Fitness Technology startup Stratfit has raised funding of $232 K (Rs 1.5 Crore) from Hyderabad-based Bodhtree Consulting Services. The funding was done via FundPitch funding platform and the investment is done through convertible debentures at a valuation of $12.4 Mn (INR 80 Cr).
The NewYork-based startup was started in 2016 and promoted by promoted by Daniel McKee, the US-based celebrity trainer, and Olympic certified coach; South Indian movie star Nagarjuna Akkineni; and other serial entrepreneurs K Sriram and G Vamshi Raju.
With this deal, Akkineni Chaitanya the son of Nagarjuna Akkineni, who’s also a leading film personality has joined as a member of the board at Stratfit.
Stratfit claims to be the World’s First Strength Training Platform. A hard-line in the fitness tech and mobile application sphere. The fitness industry as it exists today is on the whole totally unacceptable to serious strength training experts. StratFit aims to optimize the training of users while maximizing the reach of experts.
Stratfit came to limelight by being of being official fitness partner for blockbuster movie Bahubali. The association brought over 13 Million views and over 1 Lakh followers on social media platforms for the outfit.
Akkineni Nagarjuna, while exchanging the agreement with Rama Krishna, Managing Director of Bodhtree said, “My interest to participate in the platform came in from the fact that I was using the system myself with extremely impressive fitness results with Daniel’s knowledge and extensive research.”
Partnership with Infosys to provide GST Solution:
The consulting and software service provider firm has also announced a strategic partnership with Infosys In order to make it simpler for taxpayers and other compliances during the GST regime.
Bodhtree will be serving Infosys as an application service provider (ASP), where Infosys will have an option to utilize the GSP platform of the former for their GST filings.
The size of the project is over Rs 200 crore and Bodhtree is looking to realize this revenue in three years.
GSPs (GST Suvidha Provider) and ASPs will provide support to taxpayers in the IT ecosystem for GST filings and other related GST compliances. ASPs will focus on taking taxpayers’ raw data on sales and purchases and convert it into GST compliant returns. These GST returns will then be filed on behalf of the filer with GSTN via Bodhtree, as GSP. Read more about Indian Startup Ecosystem.