UACTIV declined to reveal the money that the Hindujas invested and the stake they picked up. Of the money raised, Chhabria said, half would go into strengthening technology at UACTIV, while 30% would be spent in marketing and the rest towards operational expenses.
UACTIV, launched in September 2016, by Chhabria and Bhavik Mehta, is a mobile app that facilitates meet-ups between users for games, events, classes and other fitness activities organised by professionals, studios and communities. It has partnered with health and wellness brands like RAW Pressery, AZANI, LiveYourSport and Dr Vaidya’s and organises 3-4 open-to-all sport and fitness events every month.
The startup had bootstrapped itself with funds of RS 20 lakh till December before the Hindujas made the investment. It is looking hold the next round of funding in the next three months.
The app is currently active in Mumbai and has around 3,000 users. UACTIV is looking at expanding to places like New Delhi, Gurgaon and Pune, and will consider testing the response in Hyderabad and Chennai.
The Hinduja group that owns companies like Ashok Leyland and IndusInd Bank is known to be a family group rooted in Indian tradition, but lately it has been actively investing in new-age business ideas. Last year, the family was the lead investor in Swiss virtual reality startup Mindmaze.
Source: Economic Times