Fitness startup Mobiefit raises Rs 8.7 crore from NB Ventures and MediAssist India
Health and Fitness startup Mobiefit has raised $1.35 million (Rs 8.7 crore) in a Pre-series A funding round led by NB Ventures and existing investor MediAssist India.
This latest investment follows MobieFit’s seed round of $1 million in December 2015 by MediAssist and angel investors Siddharth Parekh, founder of private equity firm Paragon Partners, and SeedFund founder Mahesh Murthy.
The startup is owned and operated by MobieFit Technologies Pvt. Ltd. The startup was established in 2015 by Gourav Jaswal, Shantanu Raghav, Pravar Peri and actress Gul Panag.
The mobile fitness platform is supported by Prototyze, a startup incubator started which was started by Gourav Jaswal in October 2014. The incubator has also backed digital lending company Seynse, IoT transportation technology company TempoGO and SaaS platform HandyTrain, among others.
The company operates two health-related products, MobieFit Run and MobieFit Body. MobieFit Run is a scientific program aimed at training beginners to run five km in nine weeks.
MobieFit Body is a zero equipment exercise routine that requires just a few square feet of space and can be done in a hotel room, office, home, park or even gym. The program currently has more than 250 training videos in English, Hindi and other languages.
“We have over 500,000 registered users, and more than 30,000 do fitness sessions at least monthly through a MobieFit app. Remarkably, three out of every 25 people who use the app for the first month, grow to do a staggering number of over 10 fitness sessions a month by the third month. This indicates a strong adherence and habituation” said Raghav, head of products at MobieFit.
Gul Panag said, “With the launch of its paid programs six months ago, MobieFit became the first fitness app from India to offer training programs via in-app subscriptions”.
Till now, the company’s app has crossed 750,000 downloads from its both products.
NB Ventures, which led this funding round, is a Dubai-based capital firm with a $50 million startup fund. Its recent Indian investments include participation in $7 million series A funding for diet and nutrition company HealthifyMe.
MediAssist is a healthcare data management company which claims to be processing insurance claims of over 25 million Indians and provides wellness services to over 5,500 companies.