Joyance Partners is a venture fund which invests primarily in startups concentrating on individual experiences. Since its inception in 2017, it has made over 80 investments in segments such as bioscience, neuroscience, food science, and virtual and augmented reality. The investment in Oga Fit is its first bet on an Indian startup.
The startup proposes to use the capital for product development, content creation, and marketing purposes. The startup is also targeting a launch in the United States this year and has a global user base of around one lakh over the next six months.
Oga Fit was founded in 2017 by Ashish Rawat who is an alumnus of the University of South Wales. According to Rawat, it is a platform that offers interactive, live, and on-demand workouts. Its proprietary technology acts as a personal trainer which brings in all the elements of in-studio workout experience without any setup costs or any special equipment.
The motion-comparison technology of Oga tracks various joints in the body and compares it with the trainer’s to generate real-time feedback on user movements and a similarity score.
According to Joyance Partners managing partner Mike Edelhart,”By providing two-way feedback between workout instructors and participants over the smartphone, Oga Fit creates a new and powerful mode for improving the quality and delight of exercise.”
Oga Fit said that it has raised around $6,70,000 of funding up to now. Other investors in the company include David Giampaolo, chief executive officer of London-based Pi Capital, wellness startup Sarva Yoga and angel investment platform Inflection Point Ventures.
The global digital fitness market is expected to reach an estimated $27.4 billion by 2022.