Health tech startup Growth Fit secures $4.5 million from Manipal Group
Mobile health company, Grow Fit has raised $4.5 million in Series A funding led by MEMG (Manipal Education and Medical Group), the PE arm of the Manipal Group. Existing investors, SAR Group and The Grover Trust also participated in this round.
With this investment, Dr. Ranjan Pai, the MD & CEO of MEMG, will be joining the Board of Directors joining the Board of Directors.
Jyotsna Pattabiraman, Founder & CEO, Grow Fit said, "Grow Fit combines data science, medical science and behavioural insights to help people achieve their health goals and live their best lives. We are an outcome-oriented company and have always stressed a science-and-data approach. I am delighted that leading professionals from the Manipal Hospital have validated our approach. Grow Fit now has the backing of one of the top medical groups in the country and we are excited about the next phase of growth with this investment."
The funding led by MEMG is also unique as the development marks a rare instance where an Indian health tech company has been validated by doctors as well as investors.
Earlier, Grow Fit was backed by Krishnan Ganesh and Meena Ganesh’s GrowthStory platform.
K Ganesh, Partner, Growth Story, said, "Companies which have the right genes can always raise funding, even in a somewhat tight market. Grow Fit’s laser-like focus on customer outcomes sets it apart from others. It takes a unique dedication to go against the conventional wisdom of transactions and the team at Grow Fit has demonstrated this commitment time and again."
This investment comes at a time when countries the world over are grappling with healthcare costs.
Dr. Ranjan Pai, CEO and MD, MEMG, said, "Grow Fit has the right approach to reach the millions of Indians who can benefit from better nutrition and coaching. I was impressed by their novel approach, their investment in R&D and their technology platform. Indians need to make drastic changes to their health habits and Grow Fit makes it effortless for them. This is a huge opportunity and we are looking forward to unlocking it."
Grow Fit further plans to include expanding solutions to fertility, joint health, stress management and more, all through the mobile. The venture also plans to integrate different sources of data from wearable technology and medical reports in order to make the app a one-stop, comprehensive companion for wellness.