Reward-based Fitness App Stepbuck Raises Angel Funding
Fitness app Stepbuck has 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.
The startup plans to use the raised funds to develop new features on its platform and for marketing. Additionally, part of the freshly raised funds will also be deployed to launch a renewed subscription model program and for business development purposes.
Stepbuck | Reward-based Fitness App
Founded by Siddharth Lodha and Rita Makharia in 2020, Stepbuck is a reward-based fitness mobile app that motivates users to get fit.
Combining the potential of both fitness and e-commerce into its product, the fitness app tracks and records a user’s steps and converts them to a virtual currency of sorts called “Stepbucks” at a prescribed ratio (Ex. 1,000 steps: 1 Stepbuck). These bucks can be used to purchase exciting coupons, products and services on the E-commerce portal – Stepshop.
Speaking about the startup, Siddharth Lodha, Co-founder of Stepbuck, said,
“The core idea behind Stepbuck is to motivate users to get fit, and we realized that savings or a financial benefit is the best way to encourage people to work harder.”
Siddharth added that the plan going forward is to reward users for all physical activities and all efforts made by its users to become healthy. The startup also plans to partner with corporates and other businesses to offer its product as a tool to keep their employees healthy and engaged.
Sreekanth Lapala, who has invested in Stepbuck, talked about the potential for growth and scalability in this domain. He added that as more and more people are being health conscious and are willing to spend their money on good apps to stay fit, there seems to be great potential for growth in this domain.
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