Growfitter, a health and fitness discovery platform based out of Mumbai, has raised $600,000 in its pre-Series A funding round from San Francisco-based venture capital firm SQue Capital. It was first reported by Inc42.
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.
Commenting on the investment, Karan Chellani Managing Partner SQue Capital said,
Our fund is focused on AI, Healthtech, Fintech and online retail sectors. 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.
The startup was launched in 2015 by Sanmati Pande and Harshit Sethy. Sanmati is a Chartered Accountant, CPA (Australia) & MBA in Finance while Harshit has done Masters in Artificial Intelligence and Machine Learning from IIIT Hyderabad.
Growfitter aims to provide an incentivized wellness program to build individual health quotient by motivating and rewarding people to adopt an active and healthier lifestyle.
The company is aiming to revolutionize the health and fitness industry in India using its machine learning and artificial intelligence expertise. It also aims to provide solutions to people which can motivate them to join gyms and fitness centres.
It claims to have clocked $1.5 million in gross revenue by selling over 30,000 fitness memberships through its portal. It further says that the company is witnessing month on month growth of 25%. By 2018, Growfitter plans to expand into 20 more Indian cities and also enter into international markets starting from Canada, Middle East, and Sri Lanka.
Currently, 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.
Sanmati Pande says that while majority players in this space are targeting B2C segment, they are also providing corporate solutions. In this space, the startup is competing against the likes of Fitternity, Gympik, FitTicket, FitPass, among others.