Growfitter.com, machine learning powered platform, has acquired pre-series A funding round of $600,000 from SQue Capital, Mumbai and San Francisco based venture capital firm. After this funding round, Karan Chellani who is a partner at SQue will soon join the board of Growfitter as adviser.
Growfitter was established by Sanmati Pande who was a chartered accountant and Harshit Sethy, masters in machine learning and artificial intelligence from IIT Hyedrabad.
Machine learning techniques for fitness lovers
Sethy, chief technology officer, said that, “The biggest problem in India is that people want to be fit but do not know how and where to start. With the help of machine learning techniques we are trying to make a fitness recommendation system that will help fitness lovers to comprehend the process and achieve their fitness goals effectively”.
About Morning Fitness parties
The startup has placed a concept for “morning fitness parties” and creates a community of fitness lovers. These fitness parties which have been held at five star hotel grounds and at fitness clubs give a brand name to the startup and help the fitness centres for direct interaction with the potential audiences.
Monthly growth and revenues
With the claimed monthly growth of 25%, company has achieved $1.5 million of annual revenue and sold almost 30,000+ fitness memberships.
Aim of Growfitter
The company is looking for deployment of the funds to increase the technology infrastructure and to expand its legs in India. Currently, the startup is a partner for Talwarkars Better Value Fitness which is a publically listed fitness chain. Till now, it has prepared a list of 10,000 fitness centres over 14 cities.
Furthermore, the startup is looking to stretch the offshore legs across Canada, Sri Lanka and Middle East by 2018.
A perfect solution for Fitness
Prashant Talwalkar who is CEO at Talwalkars Better Value Fitness and has a small amount of company’s stake, said that, “They (Growfitters’ team) have tried to understand the complete ecosystem of the industry by meeting fitness owners, trainers and consumers and have built a technology platform that automates daily tasks of fitness centres, sell and collect memberships online, track sales, revenue, attendance, attract new customers and track their results”.
Growfitter and Aditya Birla Health Insurance
Startup is associated with the Aditya Birla Health Insurance and propelled a program called incentivized wellness programme with the perspective to reward as well as motivate clients to adopt healthier and active lifestyles.