Women-focussed health and fitness app SocialBoat on Wednesday said it has raised $200,000 (around Rs 1.62 crore) in an angel funding round led by Plan B Capital.
The round also saw participation from Abhijit Kane (Postman), Videt Jaiswal (Airblack), Bhuvan Gupta (OfBusiness) and Prateek Sharma (AheadVC), among others.
The Gurugram-based startup will deploy the fresh proceeds to scale up its tech platform and onboarding more talents.
“We have recorded organic growth of 145% month-on-month led by influencers who invited their followers to their teams. In 2023, we aim to scale to tier II cities and explore fitness content in vernacular languages,” said Swapnil Vats, co-founder, SocialBoat.
SocialBoat, operated by HTT Holidaying Travel Technology Pvt. Ltd was founded in 2021 by Swapnil Vats and Rahul Jain. The platform provides fitness and health programs centered on women.
The programs cater to women-specific goals like - managing PCOS, postpartum care and mobility, and general healthy living. The company claims that currently it has over 5,000 users and 850 communities.
As per a recent report by Allied Market Research titled, "Virtual or Online Fitness Market by Streaming Type, Device Type, Session Type, Revenue Model, and End User: Opportunity Analysis and Industry Forecast, 2020-2027." the global online/virtual fitness market was valued at $6 billion in 2019 and is anticipated to reach $59.23 billion by 2027, growing annually at 33.1% from 2020 to 2027.
In September last year, Health and fitness platform HealthifyMe was in talks to raise $120 million-$150 million. Previously, in July 2022, Fitterfly Healthtech Pvt. Ltd raised $12 million in a Series A round led by Amazon Smbhav Venture Fund and Fireside Ventures,
The company pits against the likes of Sweat by Kayla, Shyft, and Myava, among others.