Growfitter raises additional $500K amount from Venture Catalysts & Baksh Capital post their feature on Shark Tank India
Mumbai: Incentivised wellness platform Growfitter raised an additional $500K in an extended pre-series A round led by Venture Catalysts and Singapore-based Baksh Capital.
The funds will be utilised in building technology infrastructure and expanding business operations, focusing the efforts on hiring and branding the platform.
Growfitter was recently featured on Sony Television’s Shark Tank India Season 1 Episode 32 and got a deal on the show from shark Aman Gupta, Cofounder & CMO of boAt.
Venture Catalysts Group Co-founder and President Dr. Apoorva Ranjan Sharma said, “The initiative taken by Growfitter, to make fitness more exciting, fun, and rewarding, instantly caught our attention and we wanted to become a part of the startup’s journey into the Indian Fitness Industry. Our primary focus would be to help fund the advancement of Growfitter’s technology and infrastructure while furthering business development by leveraging our resources to help build a profitable and sustainable ecosystem.”
Growfitter boasts 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 reward program. The Growfitter app has close to 1 million app downloads across 200 cities and rewards worth more than USD 1 million has already been redeemed.
Growfitter Co-Founder & CEO Sanmati Pande said, “Venture Catalyst is one of the best investment platforms run by industry veterans & professionals. Dr. Apoorva Ranjan Sharma has been a great support by providing not just growth capital but also strategic partnerships to scale the business to new heights.”
Baksh Capital Managing Director Birbal Singh Bajaj said, “India wasn’t on our radar for blockchain investments, but Growfitter’s offering and traction and their ability to pivot to a web 3.0 business in such a short time has been phenomenal. We are keen to be part of their journey to help them expand across the region”
Growfitter Co-Founder and CTO Harshit Sethy, "The fund from this round marks our entry into the Web 3 & Blockchain space where we are building one of its kind move to earn lifestyle & wellness rewards app. Our aim is to reach 10 million users in next 2 years & build an ecosystem powered by AI & Machine learning which will help people to get fit and adopt a healthy lifestyle.”