Kalaari Capital, an existing investor, as well as T- Hub Foundation, a new investment, participated in the funding round. Founded in 2021, the firm creates hyperpersonal workout regimens using its AI motion engine, Portl Studio. The startup will use the new funding to strengthen its product development, market expansion goals, and Al skills.
Portl, a digital fitness startup, revealed that it has funded $3 million (roughly INR 25 crore) in an unannounced round backed by the Bharat Innovation Fund. Aside from BIF, the round included previous investment Kalaari Capital and new investor T-Hub Foundation.
The firm, which proposed on Shark Tank India season 2, wants to use the new funding to strengthen its product development, market growth plans, and improve the artificial intelligence (AI) capabilities of its fitness platform.
Indraneel Gupta, Vishal Chandapeta, and Armaan Kandhari founded the firm in 2021. It designs and develops individual-specific training and fitness regimens. It also uses an Al motion engine called Portl Studio to assess users’ fitness levels and provide appropriate health and fitness routines.
With the new capital, the business wants to extend its product line, introduce connected strength systems for users of various fitness levels, and grow its client base in India and other markets.
This current fundraising round reinforces our vision and dedication to make health and exercise available to everyone, no matter where they live. By combining advanced AI and innovative hardware, we hope to empower individuals to achieve their wellness goals in a seamless and effective manner, delivering personalised experiences at scale and allowing people to easily adopt healthier lifestyles,” cofounder Gupta said in the funding announcement.
Portl is the latest startup to secure money following its stint on Shark Tank India. The business proposed its product for season 2 of the reality TV program in 2023, and received pledges from Peyush Bansal, Namita Thapar, and Aman Gupta. It is unclear whether the firm closed the deal, despite the fact that the three ‘Sharks’ had pledged to investing INR 1.5 crore.
Fitness startups are gaining popularity among investors this year, after remaining under the radar for most of 2023.
Cult.fit, the healthtech unicorn, raised $10.2 million in its Series F funding round earlier this year. Fittr, an online fitness training firm, also received $3.5 million from Zerodha’s investment arm Rainmatter in January.
According to Inc42, “Despite a decline from its peak in 2021, the Home Fitness market continues to excite us…We are thrilled to be a part of Portl’s effort to provide the convenience of high-quality trainers and a range of training routines to people’s homes and hotels. “Portl’s product has the potential to be the second mirror and third screen in everyone’s home,” Bharat Innovation Fund cofounder Ashwin Raguraman stated.
