Health News raises $10 million in Series F extension from existing investors

Health and wellness startup has secured $10 million in an extended Series F round from its existing investors, including Valecha Investments, Extreme Brands LLP, and others. The company, which is backed by Tata Digital and Zomato, has been valued at Rs 12,400 crore or $1.7 billion post-money.’s growth story amid the pandemic, formerly known as, is a platform that offers fitness-related services through online and offline channels. These include offline group workouts at centres, online training, and other gym- or equipment-based workouts at partner gyms and fitness centres across the country.

The company was founded in 2016 by Mukesh Bansal and Ankit Nagori, who previously worked at Flipkart and Myntra. Since then, it has raised over $670 million from investors like Accel, Temasek, Kalaari Capital, and South Park Commons, among others.

The company has also expanded its portfolio to include other segments like food, mental health, and primary care, under the brands,, and, respectively. raises $10 million in Series F extension from existing investors

Despite the challenges posed by the Covid-19 pandemic, which forced many gyms and fitness centres to shut down, managed to grow its revenue and reduce its losses in FY23. According to its regulatory filings, its operating revenue more than tripled to Rs 694 crore in FY23, from Rs 216 crore in FY22. Its loss for the year narrowed to Rs 551 crore from Rs 688 crore the year before.

The company also acquired a majority stake in F2 Fun & Fitness, becoming the master franchise partner for Gold’s Gym in India, and added over 150 new centres to its network. It also launched new products and services, such as, Pro, and Plus, to cater to the changing needs and preferences of its customers.’s plans for the future’s latest funding round comes after a gap of nearly two years, and is part of its Series F round that was initiated in November 2021, when food delivery giant Zomato invested $100 million for a 6.4% stake in the company. This deal also marked’s entry into the unicorn club, with a valuation of over $1.5 billion.

According to the company’s filings, the board at has passed special resolutions to issue 1,55,080 equity shares to Extreme Brands LLP and 15,92,157 Series C compulsory convertible preference shares (CCPS) to other investors at an issue price of Rs 483.62 per share to raise Rs 84.5 crore or $10.2 million.

Valecha Investments, which had previously invested in the company in February 2022, led the round with Rs 36.36 crore, followed by Gul Advani, who invested Rs 28.26 crore. Other participants in the round included L&K Wellness Services (Reset Life) and individuals like Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe.

The company said that the fresh capital will be used to improve its product offerings, enhance its customer experience, and achieve profitability by FY25. It also said that it has reduced some redundant positions as part of its annual operating planning process, and laid off around 150 employees in January 2024. is also eyeing a public listing in the next few years, and has reportedly hired investment banks to prepare for the same. The company is expected to benefit from the growing demand for health and wellness services in India, especially in the post-pandemic era.


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