This will be beatXP’s first round of funding and the company is on track to register $100 million in annualised revenue, sources told IANS on Tuesday.
Pristyn Care declined to comment on the ongoing developments surrounding beatXP’s funding talks.
As per earlier reports, fit-tech platform beatXP had announced to have turned EBITDA positive since January this year, after witnessing a 5 times growth in revenue over the previous year.
The main source of revenue for the health and fitness gear startup is via the sales of fitness as well as other health and wellness products such as body massagers, smartwatches, and BMI weighing scales.
While the company calls the above-mentioned categories as the most profitable ones, beatXP entered the smartwatch segment earlier this year, with an aim to capture 20 per cent market share by the end of this year.
beatXP is now competing with brands like Boat, Noise, and Firebolt in this segment and is witnessing a growth of 25 per cent on a month-on-month basis, according to reports. It also claims to be already one of the top 4 smartwatch players in the market
The fit-tech startup is said to be moving its manufacturing facility to India to help strengthen its unit economics further according to the sources.
According to the company’s website, beatXP was founded in 2021 after Pristyn Care ventured into selling hand sanitisers, masks and health monitors during the covid lockdown.