[Funding alert] Growfitter raises $1 mn in Pre-Series A round

Shark tank India featured Health and fitness platform Growfitter has raised $1 million in a Pre-Series A round led by Inflection Point Ventures.

In this round, many investors also participated including Blockchain Founders Fund (Singapore), JPIN. Angels Mohit Burman (Vice-Chairman, Dabur India) and Aman Gupta, Co-founder, CMO, boAt,  First Port Capital, Mumbai Angels, Startup Angel Network, DevX Accelerator Fund.

Aman Gupta invested in the company through the reality show Shark Tank India which appeared after Grofitter signed the lead investor in this round.

“We are really an insurtech company but creating a community in health & wellness. We believe that embedded financial services will be a big trend, going forward, & we are building the biggest one for health and wellness”, said, Sanmati Pande, Co-Founder & CEO of Growfitter.

The company will use the funds to build technology infrastructure and expand business operations, hiring, and branding of the platform.

Harshit Sethy, Co-Founder and CTO, Growfitter, said, “The funding will be used to grow our technology stack, offer more immersive experiences to our users and members, and develop a wider embrace of our target segments. We have also now introduced Fitness & Group challenges where users can compete and win rewards. Our aim is to reach 10 million users in the next 2 years & build an ecosystem powered by AI & Machine learning which will help people to get fit and adopt a healthy lifestyle”.

Mumbai-based Growfitter was founded in 2016 by Sanmati Pande and Harshit Sethy, Growfitter is an Incentivised Wellness Platform that has listed around 12000+ fitness centers in 14 cities across India.

Vinay Bansal, Founder & CEO, Inflection Point Ventures, said, “The pandemic has brought about awareness among the end-users and businesses around digitally delivered solutions. Health has emerged as a top priority.”

“Growfitter digital health programme uses a combination of proven behavioral science and rich data science to help build healthy habits that stick. Growfitter is building out a full-stack model that will eventually have insurance and financial products, and really become an embedded financial services platform creating a community of health and wellness, which is the big trend, going forward. The company’s motion-sensing proprietary algorithm helps users to keep a note of their movement, allotting them points on every workout. We see potential in businesses which are taking high-touch manual business processes and bringing digital transformation to the doorstep,” added Bansal.

More than 7 million users have registered on their platform. The company has sold more than 1 million memberships and 100k+ rewards have been claimed by users.

Grofitter has partnered with premium brands including P&G, Puma, Paytm, Myntra, Lakme, Exigo, Blinkit, Tata 1mg, WazirX, mFine, EaseMyTrip, Pharmacy, Jockey, MediBuddy, and MyGlam for its reward programme. It has also signed an MoU with Aditya Birla Health Insurance and Raheja QBE as a licensed group insurance partner.