Bodhtree Consulting Limited (BCL) has invested $232K (INR 1.5 Cr) in New York-based fitness technology platform Stratfit Technologies Pvt. Ltd. via FundPitch funding platform. The investment is done through convertible debentures at a valuation of $12.4 Mn (INR 80 Cr).
With the raised funds, Stratfit plans to extend its presence in the US and other international markets.
Bodhtree and Stratfit further plan to raise funds to the tune of $3 Mn on FundPitch, a “discovery, and information-sharing platform”. It provides validated financial information about target companies raising capital investment. The platform is intended primarily for entities which operate through stock exchanges.
With this, the two companies have also entered into a strategic partnership. The deal terms include exclusive marketing rights and technology collaboration for Bodhtree. Also, Chaitanya Akkineni, the son of Nagarjuna Akkineni, the leading film personality has joined as a member of the board at Stratfit.
Hyderabad-based Bodhtree is an enterprise cloud analytics and digital solution provider and builds and manages a business-oriented IT environment. The company has its sales offices in the US, Middle East, and APAC regions.
“The fitness market is big globally with the world gym market estimated at $100 Bn. Fitness apps are doing around $26 Bn and seeing over 63% growth Y-o-Y. Stratfit is an anchor client where we can bring our values to both Stratfit and the prospective investors,” said Rakesh Bhatia, CEO Designate of FundPitch.