MUMBAI: In a significant development in the Indian private equity investment space, Stepathlon Lifestyle announced Thursday the successful completion of a capital raise, for an undisclosed amount, from nine marquee investors across India, Australia, USA, UK and Canada.
The financing will be used to fund Stepathlon’s continued global expansion into fan engagement (B2C) and corporate wellness (B2B) segments, for further investment into its proprietary technology platform, and hiring key personnel. The investors include Josh Liberman, scion of one of Australia’s most respected HNI families, and Mark Adams, former managing director of IMG Singapore and senior vice president of IMG Golf Asia.
Ravi Krishnan, co-founder & chairman, Stepathlon Lifestyle Pvt. Ltd, said: “It’s gratifying that in the current environment, we have, with the support of nine investors, closed a round which will provide the company with positive continuity and a chance to make an impact. At a time when the world is dealing with the effects of Covid-19, the need for positivity and a focus on health and wellbeing is paramount, making Stepathlon more relevant than ever in the short, medium and long term.”
Building on the success of their 2019 partnership with Manchester City FC via "Tecno Race to Man City”, Stepathlon is in active discussions with major corporates, events, leagues, sporting teams, celebrities, festivals at various stages of finalisation. Krishnan said, “Our platform offers a ready, reliable and effective solution to engage, expand, energise and enthuse partners, fans, customers, colleagues and communities. Now is the time to focus on people and planet, through commerce with compassion, endeavour with empathy in a collaborative spirit to create a sustainable positive impact”.
“We feel there is both, an obligation and an opportunity for us, and our partners, to 'wrap our arms around the planet’ demonstrating care for the wellbeing of people wherever they are; whoever they are; whenever they need i.e. for Anyone, Anywhere, Anytime,” Krishnan continued.
Founded in 2012, its original mission was to engage employees of corporates, members of communities, institutions etc. via a platform that effectively blends wellness, mass / social participation and ‘active’ engagement. Stepathlon has worked with 722 companies, engaging over 500,000 participants across 1,010 locations in 65 countries. Moving into B2C via fan and community engagement gives Stepathlon the potential for exponential scale and impact.
On Stepathlon, former CEO of Bacardi Ltd and former chairman and CEO of IMG, Michael Dolan, who has been associated with Krishnan, said: “The completion of the raise, during this difficult time, is testament to both, Ravi’s reputation and ability to deliver results for his clients and underscores that the Stepathlon business is more relevant now than ever. Their platform offers stakeholders an opportunity to positively connect with their audience/community at a time when engagement and wellness is paramount.”
To concentrate more on Stepathlon, Krishnan has resigned as chairman (non-executive) of X1 Racing League.