According to a recent report, the Global Digital Wellness Market size in 2019 was approximately USD 84.08 Billion. The market is expected to grow at a CAGR of 14.8% and is expected to touch USD 220.94 Billion by 2026.
The industry is booming in India too.
Thereby, initiating many players to try out their luck in the market.
One such player is Growfitter.
Founded by Sanmati Pande and Harshit Sethy, Growfitter is a gamified digital health reward platform that adds financial benefits to your physical activity.
Growfitter offers goal-based rewards (short, mid & long term) from:
-Consumer health and wellness brands
-Retail financial services
-Credit cards to health insurance
for 30 mins walking, running, cycling, & health quiz on a daily basis.
As per a recent press release, Growfitter claims to have :
-600K users on its platform
-across 200 cities
– 20,000+ paid subscribers
– more than 5 million QR code users
Recently featured on Shark Tank India, Growfitter raised an investment of $1M USD in a pre- series A round.
The round was led by Inflection Point Ventures (IPV) and also saw participation from:
-First Port Capital
-Startup Angel Network
– DevX Accelerator Fund
-Blockchain Founders Fund (Singapore)
A few Angel investors also joined the round namely Mohit Burman (Vice Chairman, Dabur India) and Aman Gupta, Co-founder CMO boAt.
Aman Gupta also funded the startup on the Show Shark Tank India with $65K for 1% equity of the company.
Upon raising the recent investment, company Co-founder & CEO, Sanmati Pande said,
“Since appearing on Shark Tank India this funding is raised to meet our unprecedented growth and further empower our users to get rewarded to build healthy habits that stick.
Thank you all our investors for trusting us & supporting our mission to build the biggest health & wellness community.
This journey would be incomplete without my nephew ( if you remember the Mama-Bhanja duo in SharkTank) Harshit Sethy & my fellow teammate Satish Bhadra & entire team of Growfitter ????
Fitness is the newFintech , Your health is truly your wealth, Come join the movement with Growfitter rewards app. The future of health & wellness is here ????.”
The raised funds will be used to grow their technology stack and offer more immersive experiences to their members.
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