Mumbai: One of India’s biggest incentivized health & wellness platforms 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. Well known angels Mohit Burman (Vice Chairman, Dabur India) and Aman Gupta, Co-founder CMO boAt also joined the round. 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 utilised for building technology infrastructure and expanding business operations, hiring and branding of the platform. 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.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “The pandemic has brought about awareness among the end-users and businesses around digitally delivered solutions. Health has emerged as top priority. Growfitter digital health program uses a combination of proven behavioural science & rich data science to help build healthy habits that stick. Growfitter is building out a full stack model that will eventually have insurance & financial products, & really become an embedded financial services platform creating a community of health & wellness which is the big trend going forward. The Company’s motion-sensing proprietary algorithm helps the 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.”
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.
Growfitter app has been downloaded by more than 600K+ users across 200 cities & rewards worth more than $1 million have already been redeemed. The app also offers a premium subscription & already has 20k+ paid subscribers on the platform & more than 3 million visitors on their website Growfitter.com. The platform has installed its QR codes in over 1000+ fitness centres in the country and more than 5 million users have scanned these QR codes.
Sanmati Pande, Co-Founder & CEO of Growfitter says, “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 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 & wellness, adds Sanmati.
The digital health market is increasing. According to Precedence Research, the global digital health market size is expected to garner around $551 billion by 2027, with a CAGR of 16.5% from 2020 to 2027.
“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.” said Harshit Sethy, Co-Founder and CTO, Growfitter
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