Exclusive: Fitness club aggregator OYOFit raises funding from WeP Peripherals MD

OYOFit, a Bangalore-based fitness club aggregator, has raised an undisclosed amount of angel funding from RN Agarwal, managing director, WeP Peripherals Ltd.

The six-month-old startup will use the money to hire people for sports clubs, to launch APIs that will be used by diet food and medical service providers, and to develop live inventory management software for sports clubs, Shivank Agarwal, co-founder and CEO of OYOFit told DEALSTREETASIA.

WeP Peripherals, earlier known as Wipro ePeripherals Ltd, designs, develops, manufactures and services printers and UPS batteries.

There have been a spate of early stage deals in the health and fitness space. Most recently Bangalore-based startup Cult raised funding from Myntra co-founder and former Flipkart executive Mukesh Bansal. Prior to that in March, Gympik.com, raised an undisclosed amount of pre-Series A round of funding from RoundGlass Partners. Orobind, an ‘at-home’ personal fitness tech startup, also got acquired by Amazon-backed home services startup Housejoy in February.

In March, The Times of India has reported that Mukesh Bansal has partnered with Ankit Nagori, ex-chief business officer at Flipkart, to launch a new healthcare, sports and fitness company in Bangalore.

Founded by Shivank Agarwal and Ruchir Garg in September 2015, OYOFit offers users to access over 150 partnered fitness clubs and more than 30 fitness activities, with a single monthly membership.

Prior to founding this venture, Agarwal was working with Vedantu, an online tutoring platform, as a senior software engineer. He has also co-founded another startup BufferInfinite, a platform to solve the language and accent problems. Before OYOFit, Garg has worked with the companies like Amazon, LetsGoMo and ibibo Web. Both Garg and Agarwal are alumni of IIT, Roorkee.

The startup competes with the likes of Fitternity, Fitmein, Gympik, Gymer and Hobbyix.

Talking about the challenges in the space, Agarwal said, “It is difficult to make people aware of different types of fitness activities other than normal gymming.”

“Currently we are break even as far as gross profit is concerned but we expect to break even completely by end of FY 2016-17,” he added.

Also Read:

India: Virtual fitness coaching platform GOQii raises funding from Edelweiss VC arm

Malaysia: Fitness platform KFit seals $12m Series A from Venturra Capital, SIG, Sequoia

India: Fitness app FITSO, ophthalmic products maker Remidio and party services platform Evibe.in gets funding

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.