Treadfit Technologies Pvt. Ltd, which operates digital fitness startup TREAD, has raised $1.1 million (Rs 8 crore) in its seed round of funding from a clutch of early-stage investors and wealthy individuals.
The investors that participated in this round include Better Capital, Whiteboard Capital, Cred founder Kunal Shah, Citruspay founder Amrish Rau and Mobile Premier League founders Sai Srinivas and Shubh Malhotra, the company said in a statement.
The startup will utilise the capital to fast-track its product development and accelerate the growth of its platform.
"This fundraise gives us the initial capital to rapidly build out our content across social platforms and to onboard thousands of professional trainers from across the country," said Dinesh Godara, founder of the fitness startup.
Godara, an alumnus of Rajasthan Technical University, had earlier floated an edtech startup named Wifistudy. Later he joined Unacademy after the latter bought the venture in 2018.
The startup enables users to avail unlimited access to various types of workout sessions in yoga and cardio categories, among others, through its monthly or yearly subscription model.
The startup claims to have nearly 11 lakh subscribers on YouTube and over 5 lakh followers on Instagram. It is said to be in discussions with several venture capital funds to raise its Series A round of funding.
It is the latest startup in the fitness and wellness segment to raise capital. In the Indian market, the best-known company in this sector is CureFit Healthcare, which was founded by former Flipkart executives in 2016.
Last month, Qvady Technologies Pvt Ltd, which operates fitness-focussed Oga Fit, raised funding from US-based VC fund Joyance Partners.
In April, US- and India-based venture capital firm Mantra Capital invested in yoga and wellness startup Sarva in an extension of the company’s first institutional funding round.
Around the same time, Squats Fitness Pvt Ltd, which operates online fitness portal Fittr, raised its pre-Series A funding round from Surge, the accelerator programme operated by Sequoia Capital India.
