Backed by top notch Bollywood celebrities such as Shahid Kapoor, Malaika Arora, Sarva, a yoga studio chain, has been able to secured $2.8 million (approx INR 20 crore) in its maiden institutional round from Fireside Ventures, reported Inc42.
Post transaction, Fireside’s managing director and founder Kanwal Singh will be joining Sarva’s board as well.
The Mumbai-based fitness space Sarva has planned to use the infused financials to scale up its retail expansion drive by venturing into major markets like Bengaluru and Mumbai.
It also wants to double its retail footprint in the next 12 month. In addition to this, the company will use the fresh funding for marketing purposes and integrating a digital service on the platform, as per the sources.
SARVA was founded by Sarvesh Shashi in 2016. The startup envisions to build a global community of physically, mentally and emotionally fit individuals, through yoga, mindfulness, movement and beyond.
SARVA provide access to yoga, mindfulness and wellness to the world through two approaches – physical and digital.
Physical approach includes the company’s state-of-the-art brick and mortar studios and lifestyle products. The accessible and interactive digital platform constitutes the digital approach.
SARVA aspires to service over 100 million consumers in the next five years.
The company claims that it is close to achieving 100 studios in the country by next month spread across Delhi, Mumbai, and Bengaluru. While, SARVA currently operates over 3500 classes every week, having a capacity of over 18,000 members a day.
Furthermore, as per the statistics, around 268 healthtech startups raised funding between 2014 and Q1 2019.
Even though healthtech startup contributes only 9.26% to the Indian startup ecosystem, it is still the sector with the fifth-most number of funded startups in India.