Mumbai: Incentive wellness platform Growfitter has raised an additional $500,000 in an extended pre-Series A round led by Venture Catalysts and Singapore-based Baksh Capital.
The funds will be used to build technology infrastructure and expand business operations, focusing efforts on hiring and branding the platform.
Growfitter was recently featured on Sony Television’s Shark Tank India Season 1 Episode 32 and secured a deal on the show with shark Aman Gupta, co-founder and CMO of boAt.
Venture Catalysts Group Co-Founder and President, Dr. Apoorva Ranjan Sharma said, “Growfitter’s initiative to make fitness more exciting, fun and rewarding immediately caught our attention and we wanted to be part of the journey of the startup in the Indian fitness industry. Our primary focus would be to help fund the advancement of Growfitter’s technology and infrastructure while fostering business development by leveraging our resources to help build a profitable and sustainable ecosystem.
Growfitter enjoys partnerships with premium brands like Amazon Pay, Defy, Byju’s, Puma, Jockey, Myntra, Lakme, ixigo and Tata 1mg, Ease My Trip, PharmEasy, MediBuddy, MyGlamm, Clovia, WrapCart and many more, for its rewards program. The Growfitter app has nearly a million app downloads in 200 cities and rewards worth over $1 million have already been redeemed.
Growfitter Co-Founder and CEO Sanmati Pande said, “Venture Catalyst is one of the best investment platforms run by industry veterans and professionals. Dr. Apoorva Ranjan Sharma has been very supportive in providing not only growth capital but also strategic partnerships to scale the business to new heights.
Managing Director of Baksh Capital Birbal Singh Bajaj said, “India was not on our radar for blockchain investments but the supply and traction of Growfitter and their ability to pivot into a web-based business 3.0 in such a short time have been phenomenal. We look forward to being part of their journey to help them grow in the region.”
Growfitter Co-Founder and CTO Harshit Sethy, “This round’s fund marks our entry into the Web 3 and Blockchain space where we are building a first-of-its-kind movement to earn lifestyle and wellness rewards app. Our goal is to reach 10 million users in the next 2 years and build an ecosystem powered by AI and machine learning that will help people get fit and lead a healthy lifestyle.