Growfitter, a health and wellness platform participating in Shark Tank India had received a deal of Rs 50 lakhs for 2% equity from boAt co-founder, Aman Gupta. The company has now successfully raised another round in funding led by Inflection Point Ventures of $1 million.
This Pre-Series A Round also witnessed the participation from Mumbai Angels, Blockchain Founders Fund (Singapore), Startup Angel Network, DevX Accelerator Fund, JPIN. It also included Angel Investors like Mohit Burman (Vice-Chairman, Dabur India) and Aman Gupta, (Co-founder and CMO, boAt).
“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 AND we are building the biggest one for health & wellness.”-Sanmati Pande, CEO and co-founder of Growfitter.
Vinay Bansal, CEO of Inflection Point Ventures feels that health has emerged as a top priority after the COVID-19 pandemic and it has also created awareness about digitally delivered solutions. He adds, ” Growfitter digital health programme uses a combination of proven behavioural 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.”
Appreciating the funding from IPV, the co-founder and CEO of Growfitter said, “IPV is one of the best investment platforms run by industry veterans & professionals. Founder & CEO of Inflection Point Ventures, Vinay Bansal has been a great support by providing not just growth capital but also strategic partnership to scale the business.”
The raised funds will be used by the company for building tech infrastructure, expanding business operations, and hiring and branding for the startup. The co-founder added, “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 ND we are building the biggest one for health and wellness.”
On Shark Tank India, the co-founder shared that he was bullied in school for being too thin and knows the motivation that people need to become fit. Shark Aman Gupta offered a deal and expressed his interest in contributing his expertise in research and development to validate the technology.
Aiming to revolutionize the fitness industry, Harshit Sethy, co-founder and CTO of Growfitter said, “The funding will be used to grow our technology stack, offer more immersive experiences to our users and members, and to develop a wider embrace of our target segments. We have also now introduced Fitness & Group challenges where users can compete & 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.”
The Growfitter application motivates its users to engage in physical activity by incentivizing this process. The platform provides basic activities like running, walking, cycling and users have to choose a specific time period to achieve their goal. On completing their challenge, users receive gifts or rewards. This creates a sense of accomplishment and motivates people to move forward in the way towards fitness. The subscription plans offered on the app are also of a minimal amount.
It has already been downloaded by more than 600K users and has more than 20K paid subscribers, present across 200 cities. Their website has received more than 3 million visitors and it has also successfully installed its QR codes in over 1000 fitness centers.
Ultimately, the company wants to achieve a health insurance license so that it can help users handle their hospitalization expenses along with providing rewards. It has also signed an MOU with Aditya Birla Health Insurance & Raheja QBE as a licensed group insurance partner.
Growfitter has partnered with multiple premium brands like BlinkIt (Previously Grofers), Ease My Trip, Jockey, Lakme, Myntra, MediBuddy, MFine, MyGlamm, PharmEasy, Paytm, Puma, Ixigo, P&G, Tata 1mg and WazirX for their reward programs.
Looking at the growth of the digital health market, Growfitter has the potential to create a difference in the way people approach fitness and insurance. Investment rounds will help platforms like this to create a revolution in the world of health and fitness.