May 23, 2024: Portl, a promising startup in the Digital Health, Fitness & Wellness Technology industry, has successfully raised $3 million (approximately INR 25 crore) in an undisclosed funding round. This round was led by Bharat Innovation Fund (BIF) and saw contributions from existing investor Kalaari Capital and new investor T-Hub Foundation.
With the new funding, the Hyderabad based digital wellness startup intends to expand its product line, introducing connected strength systems designed for fitness enthusiasts at all levels. The startup also aims to broaden its customer base within India and venture into international markets.
“This latest funding round validates our vision and commitment to making health and fitness accessible to everyone, no matter where they are,” co-founder Indraneel Gupta commented on the funding announcement. “By integrating advanced AI and innovative hardware, we aim to empower individuals to achieve their wellness goals seamlessly and effectively, delivering personalized experiences at scale and affording people the opportunity to adopt healthier lifestyles with ease.”
Digital Fitness Startup Portl $3M in Funding Led by Bharat Innovation Fund
The startup, came into the spotlight after pitching on Shark Tank India’s season 2, plans to utilize this fresh influx of capital to enhance its product development, execute ambitious market expansion strategies, and significantly boost the artificial intelligence (AI) capabilities of its fitness platform.
Founded in 2021 by Indraneel Gupta, Vishal Chandapeta, and Armaan Kandhari, the digital wellness and fitness startup specializes in creating personalized fitness routines and training programs. Their standout innovation, the “Portl Studio,” is a smart mirror product that evaluates users’ fitness levels to tailor appropriate health and fitness regimes.
Portl’s latest funding success follows its appearance on Shark Tank India in 2023, where the startup pitched its innovative product. The show saw commitments from notable ‘Sharks’ Peyush Bansal, Namita Thapar, and Aman Gupta, who collectively pledged INR 1.5 crore. However, it’s unclear whether these commitments materialized into finalized deals.
The surge in investment in fitness startups marks a significant shift in investor interest, particularly after a quieter period in 2023. Bharat Innovation Fund co-founder Ashwin Raguraman expressed enthusiasm about the startup’s future, stating, “Despite its drop-off from the peaks in 2021, the home fitness segment continues to excite us. We are excited to be a part of Portl’s mission to bring the convenience of high-quality trainers and a variety of training routines into people’s homes and hotel rooms. Portl’s product has the power to be the second mirror and the third screen in everyone’s home.”
As Portl moves forward with its innovative plans, the digital fitness landscape is set for a transformative phase, promising enhanced accessibility and personalized fitness solutions for users worldwide.
