Corporate wellness aggregator GALF more popularly known for their wellness ecosystem MyGALF has secured funding under PM Narendra Modi’s Startup India Seed Fund Scheme through the incubator BITS Pilani Goa BIRAC BioNEST. The scheme offers up to 50 lakhs to eligible startups in order to scale up.
The covid crisis in 2020 has changed the world forever. Health has become a visibly clear priority for everyone. Wellness technology firm GALF has been on the up-spring and helping organisations across industry segments of Manufacturing, Banking, Financial Services, Insurance, Consulting, BPOs/ITOs and Logistics. The brand went commercial in 2018 and has seen consistent growth of nearly 200% YOY since 2020 pandemic. The company has been valued at 5 million USD as of April 2022 and has recently opened a seed-funding round through their strategic unit Get A Life Pvt. Ltd.
As per a report, nearly 80% of corporate employees are suffering from stress and anxiety. This is already materialising into lifestyle issues and diseases that have high probability of turning chronic. News of incidents related to loss of life at a young age is becoming frequent. The corporate Indians are at risk. With nearly 1.7 million registered active companies in India, we are really talking about millions of people being impacted. To address the problem of this size, tech-based wellness ecosystems are the need of the hour. MyGALF started with a very basic bootstrapped budget but has been able to make a tangible difference in lifestyle of its clients through tech-enabled holistic wellness services, content, specialised marketplace and gamification linked rewards.
“We are constantly in pursuit to upgrade our platform offerings to make them more personalised, stressor specific and easy to use. While most of the players are focussing on scaling by offering a one-size-fit-all approach, we are ok to grow slow yet consistent, thereby keeping a strong customer bias; baby steps further” said Founder and CEO Amit Vasistha. “We are delighted to have been recognised by Govt.of India through Startup India Seed Fund Scheme and are humbled to be partnering with BITS, Pilani Goa through this investment and incubation support” said Sheetal Kotian, Co-Creator and Executive Director - Business Solutions.
BITS Goa Innovation, Incubation & Entrepreneurship Society (BGIIES) is backed by a strong pedigree and experience of Industry Stalwarts, Gurus, Investors network and Infrastructure. “We offer targeted support to the startups like GALF, which help them not only grow fast but also become responsible firms that contribute to credible future of India Inc. said Prof Dr Mridula Goel, Joint Secretary, BGIIES and In-charge BITS BIRAC BioNEST. The wellness-tech segment of the health care industry, specifically focussing on preventive health, is the need of the hour and undoubtedly poses a huge opportunity in terms of contribution and growth. We are excited to be able to find GALF and its leadership team as our partners for investment and incubation. We are certain that together we will co-create success” said Tarun Krishnakumar, General Manager, BITS BIRAC BioNEST.
The Seed India Fund Scheme, launched by the Honourable PM Shri Narendra Modi Ji, is a flagship program and a dedicated fund of Startup India. The government recognizes and supports high potential early stage startups with up to Rs. 50 lakh through incubators under this fund scheme. A budget of Rs 945 crore has been set aside by the government for this programme.