ImStrong Health & Wellness Pvt. Ltd, which operates a fitness-focused live-streaming platform, has raised Rs 3 crore (nearly $400,000 at current exchange rates) in a seed funding round.
The round has been led by Rainmatter Capital, which was established by online stock trading startup Zerodha. Other participants that contributed to the round include Taxiforsure co-founder Raghunandan G, ImStrong said in a statement.
Bengaluru-based ImStrong was founded by Dilip Kumar, Selvan Thamarai and Deepti Nair last year. The startup says it offers access to trainer-led fitness classes that it hosts online. The company connects various players in the fitness ecosystem such as studios, independent trainers and gyms with customers through these online classes.
“We are also witnessing an upward trend in our business activity, given the current scenario in the country and globally, with people being confined to their homes and dependent on such classes to keep a check on their fitness routine,” Thamarai said.
Separately, Zerodha founder and chief executive officer Nithin Kamath said ImStrong has managed to create a customised physical and mental fitness plan for its customers.
This is Rainmatter’s latest bet on a startup. In December last year, it committed Rs 2 crore (around $280,613) in seed funding to Quicko Infosoft Pvt. Ltd, a startup focussed on tax filing.
Rainmatter says it provides funding and workspaces to companies. It has backed firms such as options trading platform Sensibull, and LearnApp, a digital learning platform. In July last year, it took part in a $1 million (around Rs 6.88 crore) seed round in commodity procurement platform Procol Tech Pvt. Ltd, with VC firm Blume Ventures also participating.
Deals in the fitness segment
The Rainmatter-led investment in ImStrong also represents another bet on a company operating in the fast-growing personal wellness and fitness segment of the healthcare industry.
In March this year, telecommunications major Bharti Airtel picked up a stake in Spectacom Global Pvt. Ltd, which creates digital content that allows consumers across geographies and languages to access health and fitness training initiatives and programmes. Airtel invested in the company through its Airtel Startup Accelerator Programme.
One of the most heavily funded firms in the space is CureFit Healthcare Pvt. Ltd. In December, reports said that Singapore state investment firm Temasek was in talks with the startup to invest up to $100 million (around Rs 717.32 crore) in it.
In May, it raised $75 million (Rs 520 crore) in its Series D round of funding from existing and new investors, including Accel, Kalaari Capital, and Chiratae Ventures. The fundraise came within a year of CureFit having raised $120 million in its Series C funding round.
In September last year, VCCircle exclusively reported that an app-based health and fitness service raised funding from two early-stage venture capital firms. Celebrities have also joined investors in writing cheques to startups, with Bollywood actor Suniel Shetty investing an undisclosed sum of money in the Pune-based Squats in May.