The round also saw participation from First Port Capital, Mumbai Angels, Startup Angel Network, DevX Accelerator Fund, Blockchain Founders Fund (Singapore), JPIN. Angel investors Mohit Burman (VP, Dabur India) and Aman Gupta, co-founder and CMO of Boat also joined the round. Gupta had invested in the company through the popular reality show Shark Tank India, where Growfitter appeared after signing on as lead investor for this round.
Growfitter, founded by Sanmati Pande and Harshit Sethy, will use the new capital to build technology infrastructure and expand the platform’s business operations, hiring and branding.
“IPV is one of the best investment platforms run by industry veterans and professionals. Vinay Bansal (Founder and CEO, Inflection Point Ventures) has been a great support by providing not only growth capital , but also strategic partnerships to scale the business, their turnaround time to close the round has been phenomenal,” said Sanmati Pande, co-founder and CEO of Growfitter.
The startup claims to have over 20,000 paying subscribers and over three million visitors to its website.
The startup has partnerships with leading brands such as 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 rewards program. They have also signed a MoU (Memorandum of Understanding) as an approved group insurance partner with Aditya Birla Health Insurance & Raheja QBE.
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“Growfitter is building a full stack model that will eventually have insurance and financial products, and really become an integrated financial services platform creating a health and wellness community which is the big trend. in the future. The company’s proprietary motion detection algorithm helps users keep track of their movements, awarding them points for each workout. We see potential in companies that adopt highly manual business processes. touch screens and bring digital transformation to their doorstep,” said Vinay Bansal, Founder and CEO of Inflection Point Ventures.