Consumer goods maker Marico has invested an undisclosed amount in fitness and wellness app developer Revofit to increase its stake to 37%, VCCircle has reported, citing a regulatory filing.
Marico had incrementally picked up 22.5% of the company from April 2018 onwards through a combination of primary and secondary investments, and will add to that gradually over the course of the next year.
Revofit offers a smartphone app that provides Indian consumers with fitness and dietary advice from certified professionals while enabling them to buy related products through its e-commerce outlet.
Marico expects to leverage its investment in Revofit to gain strategic insight into business models that fuse online and offline consumer services, and could also look to market integrated fitness products in the future.