Get All Access for $5/mo

Fitmint Raises $1.6 Million In Seed Funding The company will use the fund for hiring and team expansion, marketing and optimizing tech infrastructure

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Fitmint, a Bengaluru-based move-to-earn startup, has raised $1.6 million in Seed funding led by General Catalyst. The round also saw participation from iSeed, Kearny Jackson, Dweb3 and 1947 Rise among others. The company will use the fund for hiring and team expansion, marketing and optimizing tech infrastructure.

"We, at Fitmint, are happy and glad to receive our first-ever Seed funding, which is going to play a massive role in driving and bolstering our mission and vision to create a world where billions of people get fit every day, while being on boarded to the web3 fitness arena in a frictionless manner. Furthermore, this funding will enable us to on board the right talent at Fitmint, as well as an improving the technology and product aspects in order to provide cutting-edge, superlative experiences to our users," said Rohit Sharma, co-founder and CEO, Fitmint.

The startup has already started generating revenue, and with growth booth received due to the fundraise, they are targeting to generate $12 to $15 million revenue by the end of the current fiscal year, FY22-23. In the last 4 to 5 months, Fitmint has also built a strong community of over 1 lakh members on Twitter and Discord coming from over 50 countries across the globe, claimed by the startup in a statement.

"We believe that web3 crypto will increasingly be one of the categories which the founders will choose to build in. These founders will be crypto-native and understand which model works, take time to study a space deeply to create second-mover advantage and will focus on building a real business driven by consumer need, not on the web3 hype. This also stands true for Fitmint and hence today we are excited to lead the Seed round in Fitmint and be an early believer in the company," said Anand Chandrasekaran, partner, General Catalyst.

Founded in 2022, Fitmint helps people to become physically active and get fit while helping them to earn in crypto tokens and NFTs. Fitmint is a move-to-earn app with in-built NFT gaming and social-fi elements where you can earn rewards in crypto or NFTs just by walking, running or working out.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.