Bangalore-based Healthzone Organic Foods Pvt. Ltd, which operates health-tech startup Grow Fit, has raised $4.5 million (Rs 29 crore) in a Series A round led by Manipal Education and Medical Group, the private equity arm of the Manipal Group.
Existing investors, SAR Group and The Grover Trust, also participated in this round.
As part of the deal, Ranjan Pai, the managing director and CEO of Manipal Education, will join the board of directors at Grow Fit, the company said.
Launched in September 2015, the health-tech startup offers wellness solutions through a combination of services, including data science, medical expertise and personalised inputs, besides providing coaching and health food tips and behavioural insights.
Last year, Grow Fit had acquired Drink King, a nutritional beverage platform, which was founded in 2015.
Jyotsna Pattabiraman, founder and CEO, Grow Fit, told VCCircle that the company aims to expand its presence in 10 more cities within the next 12-15 months. It is currently operational only in Bangalore. Pattabiraman, an MBA from Stanford University, also said the funding will be used to develop intellectual property and operational efficiencies, including logistics.
K Ganesh, partner, Growth Story, an entrepreneurship platform that promotes ventures, including Grow Fit, said: “Companies which have the right genes can always raise funding, even in a somewhat tight market. 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.”
Other companies promoted by GrowthStory include online grocery store BigBasket and online jeweller BlueStone.
“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,” said Pai.
The company plans to expand its offerings by providing solutions to fertility, joint health, stress management and more, on its mobile platform. The venture also plans to integrate different sources of data from wearable technology and medical reports.
Grow Fit is available on iOS and Android platforms, as well as on the web.