- Grow Fitter Founder: Sanmati Pande and Harshit Sethy
- Business: Rewards App
- Ask: ₹50 lakhs for 1% Equity
- Net worth/Valuation: ₹50 Cr.
- Result: ₹50 lakhs for 1% Equity
- Sharks: Aman Gupta
- Episode: Season 1 Episode 32
Grow fitterShark Tank India Pitch:
Growfitter, a fitness mobile application, made its debut on Shark Tank India Season 1 Episode 32, with founders Sanmati Pande and Harshit Sethy seeking ₹50 lakhs in exchange for a 1% equity stake in their company. The app incentivizes users to maintain their fitness by tracking their walks, runs, and cycles, rewarding them for their physical activities, and offering health-related quizzes. They also sell health insurance plans on their app where you are insured for 5 lakh with ₹240/month fees. They had over 3.5 lakh app downloads at the time of the pitch with an average growth rate of 20%. The company mentions that there is an opportunity to capture a ₹3 lakh crore market. The app was launched in January 2021.
It is a subscription model where they charge ₹99 a month after the initial trial. They had 15,000 paid subscribers at the time of the pitch. Their last month’s revenue stood at ₹17 lakh. Out of that, 3 lakh was spent on rewards, and after all costs, they burn ₹15 lakh every month. They have diluted 35% of the equity so far, with the founders having the remaining 65%. They raised their last round at a ₹30 crore valuation, where they raised ₹3 crore.
Growfitter Shark Tank India Negotiations:
Anupam goes out first after questioning the motives of the founders to come on Shark Tank, as he remarks that no one will be interested in 1% of the company. Namita goes out, citing that she is not comfortable investing in companies with such a high burn rate. Peyush questions the direction and long-term plan of the business and goes out of the deal due to concerns regarding that. Ashneer goes out of the deal, citing that the business model is not sustainable.
Aman likes the energy of the entrepreneurs but had concerns about the business model as well. Aman gives a conditional offer that his tech team would validate and deep dive into the users. He offers ₹50 lakh for 2%, which the company accepts with excitement. Let’s find out if this deal closed with Aman!
How is Growfitter doing after Shark Tank India?
Our research into the company revealed that their Shark Tank India deal with Aman Gupta closed after the show, and they have also shifted their strategy from their initial focus on eventually selling health insurance to a new direction, which is partnering and promoting brands to all the users who are actively using their app to participate in activities. Boat is the major brand they market, given Aman Gupta’s partnership and investment in the company, but ironically, they have also partnered with another Shark Tank India brand with Aman Gupta’s controversial investment, HAMMER.
As of October 2023, Growfitter is still in business and growing. It has over a million downloads on Google Play Store with a 3.9/5 rating and a strong 4.2 rating on the iOS App Store. They have some major brands as their partners, which include the likes of Netflix, Spotify, Boat, Samsung, and many more.
Source: Growfitter Instagram.
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