StepSetGo Company Profile

Background

Company Overview

StepSetGo, founded in January 2019, is an Indian fitness application that incentivizes users to engage in physical activity by converting their steps into redeemable rewards. The platform aims to make fitness enjoyable and accessible, fostering a healthier lifestyle among its users.

Mission and Vision

StepSetGo's mission is to fuel happiness and health through scientific methods, focusing on triggering key neurotransmitters associated with happiness: dopamine, oxytocin, serotonin, and endorphins. The company envisions creating a community where fitness is seamlessly integrated into daily routines, making health a rewarding and engaging experience.

Industry Significance

In a rapidly growing fitness industry, StepSetGo stands out by combining health tracking with gamification and social features, making it one of India's most engaging health apps. With over 11 million registered members and a 4.4-star average rating on app stores, the platform has significantly contributed to promoting fitness across diverse demographics.

Key Strategic Focus

Core Objectives

• User Engagement: Enhancing daily user interaction through gamified fitness challenges and social connectivity.

• Health Improvement: Encouraging consistent physical activity to uplift users' health metrics.

• Reward System: Providing tangible incentives to motivate and sustain user participation.

Areas of Specialization

• Gamified Fitness Tracking: Utilizing step counts to reward users, making fitness a fun and rewarding activity.

• Corporate Wellness Programs: Offering tailored wellness solutions to organizations, promoting healthier workforces.

Key Technologies Utilized

• Mobile Application Development: Leveraging advanced frameworks to ensure a seamless user experience across iOS and Android platforms.

• Data Analytics: Employing analytics to monitor user activity and personalize fitness recommendations.

Primary Markets Targeted

• Individual Users: Health-conscious individuals seeking motivation and rewards for their fitness activities.

• Corporate Clients: Organizations aiming to implement wellness programs to enhance employee health and productivity.

Financials and Funding

Funding History

• Seed Round (December 2021): Raised $665,000 from investors including Huddle, BeyondSeed, Dexter Angels, and Seeders LLP.

Utilization of Capital

The funds have been allocated towards enhancing the app's features, expanding the user base, and developing corporate wellness solutions.

Pipeline Development

Product Enhancements

• Expanded Fitness Tracking: Plans to incorporate additional fitness activities beyond walking, such as cycling and jogging.

• Enhanced Gamification: Introducing more gamified elements to maintain user engagement and motivation.

Corporate Wellness Solutions

• Customized Programs: Developing tailored wellness programs for organizations to promote employee health.

• CSR Initiatives: Integrating corporate social responsibility activities with employee wellness challenges.

Technological Platform and Innovation

Proprietary Technologies

• SSG Coin System: A unique reward mechanism where users earn coins based on their physical activity, redeemable for various products and discounts.

Scientific Methodologies

• Behavioral Gamification: Applying principles of gamification to encourage consistent physical activity and habit formation.

AI-Driven Capabilities

• Personalized Recommendations: Utilizing machine learning algorithms to provide users with customized fitness goals and challenges.

Leadership Team

• Shivjeet Ghatge, Co-founder and CEO: With a background in advertising at Grey Worldwide and Publicis Paris, Shivjeet excels in international business and oversees the company's strategic direction.

• Abhay Pai, Co-founder and CTO: Formerly with IBM and BookMyShow, Abhay specializes in engineering scalable solutions and leads the technological development of the platform.

• Misaal Turakhia, Co-founder and CPO: Combining a business background with a passion for technology, Misaal focuses on product development and user experience.

• Zaheer Khan, Co-founder: Renowned former cricketer, Zaheer contributes to long-term strategy and brand advocacy.

Leadership Changes

As of the latest available information, there have been no significant changes or appointments within the company's leadership team.

Competitor Profile

Market Insights and Dynamics

The global fitness app market is projected to reach $298.30 billion by 2026, growing at a CAGR of 31.25%. In India, the fitness industry is expanding at a CAGR of 6.6%, expected to reach $2 billion by 2023.

Competitor Analysis

• Curefit: Offers a comprehensive fitness and wellness platform, including workouts, healthy meals, and mental well-being services.

• BurnCal: Focuses on calorie tracking and personalized fitness plans.

• Cadoo: Provides gamified fitness challenges with monetary incentives.

• Abvio: Develops fitness tracking apps specializing in running, cycling, and walking.

StepSetGo differentiates itself through its unique reward system and community-driven approach, fostering higher user engagement.

Strategic Collaborations and Partnerships

Brand Partnerships

Collaborated with leading brands such as Bajaj Avenger, Apple, Boat, Skechers, Puma, and Decathlon to offer a variety of rewards, enhancing user motivation and engagement.