Pune-based fitness community platform Fittr raised USD 11.5 million in funding, co-led by Dream Capital and Elysian Park Ventures on September 23. 2021. Existing investor Sequoia Capital’s India Surge also participated in the Series A funding round.
Dream Capital is the venture capital and M&A arm of Dream Sports, while Elysian Park Ventures is the private investment arm of the LA Dodgers ownership group. Ambit acted as the exclusive financial advisor to Fittr.
The new capital will enable Fittr to fast-track its growth and expansion into new markets, including North America, the UK, and Singapore, accounting for 30 percent of its overall revenue. The company will also continue to focus on educating the Indian population around health and fitness.
“Fittr has grown 100 percent organically through word-of-mouth and based on the transformation results shared by members via the Facebook community and app. Fittr recently crossed USD 10 million in annualized booking run-rate and FY21, achieved gross bookings of USD 9.3 million to become one of the world’s largest community-based fitness brands,” said Fittr founder and CEO Jitendra Chouksey.
“Fittr aims to enter the list of startup unicorns. Elysian Park Ventures and Dream Capital joining the community enables us to accelerate our work to help millions of people around the world get fit, and also to create meaningful career opportunities in the health and fitness industry over the next few years,” Chouksey added.
The firm began as a small WhatsApp group. The past five years of operations have received over USD 13.5 million investment from marquee investors, including Bollywood actor Suniel Shetty.
The company, which currently has over 150 employees, has been profitable since its inception. The company has trained and transformed over two lakh people. In FY21, it crossed 65,000 paid users and created employment opportunities for over 500 coaches.
As a long-term goal, the company is working to make 50 million people fit and create one lakh career opportunities in the fitness industry, he added.