A fitness discovery mobile application, Froyofit, launched by alumnus, Piyush Jain, has bagged series A funding from actress Pooja Gandhi. Froyofit was conceptualised in September 2015 and the beta version of the app was launched in March 2016.
Froyofit provides over 15 activities to choose from and has a repository of over 500 service providers to book from. The services are currently available in Pune, Nashik, Aurangabad, Jaipur, and Indore.
In terms of its success rate, Froyofit app has attracted >30k social media fans and >1500 users within 8 months of launch. It has also seen over 600 trials booked through the app.
Piyush informed that the funding will be used for expanding into newer markets and innovating and delivering their mission of easy and accessible fitness discovery for all.
Pooja Gandhi, a recipient of two filmfare awards, is an actress in Tamil and Kannada movies. She justified her investment in the firm stating that she comes from an industry where fitness is worshipped and she saw huge potential in the team of Froyofit to expand and make it big in the Tier-2 markets
IIM Udaipur has been a strong proponent of entrepreneurship and it would be a matter of great pride for the institute to see its alumnus succeed. As a policy, IIM Udaipur provides a 2 -year placement holiday and a hardship allowance to students who opt for entrepreneurship forgoing campus opportunities. One of the campus officials informed UT that IIM Udaipur has also set up an incubation centre and it has received a Government funding for the same.