Pepkit Media Pvt Ltd, which operates StepSetGo (SSG), has raised Rs 5 crore (around $661,000) from Huddle, Singapore-based BeyondSeed, along with Dexter Angels, Seeders LLP and other angel investors.
The Mumbai-based fitness start-up said it will upgrade customer experience while adding more core fitness solutions and bolstering its footing among lesser receptive markets, it will also use capital to strengthen tech capabilities and infrastructure, customer acquisition and growth.
Founded in 2019 by Shivjeet Ghatge, Misaal Turakhia, Abhay Pai and Zaheer Khan, StepSetGo claims to be a fitness platform that encourages users to walk more while being rewarded for their efforts.
Ghatge is the chief executive officer (CEO), Turakhia serves asthe chief product officer (CPO) and Pai as chief technology officer (CTO).
The company's app, with a registered user base of over 9 million users, focuses on adding features to improve fitness touchpoints and widen how users will spend their SSG coins (which are earned by the users' fitness activity on the app) while bringing new users to join the platform and helping them find the motivation to stick to their fitness regime, it said.
The retail value of the health and wellness market in India was estimated at $8.4 billion in 2018 and this was forecast to reach nearly $16 billion by 2023, according to data firm Statista.
The health and wellness space has also seen a slew of funding in India.
For instance, Cure.fit, founded by Mukesh Bansal (co-founder of Myntra) and former Flipkart executive Ankit Nagori, has raised over $400 million in total.
In October, VCCircle reported that AroLeap Fitness Pvt Ltd, a fitness-focused startup, raised an undisclosed amount in a seed funding round led by Chiratae, Sauce.vc, and Whiteboard Capital.
In the same month, Stepbuck Technologies Pvt. Ltd, which operates an incentive-based fitness app Stepbuck, raised angel funding from Sreekanth Lapala, an entrepreneur and the founder of Dextara Digital, a digital transformation services company focused on building deep functional and technical expertise in Salesforce technologies.
