Oga Fit, a Bengaluru-based fitness-tech start-up today 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 individual, personal experience. Since their initiation in October 2017, Joyance has made over eighty investments in companies with a 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 this, Ashish Rawat, Founder, Oga Fit, 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."
Adding further, 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."
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, David Giampaolo, Chief Executive, Pi Capital, 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."
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.