Incentivised health and wellness platform Growfitter has raised $1 million in a Pre-Series A round led by Inflection Point Ventures.
The round also witnessed participation from First Port Capital, Mumbai Angels, Startup Angel Network, DevX Accelerator Fund, Blockchain Founders Fund (Singapore), JPIN. 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 by the company to build technology infrastructure and expandbusiness operations, hiring and branding of the platform.
Health and wellness community
Sanmati Pande, Co-Founder & CEO of Growfitter, said, “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.”
“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.” said Harshit Sethy, Co-Founder and CTO, Growfitter
The app has been downloaded by more than 600K users across 200 cities. It also offers a premium subscription and has over 20,000 paid subscribers on the platform. The platform has installed its QR codes in over 1,000 fitness centres in the country and more than five million users have scanned these QR codes, it said.
Partnerships with premium brands
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 programme. It has also signed an MoU as a licensed group insurance partner with Aditya Birla Health Insurance & Raheja QBE.
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 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. 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.