Mobile-centric fitness startup Mobiefit has raised $1.35 Mn in a Pre-Series A funding round led by NB Ventures. Existing investor MediAssist also participated in the round. The company will deploy funds for product development, hire new talents and for expansion.
Co-founded by actress, activist and fitness advocate, Gul Panag and Gourav Jaswal. It aims to help users achieve their fitness goals at their time and convenience through their smartphones, without the need for additional hardware.
MobieFit has developed two engines – MobieFit Body and MobieFit Run. While former is a motion-based engine that uses mobile sensors to measure exercises, later is a distance engine that uses GPS coordinates to track and log distance.
So far, the company’s product MobieFit Run and MobieFit Body have amassed 750K downloads.
“We have over 500K registered users, and more than 30,000 of them avail the fitness sessions at least monthly through a MobieFit app. Remarkably, 3 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 Shantanu Raghav, Team Leader – Product at MobieFit to Inc42.
Previously, the fitness startup had raised $1 million seed round led by MediAssist, and couple of angels – Siddharth Parekh and Mahesh Murthy.
According to a report by FICCI (Federation of Indian Chambers of Commerce and Industry), the Indian wellness industry is expected to grow at a compounded annual growth rate (CAGR) of 12 per cent for the next five years to achieve a Rs 1,50,000 crore-turnover by 2019-20.
Over the past one year, the mobile-focused fitness segment has been drawing decent attention from venture capitalist as well as sporting icons turned angels.
In August this year, Bengaluru-based fitness startup CureFit raised $25 million. Health and fitness discovery platform Growfitter raised $600,000 in pre-Series A funding round from SQue Capital. Bengaluru-based Gympik secured $1 million in its second round of funding from RoundGlass Partners in July this year, including several others.