The Indian Wire » Startups » Fitness startup Mobiefit raises ₹8.85 crore from NB Ventures and MediAssist India

Fitness startup Mobiefit raises ₹8.85 crore from NB Ventures and MediAssist India

Mobiefit, a fitness startup by Gul Panag, has secured ₹8.85 crore Pre-Series A funding from NB Ventures and MediAssist India.

Mobiefit, a mobile-based fitness startup, has raised ₹8.85 crore in a Pre-Series A funding round led by NB Ventures and existing investor MediAssist India. Earlier, the company had raised seed funding in December 2015.

The company was founded by Gourav Jaswal and actress Gul Panag. The platform is supported by Prototyze, a startup incubator that Gourav Jaswal started in October 2014. The incubator has also backed digital lending company Seynse, IoT transportation technology company TempoGO and SaaS platform HandyTrain, among others.

As per the company, the fitness app currently has more than 750,000 downloads for its two products: MobieFit Run and MobieFit Body. MobieFit Run is a scientific programme aimed at training beginners to run 5 km in under nine weeks.

On the other hand, MobieFit Body is a zero-equipment exercise routine that can be done in a hotel room, office, home, park or even gym. The programme currently has over 250+ training videos in English and other languages like Hindi.

The company has also conducted virtual fitness events. So far, over 22,000 people from 39 countries have entered to compete in these events, with nearly 3,500 participating every month, says the company.

NB Ventures, which led this funding round, is a Dubai-based venture capital firm with a $50 million startup fund. It has recently invested in another health and fitness applicatoin HealthifyMe, which reportedly secured $1 million in December last year.

MediAssist, on the other hand, is a healthcare manager that provides services related to medical insurance to more than 25 million customers and around 5,500 companies.

As per the report, there are more than 120 startups in the Indian fitness industry that have collectively raised over $21.2 million funding during FY17.

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