NEW DELHI— India’s fitness technology sector has raised $989 million across 203 equity rounds to date, highlighting steady growth even amid more cautious funding trends, according to a report released Tuesday.
The ecosystem now includes more than 600 active startups, 96 of which have secured equity financing.
“Over the last decade (2016–2025 YTD), annual funding grew from $24.2 million in 2016 to a record $387.9 million in 2021, before moderating to $48.3 million in 2024. Meanwhile, 2021 marked the most funded year,” market intelligence platform Tracxn said in the report.
Cult.fit remains the sector’s largest recipient of capital, raising $666.6 million to date. It is followed by HealthifyMe with $145.3 million and Ultrahuman with $54.9 million. The sector has seen four mega funding rounds of over $100 million, all by Cult.fit, including a $180 million Series F in 2021, $110.5 million Series D in 2020, $120 million Series D in 2019, and $120 million Series C in 2018.
“India’s Fitness Tech ecosystem is entering a phase of steady maturity, shaped by a combination of rising health awareness, supportive policy initiatives and rapid digital adoption. Investors continue to see strong long-term potential here, even as funding in recent years has been more measured,” said Neha Singh, Co-Founder of Tracxn.
Geographically, Bengaluru dominates the funding landscape with $897.6 million raised to date. Mumbai follows with $33.2 million, led by startups such as FitCircle, RESET Tech, and AlphaCoach.
The fitness tech sector spans wearables, connected gym equipment, mobile apps, and AI-driven platforms offering personalized workouts, nutrition tracking, and health monitoring. It has also seen 12 acquisitions, reflecting increasing consolidation.
Notable deals include Johnson Health Tech’s acquisition of Schwinn Fitness in 2024, MyAva’s acquisition by Bonatra in 2023, and Zyoga’s acquisition by Appointy in 2023, according to the report. (Source: IANS)
