Qishin Tariq · · 1 min readIndian startup that pays users crypto to move raises $1.6m
Fitmint, an India-based startup that pays users in crypto for exercising, has raised US$1.6 million in a seed round led by US-based venture capital firm General Catalyst.
The startup’s first round of funding also saw participation from iSeed, Kearny Jackson, DWeb3 Capital, and 1947 Rise, among others.
(From left) Fitmint co-founders Viren Baid, Rohit Sharma, and Anurag Meena / Photo credit: Fitmint
Founded in January, Fitmint is a move-to-earn platform where users earn rewards in the form of cryptocurrencies or NFTs by working out, which can be used for in-app activities or cashed out.
The company launched its app publicly in May, and it sees daily activity from 85% of its users. The platform also has a community of over 100,000 members from over 50 countries on Twitter and Discord.
Rohit Sharma, Fitmint co-founder and CEO, said the company will be building features such as fitness wearable integration to enable tracking of different kinds of physical activities. It also aims to integrate SocialFi to bring social media, fitness, and finance together.
Viren Baid, Fitmint co-founder, added that the company plans to link users’ daily activities to Web3, enabling mass adoption of the nascent tech.
The startup aims to hit US$12 million to US$15 million in revenue by the end of fiscal year 2022.
See also: Can Stepn, the new hottest crypto project, go the distance?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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