Chinese fitness app Keep nabs USD 360 million; SoftBank lead investor
Category: #business  By Pranali Mehta  Date: 2021-01-11
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Chinese fitness app Keep nabs USD 360 million; SoftBank lead investor

Keep, a Chinese fitness app developed and launched by Beijing Calories Technology Co. Ltd., has reportedly added USD 360 million to its kitty in its Series F round which was led by SoftBank Group Corp.

Sources present at the event cited that Beijing Calories Technology drew investments from Tencent Holdings, and Hillhouse Capital, while other participants of the Series F round included Jeneration Capital, 5Y Capital, Bertelsmann Asia Investments, GGV Capital, and Coatue Management.

Notably, the fitness app Keep has seen a surge in usage in recent times, after the widespread outbreak of coronavirus prompted immediate closure of gym and fitness centers. This has encouraged investors to put funds in the company, claimed industry experts.

Keep offers personalized exercise instructions and sessions for users opting for an indoor workout, sources claimed. The app has over 300 million registered users, and around 38 million monthly active users. It also provides weight-conscious snack diet plans as well as fitness equipment for sale.

Post the recent funding round, Keep was remunerated at USD 2 billion. It is speculated that the company will release its initial public offering (IPO) this year, though the representative of Keep declined to comment on the subject.

According to seasoned analysts, China fitness market is poised to amplify manifold in the ensuing years. Moreover, estimates from Statista claimed that the fitness clubs and studios industry in China accumulated USD 11.4 billion in 2020, a notable surge from USD 4.41 billion in 2015.

Beijing Calories Technology had ventured into the indoor cycling sector by launching their home exercise bike in 2019, thereby attracting investors amidst the current pandemic. Sources confirmed that the company is determined to stronghold its position among competitors like rapidly growing Peloton Interactive, and KKR & Co. backed Zwift.

Source Credits –

https://www.scmp.com/tech/venture-capital/article/3117160/softbank-leads-new-funding-round-us2-billion-fitness-app-keep

 

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Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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