Mobiefit of Goa Raises $1.35M from Dubai in Pre-Series A
Mobiefit Body is rated 4.6 Stars on the Google Playstore and Mobiefit Run at 4.3 Stars across 2,800 ratings. This puts them at the highest rating-band for fitness apps globally.
Mobiefit recently raised a pre-series A funding of $1.35 million led by NB Ventures of Dubai with co-investment from MediAssist.
NB Ventures is a $50 million Dubai-based fund, whose recent Indian investments include participation in $7 million series A for diet and nutrition company, HealthifyMe. MediAssist is India’s leading healthcare data management company which processes the insurance claims of over 25 million Indians and provides wellness services to over 5,500 companies.
This investment follows Mobiefit’s seed round of about $1 million, which was led by MediAssist and included prominent angels Siddharth Parekh (founder of private equity firm Paragon Partners) and Mahesh Murthy of SeedFund.
Mobiefit has crossed 750,000 downloads for its two products, Mobiefit Run and Mobiefit Body. This makes it the highest number of downloads for any specialized Indian fitness app.
“We have over 500,000 registered users, and more than 30,000 do 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” says Shantanu Raghav, cofounder and head of product at Mobiefit.
Mobiefit counts Gul Panag as a cofounder and its training programs feature fitness icons such as Milind Soman, Bani J and former Mr. World, Anoop Thakur Singh.
User ratings as the gold standard
Mobiefit Body is rated 4.6 Stars on the Google Playstore across 3,800 ratings and Mobiefit Run at 4.3 Stars across 2,800 ratings. This puts them at the highest rating-band for fitness apps globally. As a comparison, companies like Runtastic, Strava and Freeletics—three of the most prominent global fitness products—are rated lower than Mobiefit Body.
Over 60,000 people read the Mobiefit blog every month in search of expert running advice, special workouts and other fitness-related information. Mobiefit has also debuted a YouTube channel with over 750 original fitness videos covering exercise instructions and motivation. Mobiefit has also been the virtual training partner for over 10,000 competitive runners across over a dozen running-events in India.
India’s leading arena for virtual fitness events
What’s more interesting, 22,000 people from 39 countries have entered to compete in Mobiefit’s virtual fitness ‘events’. And over 7,000 of those participants have even uploaded their videos. With over 3,500 people participating each month, Mobiefit is also clearly India’s largest arena for virtual fitness competitions.
"With the launch of its paid programs six months ago, Mobiefit became the first fitness app from India to offer training programs via in-app subscriptions" says Gul Panag, cofounder. "Its growth is driven by the competitive pricing (starting at Rs 199 onwards) which is a fraction of the cost of traditional means like gyms and fitness trainers."
Says Sushant Chavan, cofounder and its venture head said, “Mobiefit is the only Indian app which offered instruction in languages other than English. For example, over 11,000 users have opted to train in Hindi”
Mobiefit was born at Prototyze, the Goa-based venture builder. Prototyze has already five ventures that have collectively raised over $12 million in investment. These include digital lending company Seynse, IoT plus SaaS transportation technology company TempoGO, and the mtraining SaaS platform HandyTrain.
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