The funding round also saw participation from existing investor Kalaari Capital and new investor T-Hub Foundation
Founded in 2021, the startup develops hyperpersonal fitness routines by leveraging its "Smart Mirror Product", Portl Studio
The startup will leverage the fresh capital to fortify its product development, market expansion plans, and enhance its AI capabilities
Digital fitness startup Portl announced that it has raised a funding of $3 Mn (approximately INR 25 Cr) in an undisclosed round led by Bharat Innovation Fund (BIF). Besides BIF, the round saw participation from existing investor Kalaari Capital and new investor T-Hub Foundation.
The startup, which pitched on Shark Tank India’s season 2, will leverage the fresh capital to fortify its product development, market expansion plans, and enhance the artificial intelligence (AI) capabilities of its fitness platform.
Founded by Indraneel Gupta, Vishal Chandapeta and Armaan Kandhari in 2021, the startup designs and develops individual specific training and fitness routines. It also leverages a “smart mirror product”, called Portl Studio, to analyse users fitness levels to deduce appropriate health and fitness regimes.
The startup plans on broadening its product range with the fresh funding, introducing connected strength systems designed for users of all fitness levels, and expanding its customer base across India and overseas markets.
“This latest funding round validates our vision and commitment to making health and fitness accessible to everyone, no matter where they are. By integrating advanced AI and innovative hardware, we aim to empower individuals to achieve their wellness goals seamlessly and effectively, delivering personalised experiences at scale and afford people the opportunity to adopt healthier lifestyles with ease,” cofounder Gupta said on the funding announcement.
Portl is the latest startup to raise funds after an appearance on Shark Tank India. The startup pitched its product on season 2 of the reality TV show in 2023, where it saw commitments from Peyush Bansal, Namita Thapar and Aman Gupta. It’s unclear whether the startup sealed the deal, even though the three ‘Sharks’ had committed to investing INR 1.5 Cr.
Fitness startups are en vogue among investors this year after being under the radar for most of 2023.
Earlier this year, healthtech unicorn Cult.fit raised $10.2 Mn in its Series F round. Besides this, online fitness training startup Fittr also secured $3.5 Mn from Zerodha’s investment arm Rainmatter in January.
“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,” Bharat Innovation Fund cofounder Ashwin Raguraman said.
