Mobile fitness startup Mobiefit has raised $1.35 Mn (INR 8.85 Cr) in a Pre-Series A funding round led by NB Ventures and existing investor, MediAssist India. The investment follows the startup’s Seed round of $1 Mn in December 2015.
NB Ventures is a Dubai-based venture capital firm with a $50 Mn startup fund. Chief among its recent Indian investments is health and fitness app HealthifyMe, which reportedly secured $1 Mn in December last year.
MediAssist, on the other hand, is a healthcare manager that provides services related to medical insurance to more than 25 Mn customers and around 5,500 companies.
MobieFit is co-founded by serial entrepreneur Gourav Jaswal and Indian actress Gul Panag. The mobile fitness platform is supported by Prototyze, a startup incubator that Jaswal started in October 2014. The incubator has since backed digital lending company Seynse, IoT transportation technology company TempoGO and SaaS platform HandyTrain, among others.
Incidentally, Gourav Jaswal has founded a cluster of other ventures such as Synapse, ScreenRoot, VisualJuju, Dygnos and Junoon Ventures, to name a few. In 2015, MobieFit launched its maiden product FirstRun, a voice-assisted coaching-based app that provides training program giving running tips and guidance.
The mobile fitness startup currently boasts more than 750K downloads for its two products: MobieFit Run and MobieFit Body. As its name suggests, MobieFit Run is a scientific programme aimed at training beginners to run 5 km in under nine weeks.
Gul Panag added, “With the launch of its paid programmes six months ago, Mobiefit became the first fitness app from India to offer training programs via in-app subscriptions. Its growth is driven by the competitive pricing (starting at $3 or INR 199 onwards) which is a fraction of the cost of traditional means like gyms and fitness trainers.”
Prior to the latest investment from MediAssist and NB Ventures, MobieFit had secured around $1 Mn Seed funding in a round led by MediAssist, with participation from angel investors – Paragon Partners founder Siddharth Parekh and Mahesh Murthy of Seedfund. At the time, Jaswal had stated, “With our partnership with MediAssist, we hope to take our mFitness offering to more than 5 Mn corporate employees in urban India.”