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Truweight Wellness Private Limited, a Hyderabad-based weight management and fitness services startup, is contemplating raising up to Rs 100 crore (a little over $15 million) in a Series-B round of funding in three months down the line.
“A majority of the proceeds from the proposed fund-raising will be utilised to add more products to our catalog, bring more dietitians on board, and to invest in developing our mobile app to have a pan-India reach,” Megha More, co-founder of Truweight Wellness, told Business Standard.
Truweight was founded by Vishnu Saraf, an IIM Ahmedabad and Shri Ram College of Commerce (SRCC) Delhi alumnus, and Megha More, who has done her MBA from MDI Gurgaon and Bachelors from LRS, New Delhi.
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The company, which started off as a fitness club for women called Identity, had raised an undisclosed sum in a seed round in 2010. It recently raised an undisclosed amount in a Series-A funding from early-stage tech-focused venture capital fund Kalaari Capital. With 30 dietitians on board, it operates seven offline centres in Hyderabad.
“We are deploying the fresh round of funds to open six offline centres in Bengaluru and two in Chennai in due course,” she said.
According to More, while the Truweight application for the Android operating system is already in place, it will be rolling out the iOS version in the next two to three months. The mobile app will connect Truweight’s users to personal dietitians for real-time counselling and provide access to its ‘super food’ products.
The idea is to transform Truweight from a physical fitness chain to an e-dietitian platform, she said, adding the company was planning to garner 100,000 subscribed users over the next two years, from the present 7,000.
At present, Truweight is sourcing 30 private label food products from 18 manufacturers in and around Hyderabad. “Setting up our own manufacturing plant is on the agenda, though at the drawing stage right now,” More said.
