Exclusive: Fitness aggregator Gympik raises money from existing investor

Gympik.com, an online marketplace for discovering fitness centres and gyms, has secured a second tranche of funding from existing investor RoundGlass Partners.

Amaresh Ojha, founder and CEO, Gympik, said the company has raised about $1 million (Rs 6.41 crore) from RoundGlass in the latest tranche, and will use the money to expand its operations network to five more Tier II cities and to strengthen its technology team.

In March 2016, Gympik had raised an undisclosed amount in a pre-Series A round from the Seattle-based venture firm, which focuses on healthcare and wellness startups.

“RoundGlass has committed to invest in us for the next five years as and when we require capital. They know this is a long-term game and they have assured us that we do not have to keep chasing capital, but focus and build the business,” he added.

Earlier, the company had raised $135,000 in seed funding from Capvent’s managing partners Tom Clausen and Rohan Ajila, as well as manufacturing firm Haldyn Glass. The round had also seen the participation of healthcare accelerator Healthstart.

Gympik
Bengaluru-based Gympik Health Solutions Pvt. Ltd was founded in December 2012 by Ojha and Karan Malik.

While Ojha, an IIM-Bangalore alumnus, had stints in Sun Microsystems, CISCO and Intuit before launching Gympik, Mailk was employed with Firstsource Solutions.

The online venture curates fitness centres and trainers on its platform. It also offers a cloud-based software for fitness centres to make personalised offerings, and automate their management and quality assurance processes.

In addition, it offers separate mobile apps for customers and trainers. Customers can use the app designed for them to hire personal instructors for at-home training sessions, while fitness trainers can track client performances on theirs.

The company generates revenue from the leads it provides to fitness centres and trainers, besides monetising its software solutions. The platform currently lists over 12,000 fitness and wellness centres, and 9,000 personal trainers from across 20 cities.

Ojha said the company helps conduct over 500 at-home personal training sessions in Bengaluru every day. Gympik is expected to expand its services to 20 more cities within two months. The software solution is implemented across 100 centres in Bengaluru. The company is working on launching a certification service for gym instructors and trainers, he added.

RoundGlass
In India, RoundGlass has invested in Gurgaon-based 911 India Healthcare Pvt. Ltd, which owns doctor networking app Curofy, and Manna Healthcare Pvt, Ltd, which operates weight-loss coaching and fitness app Obino.

Last August, the VC firm had invested $1 million in Uber Health Tech Pvt. Ltd, a startup that builds social wellness apps for corporate staffers under the Zoojoo.be brand.

Fitness deals
Several gym and fitness centre discovery platforms have raised funding over the past six months.

In June, online fitness marketplace Fitpass had raised $1 millionin a funding round led by Olympic gold medallist Abhinav Bindra and his business partner Gaurav Marya, the chairman of Franchise India.

The month also saw Gym discovery platform FiTraQ raise an undisclosed amount in a bridge round, while Mumbai-based health and fitness discovery platform Growfitter Pvt. Ltd secured $600,000 in a pre-Series A round from venture capital firm SQue Capital.

In January, mobile marketplace for gym memberships, Fitnapp, had raised pre-Series A funding from Noida-based real estate developer SD Group.

FitMeIn and Fitternity are the other leading fitness centre aggregators in India.

Source:-vccircle