Qvady Technologies Pvt Ltd, which operates fitness-focussed Oga Fit, has raised funding as part of its pre-Series A round, it said on Monday.
The Bengaluru-based startup has raised this capital from the United States-based Joyance Partners, a venture fund that invests primarily in startups concentrating on individual experiences.
The fund was set up in 2017 and says it has so far made over 80 investments in segments such as bioscience, neuroscience, food science, and virtual and augmented reality. Its investment in Oga Fit is its first bet on an Indian startup.
This is the second time Oga Fit has raised capital this year -- the sum was not disclosed.
According to VCCEdge, the data research arm of Mosaic Digital, it raised $330,000 (around Rs 2.35 crore) from angel investment platform Inflection Point Ventures in February this year.
In a statement, Oga Fit said it has so far raised around $670,000 in funding. Other investors in the company include David Giampaolo, chief executive officer of London-based Pi Capital, and wellness startup Sarva.
Oga Fit was set up in 2017 by Ashish Rawat, an alumnus of the University of South Wales. The startup says its platform offers interactive live and on-demand workouts.
Along with this, its motion-comparison tech tracks various joints in the body to generate real-time feedback on user movements.
It will use the capital it has raised for product development, as well as content creation and marketing purposes. Rawat said the company is also targeting a launch in the United States this year and a global user base of around one lakh over the next six months.
“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,” Joyance Partners managing partner Mike Edelhart said.
It is the latest startup in the fitness and wellness segment to raise capital. In the Indian market, the best-known company in this sector is CureFit Healthcare, which was founded by former Flipkart executives in 2016.
Investors in the company include Kalaari Capital and Chiratae Ventures.
Sarva, which is an investor in Oga Fit, raised an undisclosed sum in August from international music provider Cutting Edge Group. The investment was part of a larger partnership, giving Sarva access to over 20,000 minutes of music and meditation-based content.