edelhart.
Oga Fit has already gathered firm believers with the likes of David Giampaolo – CEO Pi Capital, noted entrepreneur in the global health and fitness sector as their Chairman, Inflection Point Ventures, and SARVA – Yoga and wellness startup, funded by the likes of Mark Mastrov, Zumba Fitness, Jennifer Lopez, Alex Rodriguez, Malaika Arora, Shahid Kapoor to name a few.
Sharing his thoughts, Pi Capital Chief Executive 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,” said Pi Capital Chief Executive David Giampaolo.
The global digital fitness market is expected to reach an estimated $27.4 billion by 2022 and is expected to grow at a compound annual growth rate of 33% from 2017 to 2022 (Global Wellness Institute Survey, 2018).
With its proprietary technology, Oga Fit aims to disrupt the global fitness industry by providing users access to workout live with world-class trainers and celebrities anytime, anywhere. The system acts as a personal trainer bringing in all the elements of in-studio workout experience. All this without any setup costs or any special equipment.
Oga Fit, India’s largest interactive digital workout platform founded by 26-year-old Ashish Rawat and the team is based out of India and Ukraine. It offers real-time feedback on how well a user is performing their workout. Oga’s goal is to revolutionize the global fitness industry through its community-driven and interactive workouts.
Oga fit provides its users with an interactive platform that offers the true experience of an in-studio workout from the comfort of a user’s home. Its proprietary motion comparison technology compares the user’s movements with the trainer’s in real-time, to give a similarity score, and provides feedback to let the users know what went right or wrong.
The venture has so far raised around $6,70,000 in funding and has a 13-member strong team comprising the brightest and most talented individuals from across the globe. Its backers include global leaders such as David Giampaolo, CEO of Pi Capital, a London-based investor club who has been described as“…London’s most networked man”, Sarva Yoga and Inflection Point Ventures.