FMCG major Marico Ltd has agreed to acquire up to 22.5 per cent stake in the parent of fitness and holistic wellness platform Revofit.
Mumbai-based Revofit is incubated at Ant Farm, the startup accelerator founded by former Times Internet chief executive Rishi Khiani.
The FMCG firm will initially pick up 12.66 per cent 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.
Incorporated in 2014, Revofit creates customised meal plans and workout regimens for users and helps them stick to their fitness goals. It is also involved in the development and sale of ready-to-eat food through its online platform and at its physical locations.
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