Exclusive: Fitness aggregator Gympik gets additional funds from existing investor
US-based VC firm RoundGlass Partners is doubling down on its investment in Gympik.com, an online marketplace for discovering fitness centres and gyms, a person aware of the development told TechCircle.
RoundGlass is investing an additional Rs 6.5 crore (approximately $1 million) in Gympik, the aforementioned person said on the condition of anonymity. The company had previously raised a total of $1 million in two tranches from RoundGlass.
The startup will primarily use the fresh funds to further develop its software-as-a-service (SaaS) product for fitness centres.
With the current fund infusion, the startup has raised about Rs 14 crore so far.
The Seattle-based venture firm first invested in Gympik in March 2016.
Previously, Gympik had raised $135,000 in seed funding from Capvent’s managing partners Tom Clausen and Rohan Ajila, as well as manufacturing firm Haldyn Glass. Healthcare accelerator Healthstart had also participated in the round.
Gympik declined to comment on the fund raise and RoundGlass didn't respond to email queries from TechCircle at the time of publishing this report.
Bengaluru-based Gympik Health Solutions Pvt. Ltd was founded in December 2012 by Amaresh Ojha and Karan Malik.
Before launching Gympik, Ojha, an IIM-Bangalore alumnus, had stints at Sun Microsystems, Cisco and Intuit, while 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 to hire personal instructors for at-home training sessions, while fitness trainers can track client performances.
The company generates revenue from the leads it provides to fitness centres and trainers, besides monetising its software solutions.
The Seattle-based venture capital firm focuses on healthcare technology startups. Its other bets in Indian healthcare include doctor consultation platform Doctor Insta, weight-loss coaching and fitness app Obino, digital diabetes management programme Life in Control and Zoojoo.be, a startup that builds social wellness apps for corporate staffers.
In February this year, VCCircle had reported that the VC firm had bought one of its investee firms doctor networking platform Curofy from its founders in an all-cash deal worth Rs 60-80 crore ($9-12 million).
Last year, it had acquired another portfolio company, Bengaluru-based parenting startup BabyOnBoard, for an undisclosed amount.