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Mumbai-based incentivized health & wellness platform Growfitter has raised $1 million in a Pre Series A round led by Inflection Point Ventures.
The round also saw participation from First Port Capital, Mumbai Angels, Startup Angel Network, DevX Accelerator Fund, Blockchain Founders Fund (Singapore), JPIN, Mohit Burman (Vice Chairman, Dabur India), and Aman Gupta, Co-founder CMO boAt.
Aman Gupta invested in the company through Shark Tank India, where Growfitter appeared after signing the lead investor of this round.
“The funds will be utilized for building technology infrastructure and expanding business operations, hiring and branding of the platform,” the statement said.
Growfitter was also selected amongst the top 30 startups in the Korean Govt-backed K-Startup Grand Challenge program. The team stayed in South Korea for 4 months in FY2020 to work on the platform. It was also a part of Class 27 of the Alchemist Accelerator program, one of the top accelerator programs in Bay Area USA run by Stanford Professor Ravi Belani.
Speaking on the investment in Growfitter, Vinay Bansal, Founder & CEO, of Inflection Point Ventures says, “The pandemic has brought about awareness among the end-users and businesses around digitally delivered solutions. Health has emerged as a top priority. We see potential in businesses which are taking high-touch manual business processes and bringing digital transformation to the doorstep.”
Growfitter has partnerships with premium brands including P&G, Puma, Jockey, Paytm, Myntra, Lakme, Ixigo, Blinkit (formerly known as Grofers), Tata 1mg, WazirX, MFine, Ease My Trip, Pharmeasy, MediBuddy & MyGlamm for their reward program. They have also signed an MOU as a licensed group insurance partner with Aditya Birla Health Insurance & Raheja QBE.
Commenting on the fundraise, Sanmati Pande, Co-Founder & CEO of Growfitter said, “IPV is one of the best investment platforms run by industry veterans & professionals. Vinay Bansal has been a great support by providing not just growth capital but also strategic partnerships to scale the business. Their turnaround time to close the round was phenomenal.”
“We are 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 & wellness,” Sanmati added.
Further speaking on the funding round, 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 develop a wider embrace of our target segments. We have also now introduced Fitness & Group challenges where users can compete & win rewards. We aim 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.”