Growfitter: A Rewards-based Health and Wellness Startup

Growfitter is a health and wellness startup founded by Sanmati Pandey, a chartered accountant, and Harshit Sethy, an artificial intelligence engineer. The company was established to address the problem of people becoming increasingly inactive and unmotivated when it comes to maintaining their health.

The Growfitter app provides a solution to this problem by rewarding users for staying active and healthy. The app encourages users to engage in various physical activities such as running, walking, cycling, and taking health quizzes for at least 30 minutes per day. By doing so, users can earn rewards, including health insurance coverage.

AIM OF THE STARTUP

The aim of Growfitter is to motivate people to lead a healthier and more active lifestyle by providing a rewards-based system. The startup wants to address the growing problem of people becoming increasingly sedentary and unmotivated when it comes to maintaining their health. By offering incentives and health insurance coverage to users who engage in physical activities and take health quizzes, Growfitter hopes to make it easier and more rewarding for people to stay healthy. Ultimately, the startup aims to improve the health and well-being of its users while also promoting a more active and positive lifestyle.

BUSINESS MODEL

The business model of Growfitter is based on a subscription-based rewards system. The startup offers a mobile application that users can download and install on their smartphones. The app provides users with a platform to track their physical activity, set fitness goals, take health quizzes, and earn rewards based on their performance.

Growfitter offers different subscription plans that users can choose from, depending on their needs and preferences. The subscription plans range from a basic plan that provides health insurance coverage of up to 5 lakhs rupees to a premium plan that includes additional benefits such as personalized nutrition plans, fitness coaching, and more.

The company generates revenue by charging a monthly subscription fee to its users. The subscription fee varies depending on the subscription plan selected by the user. Additionally, Growfitter partners with various fitness and wellness brands to offer discounts and exclusive deals to its users. The startup earns a commission from these partnerships, which helps to supplement its revenue streams.

TARGET MARKET

Growfitter's target market is health-conscious individuals of all ages who desire an easy and motivating way to maintain their fitness levels. The startup targets people interested in using technology to track their fitness goals and rewards-based systems. This includes individuals who lead busy lifestyles, are interested in earning rewards, and are comfortable using mobile applications to manage their health and wellness.

SALES AND REVENUE

he app has been downloaded 3.5 lakhs times, and the startup has acquired 15,000 paid subscribers. Their target market is 75 crore Indians aged 18-60, with a market opportunity of around 3 lakhs.

The company's gross profit and sales have also been impressive, with a valuation of 50 crore rupees. They generated sales of 17 lakhs rupees in the last month and are growing at 20% per month. However, their net revenue is 11 lakhs rupees per month after allocating 6 lakhs rupees for rewards, marketing, and sales promotion.

Growfitter has raised 3 crore rupees at a valuation of 30 crore rupees, with 65% equity remaining with the company and the rest with investors. Despite the net burn of 15 lakhs rupees per month, the startup's growth and sales show promising potential for future success.

FUNDING IN SHARK TANKS INDIA

Growfitter asked for 50 lakhs for 1% equity of the company at a valuation of 50 crore rupees. Anupam and Namita Thapar were not interested, while Peyush was unsure about the revenue and Ashneer stepped out of the deal.

However, Aman made a conditional offer to examine and validate the technology and retention rates before investing. The final offer for Growfitter was 50 lakhs for 2% equity in the company, and the deal was ultimately made with Aman.