FMCG major Marico has announced that it will acquire up to 22.5% stake in Mumbai-based Revolutionary Fitness Pvt. Ltd, which owns health and fitness app Revofit, and incubated at Ant Farm, the startup accelerator founded by former Times Internet chief executive Rishi Khiani.
The move is expected to help Marico get a stronger foothold in the digital space, especially at a time when it is looking to expand its footprint in the nutraceuticals and wellness space with brands such as Saffola.
Reportedly, Marico will initially pick up 12.66% stake in Revolutionary Fitness Pvt. Ltd. The remaining 9.84 per cent stake will come into play once Revofit achieves certain milestones which have been specified in the agreement of investment.
Incorporated in 2014, Revofit helps urban, health conscious, working professionals build healthy habits and enables easy access to all health needs, be it diet, fitness, nutrition or exercise, the company said in a statement. The startup had a revenue of Rs.1,97,198 in financial year 2016 and Rs.2,31,043 in financial year 2017, according to Abneesh Roy, senior vice-president-institutional equities-research analyst, Edelweiss Securities Ltd.
Apart from the app, it also operates an offline business as it is also involved in the development and sale of ready-to-eat food through its online platform and at its physical locations. The startup may launch FMCG products in the future.
“I am delighted with the partnership with Revofit, a next generation digital wellness platform,” said Saugata Gupta, MD and CEO of Marico. “This complements Marico’s aspiration to participate in the nutraceuticals and wellness space. This win-win alliance offers a wider choice to consumers looking to incorporate wellness, fitness and nutrition into their daily lifestyle”.
This is not the first time Marico has invested in a startup, as earlier in January 2017, Bengaluru-based medical technology startup Yostra Labs Pvt Ltd has raised an undisclosed amount of funding from Marico.
Later in March 2017, Marico acquired 45% stake in Zed Lifestyle, a male grooming firm selling product under brand name 'Beardo', for an undisclosed sum in an effort to widen its portfolio with niche and high margin products.
Notably, Marico also runs a website -- fitfoodie.in, where it shares videos and recipes to enable a healthier lifestyle.
[Via - Times of India]
The move is expected to help Marico get a stronger foothold in the digital space, especially at a time when it is looking to expand its footprint in the nutraceuticals and wellness space with brands such as Saffola.
Reportedly, Marico will initially pick up 12.66% stake in Revolutionary Fitness Pvt. Ltd. The remaining 9.84 per cent stake will come into play once Revofit achieves certain milestones which have been specified in the agreement of investment.
Incorporated in 2014, Revofit helps urban, health conscious, working professionals build healthy habits and enables easy access to all health needs, be it diet, fitness, nutrition or exercise, the company said in a statement. The startup had a revenue of Rs.1,97,198 in financial year 2016 and Rs.2,31,043 in financial year 2017, according to Abneesh Roy, senior vice-president-institutional equities-research analyst, Edelweiss Securities Ltd.
Apart from the app, it also operates an offline business as it is also involved in the development and sale of ready-to-eat food through its online platform and at its physical locations. The startup may launch FMCG products in the future.
“I am delighted with the partnership with Revofit, a next generation digital wellness platform,” said Saugata Gupta, MD and CEO of Marico. “This complements Marico’s aspiration to participate in the nutraceuticals and wellness space. This win-win alliance offers a wider choice to consumers looking to incorporate wellness, fitness and nutrition into their daily lifestyle”.
This is not the first time Marico has invested in a startup, as earlier in January 2017, Bengaluru-based medical technology startup Yostra Labs Pvt Ltd has raised an undisclosed amount of funding from Marico.
Later in March 2017, Marico acquired 45% stake in Zed Lifestyle, a male grooming firm selling product under brand name 'Beardo', for an undisclosed sum in an effort to widen its portfolio with niche and high margin products.
Notably, Marico also runs a website -- fitfoodie.in, where it shares videos and recipes to enable a healthier lifestyle.
[Via - Times of India]
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