Mobile health company Grow Fit has acquired nutritional beverage platform Drink King that will help the firm expand its offerings in the preventive health and wellness business.
Grow Fit, which is backed by entrepreneurship platform GrowthStory, did not disclose the deal value.
Post the acquisition, Grow Fit’s offerings will include expert health advice, customised diet plans, therapeutic and functional foods, and nutritional beverages, it said in a statement.
Drink King, which was founded by Ritvik Sharma and Arpit Goyal in 2015, is aimed at millennials and professionals to provide them beverages to serve as quick meals. The firm, which manufactures own beverages and sells its products online, also offers customised options for gym goers like detox, muscle gain and weight loss for that suit their workout plan.
“Our alignment with Grow Fit helps us expand our service offering and meet the growing demand for healthy meal replacement options in India," Sharma and Goyal said in the statement.
Preventive healthcare and wellness at large have seen strong growth due to rising disposable incomes and health awareness among customers. The meal replacement business thus is gaining popularity in India, the company said. Analysts forecast the global meal replacement market to grow at a CAGR of 7.1% between 2016 and 2020, it said.
Grow Fit, which was launched in February 2016, uses artificial intelligence (AI) to help individuals achieve wellness. Its chat-based coaching programme connects users and experts in mental and physical health.
"The acquisition of Drink King augments our commitment to providing 100,000 customers comprehensive and easy solutions for their everyday health and wellness needs,” said Jyotsna Pattabiraman, CEO, Grow Fit.
GrowthStory is an entrepreneurship platform that promotes greenfield ventures. It was founded by Krishnan Ganesh and Meena Ganesh, who now lead home healthcare provider Portea Medical that was earlier promoted by the platform itself.
Other companies promoted by GrowthStory include online grocery store BigBasket and online jeweller BlueStone.
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