Growfitter Raises $1 Million In Pre-Series A Round Led By Inflection Point Ventures Funds will be utilized to build technology infrastructure and to expand business operations as well as for hiring and branding of the platform
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Growfitter, on Wednesday, announced to have raised $1 million in a pre-Series A funding 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. Funds will be utilised to build technology infrastructure and to expand business operations as well as for 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 to develop a wider embrace of our target segments. Our aim is to reach 10 million users in the next 2 years and build an ecosystem powered by AI and Machine learning which will help people to get fit and adopt a healthy lifestyle." said Harshit Sethy, co-founder and CTO, Growfitter.
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 compounded annual growth rate of 16.5 per cent from 2020 to 2027.
"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. We see potential in businesses which are taking high-touch manual business processes and bringing digital transformation to the doorstep," said Vinay Bansal, founder and CEO, Inflection Point Ventures.
Founded by Sanmati Pande and Harshit Sethy, Growfitter is a digital platform that adds financial benefits to your physical activity and offers a monthly subscription to cover all your healthcare expenses. Growfitter's vision is to motivate individuals and families to adopt an active and healthy lifestyle. Growfitter has partnerships with premium brands including P&G, Puma, Jockey, Paytm, Myntra, Lakme, Ixigo, Blinkit , Tata 1mg, WazirX, MFine, Ease My Trip, Pharmeasy, MediBuddy and MyGlamm for its reward program. Growfitter app has been downloaded by more than 600,000 users across 200 cities and rewards worth more than $1 million have already been redeemed. The app also offers a premium subscription and already has 20,000-plus paid subscribers on the platform and more than 3 million visitors on their website Growfitter.com. The platform has installed its QR codes in over 1000-plus fitness centres in the country and more than 5 million users have scanned these QR codes.
