With aim to revolutionize health and fitness industry, Growfitter, a health and fitness discovery platform, has raised $600,000 in its pre-Series A funding round from San Francisco-based venture capital firm SQue Capital.
With this funding round, Karan Chellani, Partner SQue Capital will join the company’s board and Mukesh Makhija, the Managing Partner of Grace Capital Venture, will join Growfitter as an Advisor, reported Inc42.
Speaking on the development Growfitter, Karan Chellani Managing Partner SQue Capital, said, Growfitter is one of the startups in health and fitness domain which is working on core AI and Machine Learning technology and continues to grow with a focus to help build and create a complete ecosystem in the preventive healthcare space. We foresee in the next 3-5 years AI will be the key in every technology startup. SQue Capital is a VC firm focused on financial, enterprise, healthcare, internet and mobile startups.
Sanmati Pande and Harshit Sethy launched Growfitter in 2015. Both hail from two different background, Sanmati is a Chartered Accountant, CPA (Australia) & MBA in Finance while Harshit has done Masters in Artificial Intelligence and Machine Learning from IIIT Hyderabad.
The startup plans to provide an incentivized wellness program to build individual health quotient by motivating and rewarding people to adopt an active and healthier lifestyle.
Besides revolutionizing the health and fitness industry in India using its machine learning and artificial intelligence expertise, it wants to to provide solutions to people which can motivate them to join gyms and fitness centres. It has also partnered with Aditya Birla Health Insurance and has powered the Health & Wellness portal of ABHIL.
Till now, it claims to have clocked $1.5 million in gross revenue by selling over 30,000 fitness memberships through its portal. It is witnessing month on month growth of 25%. Growfitter plans to expand into 20 more Indian cities and also enter into international markets starting from Canada, Middle East, and Sri Lanka by next year.
At present, the startup provides consumers discounted deals on gym memberships from 8000+ fitness centres across 14 cities. The maximum number of users on the portal are from Mumbai, Bengaluru, Kolkata, Pune, Hyderabad, and Chennai.
Other stratups competing in the space are Fitternity, Gympik, FitTicket, FitPass, among others.