India’s fitness tech sector has raised $989 million across 203 equity rounds till date, underscoring its steady expansion
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NEW DELHI — India’s fitness tech sector has raised $989 million across 203 equity rounds till date, underscoring its steady expansion despite current cautious funding activity, a report said on Tuesday.
The fitness tech ecosystem currently comprises more than 600 active startups, of which 96 have secured equity funding.
"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," Tracxn said in a report.
In terms of top-funded startups, to date, Cult.fit remains the most funded startup in the sector with $666.6 million, followed by HealthifyMe with $145.3 million, while Ultrahuman has secured $54.9 million in funding.
The sector has recorded four mega funding rounds of over $100M to date, all raised by Cult.fit. These include a $180M Series F in 2021, a $110.5M Series D in 2020, a $120M Series D in 2019, and a $120M Series C in 2018.
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“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 led the funding landscape in India’s Fitness Tech sector, securing $897.6 million in total funding to date. Mumbai followed as the second-largest hub with $33.2M, led by FitCircle, RESET Tech, and AlphaCoach.
The sector spans wearables, connected gym equipment, fitness apps, and AI-powered platforms offering personalised workouts, nutrition tracking, and health monitoring.
The fitness tech sector has recorded 12 acquisitions to date, reflecting growing consolidation in the ecosystem.
"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," the report said.