FitBudd raises $3.4 million in seed funding from Accel, Sequoia and others

• ByStartupStory     |    October 12, 2022

According to Saumya Mittal, co-founder and CEO of FitBudd, a health and fitness SaaS platform, has raised $3.4 million in a seed round from Accel India, Sequoia Capital India, Beenext, and Waveform Ventures.

In February, Accel India’s inaugural cohort of the Atoms programme included FitBudd. The accelerator programme, which began operations in August 2021, provides $250K in pre-seed capital to entrepreneurs without acquiring any equity.

A SaaS platform called FitBudd allows international health and fitness professionals to provide individualised coaching. Mittal, Pranav Chaturvedi, and Naman Singhal came up with the idea so that coaches on the platform could serve a global clientele.

FitBudd coaches have access to full-stack solutions including CRM, payments, extensive fitness and nutrition modules, analytics, and audio-visual communications in addition to the ability to design unique exercises for trainees.

The startup will put the additional funding toward product development with a focus on the platform’s instructors’ business expansion.

“Although personal coaching is an effective way to maintain long-term fitness, the cost has prevented the vast majority of people from using it. By making personal coaching accessible for a 1/5th of the price, FitBudd aims to democratise the industry, according to Mittal.

The organisation, which has its global headquarters in Gurugram, employs trainers from the US, India, and Europe. It primarily recruits coaches through referral schemes and social media sites like Facebook and Instagram.

FitBudd has a B2B2C business model and derives its income from the fees it charges to coaches and from subscription plans for end users, which have monthly costs between $29 and $99. It asserts that 1,000 coaches are now utilising its platform.

In the current fiscal year (FY23), the company is aiming for a 5X to 6X increase in sales, and it may also look broadly at the coach discovery market. Lenus and Future are among FitBudd’s competitors on a global scale, and HealthifyMe, which is supported by Khosla Ventures, is a significant player in the consumer market.

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