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.
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.