Shark Tank featured Growfitter raises $1M in a pre-Series A round led by IPV

Mumbai-based incentivized health & wellness platform Growfitter, which recently got featured in Shark Tank India, today said it has raised $1 million in a pre-Series A funding round led by Inflection Point Ventures (IPV), a Gurugram-based angel investment firm.

The round also saw participation from First Port Capital, Mumbai Angels, Startup Angel Network, DevX Accelerator Fund, Blockchain Founders Fund (Singapore), and JPIN. Angel investors, including Mohit Burman (Vice Chairman, Dabur India) and Aman Gupta, Co-founder CMO boAt also joined the round. 

Founded by Sanmati Pande and Harshit Sethy, Growfitter adds financial benefits to physical activity and offers a monthly subscription to cover all healthcare expenses.

The platform offers goal-based premium rewards from consumer health and wellness brands by leading a healthier lifestyle for 30 mins walking, running, cycling, workout & health quiz on daily basis.

Growfitter says the raised funds will be used towards building technology infrastructure and expanding business operations, hiring, and branding of the platform. “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," said Harshit Sethy, Co-Founder and CTO, Growfitter.

Harshit further said Growfitter aims to reach 10 million users in the next 2 years and build an ecosystem powered by AI & Machine learning which will help people to get fit and adopt a healthy lifestyle.

The app uses a motion-sensing proprietary algorithm to accurately predict whether the user is walking, running, in a vehicle, or cycling. At the same time, generating the first-ever real-world dataset on consumers' daily health activities, it said.

According to the statement, It currently has more than 600,000 users on its platform across 200 cities and has given rewards worth $1 million till date.

Growfitter claims to have 20,000+ paid subscribers and has installed its QR codes in over 1000+ fitness centers in the country and more than 5 million users have scanned these QR codes, it adds.

The Mumbai-based startup 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.

Additionally, It has also signed an MOU as a licensed group insurance partner with Aditya Birla Health Insurance & Raheja QBE. Notably, Growfitter was also selected amongst the top 30 startups in the Korean Govt-backed K-Startup Grand Challenge program.

Speaking on the development, 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.

Speaking on the investment, Vinay Bansal, Founder & CEO, Inflection Point Ventures, said: 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.”

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.

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