Health and wellness platform, Growfitter has recently raised $500k in an extended pre-Series A round that was co-led by Baksh Capital and Venture Catalysts. The company is planning to use the funding for business expansion, developing tech infrastructure, hiring fresh talent, and also branding. In March 2022, the platform also raised $1 million in a pre-Series A round led by Inflection Point Ventures.
Dr. Apoorva Ranjan Sharma, the Co-Founder and President of Venture Catalysts Group said, “The initiative taken by Growfitter to make fitness more rewarding caught our attention and we wanted to become a part of the startup’s journey. Our primary focus would be to help fund the advancement of Growfitter’s technology and infrastructure, while furthering business development.”
Growfitter is an incentivized fitness application that provides physical tasks to its user and on completing them, the users receive rewards. It also garnered a lot of popularity after being featured on the first season of Shark Tank India and receiving a deal of Rs. 50 lakhs by Shark Aman Gupta. It uses a motion-sensing technology that can understand a user’s movements and track whether they are walking, running, or cycling.
“The initiative taken by Growfitter to make fitness more rewarding caught our attention and we wanted to become a part of the startup’s journey. Our primary focus would be to help fund the advancement of Growfitter’s technology and infrastructure, while furthering business development.”
– Dr. Apoorva Ranjan Sharma
For its rewards program, Growfitter has partnered with many premium brands like BlinkIt (Previously Grofers), Ease My Trip, Puma, Jockey, TATA 1mg, Lakme, Myntra, MediBuddy, Paytm, MFine, MyGlamm, PharmEasy, Ixigo, P&G, and WazirX.
The uncle-nephew founder duo, Sanmati Pande and Harshit Sethy have previously expressed the ultimate goal of the company to achieve a health insurance license so they can also help users take care of their hospitalization expenses. They are now offering a monthly subscription-based health insurance option beginning at just Rs. 249.
The application has around 1 million downloads spread out in 200 cities and rewards of more than worth $1 million have been received by users.