GROWFITTER RAISES ADDITIONAL $120K FROM DEVX VENTURE FUND
Mumbai, February 17, 2021:GrowFitter, India’s biggest incentivized wellness platform, today announced that it has raised additional $120K from DevX Venture Fund, the investment arm of DevX Coworking & Accelerator. The platform’s stated vision is to motivate individuals and families to adopt an active and healthy lifestyle. GrowFitter is a machine learning technology startup building the health quotient of India and revolutionizing the health, wellness & fitness industry with technology solutions.
The startup also pitched at Sony Televisions Shark Tank India and raised INR 50 Lacs from the Shark Aman Gupta on the show. They are looking to venture into providing support for the booming wearables market.
Speaking on the occasion, Mr. Harshit Sethy Founder & CTO, GrowFitter, said, “At Growfitter, we are focussed on revolutionizing the health, wellness and fitness industry by leveraging technology. Our focus is to motivate individuals and families to adopt an active and healthy lifestyle. With 5 million+ registered users, 1 million+ memberships and 10 million+ workout sessions, the next spurt in growth for us is through more user-friendly technology, scalable models and expanding to more cities. The funding will be used to grow our technology stack, offer more immersive experiences to our users & members and to develop a wider embrace of our target segments. We stand committed to motivate India to be fitter and healthier and also provide them with incentivise premium pricing for health insurance and the funding is a definitive step in that direction.”
Sanmati Pande, Co-Founder & CEO of Growfitter shares, “DevX is one of the best investment platforms run by Industry veterans & professionals. Mr Umesh Founder & CGO, DevX has been a great support by providing not just growth capital but also strategic partnerships to scale the business.”
Commenting on the funding, Mr Umesh Uttamchandani, Co-founder & CGO, DevX, “We are excited to partner with team Growfitter. At DVF (DevX Venture Fund) our investment approach largely revolves around having a strong founding team since that is what early-stage investing is all about. The Pandemic has reinforced the need for focusing on health and wellness and Growfitter already has made huge strides in the field. Going forward we strongly anticipate a huge demand for they very value-proposition that GrowFitter offers. With people increasingly focussing on health and mentored experiences, the health & wellness movement can only grow bigger. Not only that, it also dovetails admirably with Hon. PM Modi’s Fit India movement – a healthier, fitter population can be more productive, reducing the burden on the health infrastructure. Against this backdrop, our investment in GrowFitter was a given.”
DevX Venture Fund invests early-stage startups, already having invested in 9 ventures and has a strong pipeline to complete its target of 15 startup portfolio before the year end. Though sector agnostic, DVF’s investments so far are largely into Fintech, SaaS, Healthcare, PropTech, AgriTech and DeepTech and offlate into Consumer Brands (D2C). They not only invest in startups but also help them with rapid scaling through their existing network, strategy support and follow-on fundraising. DVF is part of of DevX coworking & Accelerator, Gujarat’s top and largest provider in the Co-working and Managed Office Space segment, founded in September 2017 by 3 entrepreneurs Rushit, Umesh, Parth (the RUPaiyya trio as they are known in the ecosystem) and Dev Information Technology Ltd.