9Unicorns, the fund set up by startup incubator and accelerator Venture Catalysts, has invested an undisclosed sum in fitness platform Oga Fit as part of the startup’s ongoing pre-Series A round.
This comes around six weeks after Qvady Technologies Pvt Ltd-operated Oga Fit announced the initial fundraise of its pre-Series A round. Other participating investors in this exercise include Joyance Partners, a United States-based venture fund.
Other investors in Bengaluru-based Oga Fit include fitness platform Sarva, Inflection Point (IP) Ventures, and Pi Capital chief executive officer David Giampaolo. According to VCCEdge, the data research arm of Mosaic Digital, it raised $330,000 (around Rs 2.35 crore) from IP Ventures in February this year.
Oga Fit was set up in 2017 by Ashish Rawat, an alumnus of the University of South Wales. The startup says its platform offers interactive live and on-demand workouts. Along with this, its motion-comparison tech tracks various joints in the body to generate real-time feedback on user movements.
The company will use the capital raised in this pre-Series A round to invest in its product development and improve its marketing strategy. The firm is also targeting a launch in the United States.
“Oga Fit’s vision of a digital fitness platform is fresh, innovative and smart which will make quality fitness classes easily accessible to anyone, anywhere. We are confident that their innovative IP will capture the imagination of a larger public in no time,” 9Unicorns co-founder and managing director Apoorva Ranjan Sharma said.
At the start of September, the 9Unicorns Accelerator Fund – which is Venture Catalysts’ maiden investment vehicle – hit its first close at Rs 100 crore (around $13.7 million).
9Unicorns says it functions as a sector-agnostic fund. At the time of its first close, it said its investment plan will involve initially offering up to $100,000 for a 5-7% equity in a startup. Following an acceleration process, certain startups will be eligible for a follow-on round supplied by a syndicate of Venture Catalysts’ investors and other venture capital funds.
It has added several companies to its portfolio since hitting the first close, including celebrity engagement startup Gonuts, social gaming platform Tamasha, fertility care firm Janani, snacks-focussed consumer brand TagZ Foods, and financial-technology firm Klub.