Fittr secures $11.5 million funding from Dream Capital, Elysian Park

Fittr, the world's most trusted fitness community, has reportedly secured $11.5 million in a Series A funding round headed by Elysian Park Ventures and Dream Sports. Additionally, the current investor Sequoia India's Surge also contributed to the funding round.

As per the company, this new funding will be leveraged for entering and expanding into new markets, including the United Kingdom, North America, and Singapore, which presently account for 30% of the company's entire revenue. It will also emphasize on product development and hiring.

Fittr, established by Jitendra Chouksey, Sonal Singh, Bala Krishna Reddy, Rohit Chattopadhyay, and Jyoti Dabas, in 2014 is a platform that links consumers to a marketplace of lifestyle and nutrition coaches. The Pune-based business has over 400 trainers onboard and a monthly active user base of 450,000, with 220,000 paying clients.

As per Mr. Chouksey, Fittr is on track to generate $15 million in yearly revenue in the current financial year. The company was initially bootstrapped for the first four years and has raised $13.5 million in total, including this round.

Chouksey has stated that the company understands that fitness is a very short-term indicator and prevents individuals from seeing the larger picture. On the other hand, sports is set to become this big picture and supplement a lot of skill.

Therefore, the firm will be further focusing on sports where they can make people fit while connecting them with various sports. He further stated that the firm would soon unveil martial arts and acrobatics classes to get attention from the younger audience.

Fittr is a good fit for Dream Capital, which focuses on funding early-stage businesses in sports, gaming, and fitness technologies.

Dream Capital MD Dev Bajaj said that due to the significantly overlapping demographics with sports-tech, Dream Capital believes that fitness-tech is a crucial sector of focus. Fittr's organic and highly active community has been particularly outstanding within this business space.

Source Credit - https://economictimes.indiatimes.com/tech/funding/fitness-tech-startup-fittr-gets-11-5-million-from-dream-capital-elysian-park/articleshow/86450540.cms