[Funding alert] Growfitter raises $500K in funding

Incentivised wellness platform Growfitter has raised $500K in its extended pre-Series A funding round from Venture Catalysts and Baksh Capital.

The startup plans to use the funds to develop technology infrastructure, expand business operations and hire new talent.

The Mumbai-based Growfitter was founded in 2016 by Sanmati Pande and Harshit Sethy, It rewards users for physical activities like walking, running, cycling etc.

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Its platform’s app uses motion-sensing proprietary algorithms to accurately predict whether a person is walking, running or cycling in a vehicle.

Its app has nearly 1 million app downloads in 200 cities and more than $1 million in rewards have already been redeemed.

“Venture Catalyst is one of the best investment platforms run by industry veterans & professionals. Dr. Apoorva Ranjan Sharma has been a great support by providing not just growth capital but also strategic partnerships to scale the business to new heights.” said Sanmati Pande, co-Founder & CEO, Growfitter.

The startup works with major brands like Amazon Pay, Defy, Byju’s, Puma, Jockey, Myntra, Lakme, ixigo, Tata 1mg, EaseMyTrip, PharmEasy and others for its reward program.

“The initiative taken by Growfitter, to make fitness more exciting, fun, and rewarding, instantly caught our attention and we wanted to become a part of the startup’s journey into the Indian Fitness Industry. Our primary focus would be to help fund the advancement of Growfitter’s technology and infrastructure while furthering business development by leveraging our resources to help build a profitable and sustainable ecosystem,” said Dr. Apoorva Ranjan Sharma, Co-founder and President at Venture Catalysts Group.

In March this year, Growfitter had raised $1 million in its Pre-Series A round from Inflection Point Ventures, and others.

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About Growfitter

Growfitter is a gamified digital health reward platform that adds financial benefits to users’ physical activity.

Growfitter offers goal-based rewards (short, mid & long term) from consumer health and wellness brands and retail financial services from credit cards to health insurance for 30 mins walking, running, cycling, & health quiz on a daily basis.

Growfitter partners with the best premium brands to bring an exciting buffet of lifestyle rewards on completing their fitness goals.