UACTIV, Mumbai based social network which connects sports and fitness enthusiasts, has raised an undisclosed amount of funding from Hinduja Family. The seed round was closed in December and Hinduja Family was the leading investor in the same. The raised amount will be used to strengthen technology and create a buzz around the product in the coming times.
Talking on the development, Atish Chhabria, CoFounder UACTIV told media that representatives of Hinduja Family do not intervene in the management related decisions, however, they do provide critical feedback from time to time. About the fund raise, he mentioned that having such a big name on board right in the first funding round is a big thing. He declined to comment on the amount raised or the stake sold to the investor. He however talked about plans of spending the money and stated that 50% of the raised amount will go into R&D to make a better product with more AI based algorithms. 30% of the amount will be used in marketing the product and the brand and rest 20% will be used in operational costs.
Launched in September 2016, UACTIV works as a mobile app and it helps sports enthusiasts with similar interests connect. It also updates about various activities or events in the surroundings and users can accordingly join them. It was founded by the duo of Atish Chhabria and Bhavik Mehta.
Currently active in Mumbai with around 3000 members, it is looking for expansion in NCR and Pune. The startup is aiming to close the second funding round within next 3 months.