Indian Economy News

MobieFit raises Rs8.7 crore from NB Ventures, others

New Delhi: MobieFit Technologies Pvt. Ltd, the company behind MobieFit fitness mobile apps, has raised $1.35 million, or Rs8.7 crore in a round led by NB Ventures, it said on Tuesday.

NB Ventures is a Dubai-based venture capital fund with a corpus of over $50 million. Its earlier investments in India include Bengaluru-based HealthifyMe. MediAssist, a medical insurance facilitator and existing investor in MobieFit, also took part in the round.

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.

MobieFit helps users undertake fitness routines for goals such as running marathons, weight loss and strength training. Curated programmes are offered through paid subscriptions which start at Rs199 a month.

The venture was started by Gourav Jaswal, Shantanu Raghav and Pravar Peri in 2015 and also counts actress Gul Panag as a co-founder. Its two apps—MobieFit Body and MobieFit Run—have together garnered over 750,000 downloads.

“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 doing 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.

According to the company, MobieFit’s biggest differentiator is its fitness content and training programmes, created by celebrities Milind Soman, Bani J. and Anoop Thakur Singh.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.