Gym and fitness centre discovery platform FiTraQ has raised an undisclosed amount of funding in a bridge round, a top company executive told VCCircle.
The funding round was led by Aparup Sengupta, operating partner at Singapore-based investment firm Capital Square Partners, and Devendra Reddy, a sales and marketing veteran who has previously worked at EXL, WNS Global Services, and HCL.
The company will use the funds for product development and to penetrate the market, Siddharth Rampal, co-founder of FiTraQ, said.
FiTraQ helps users find gyms, yoga centres, and kickboxing, dancing, pilates and aerobics classes in their city. It also helps fitness centres digitise and automate their operations and marketing through its customer relationship management system. The startup also offers its customers a member management product called FiTraQpro.
It is currently operational Delhi, Bangalore, Mumbai, Navi Mumbai, Thane, Kolkata, Pune, and Roorkee.
FiTraQ Health Services Pvt. Ltd. was founded in 2015 by Rampal and Rouzbeh Pasha. Rampal holds an MBA from Staffordshire University, the UK, and has previously worked in human resources at several firms. Pasha holds a degree in industrial engineering and management from Chalmers University of Technology and has formerly headed the Middle East, Africa, CIS, and Russia region for messaging service Skype.
“There has been exponential growth in the sector with growing awareness for fitness among the masses. For the industry to keep stride with demand and growth, it needs to be addressed at the grass root level,” said Rampal.
In March 2015, the company had raised $150,000 (Rs 94 lakh then) from Tarun Arora, managing director of Northern Collection and Credit Bureau (NCCB), India.
Multiple fitness discovery platforms, operating on a model similar to the US-based ClassPass and Singapore-based KFit, have raised funding in the past six months.
Earlier this month, Mumbai-based health and fitness discovery platform Growfitter Pvt. Ltd secured $600,000 (Rs 3.9 crore) in a pre-Series A round from venture capital firm SQue Capital.
In January, mobile marketplace for gym memberships, Fitnapp, raised pre-Series A funding from Noida-based real estate developer SD Group.
Prior to that, in December 2016, Delhi-based online fitness marketplace Fitpass raised $1 million (Rs 6.7 crore) in seed funding from Mumbai Angels and a clutch of angel investors from Delhi and Bangalore.
Other fitness aggregators and discovery platforms include Gympik, FitMeIn and Fitternity.