NEAR Protocol, a highly scalable and secure blockchain network to aid Growfitter build on Web3 and will soon introduce its token, GFIT and supporting Smart Contract
The digital health platform is one of the first Indian startups to transition to Web3 for geographical expansion
Growfitter is currently present in 200+ cities and has more than 1mn downloads. The platform aims to reach 1mn paid subscribers by 2023
Bengaluru, November 23, 2022: Growfitter, India’s biggest incentivised wellness platform, has partnered with NEAR India, NEAR Foundation’s regional hub in India to expand its operations globally. Growfitter’s integration into the NEAR blockchain is a significant step forward in the company’s commitment to expanding its presence in Vietnam, the Philippines, Dubai, and Singapore.
NEAR Protocol is a highly secure and cost-effective platform, which an application like Growfitter can leverage to reach its global audiences without physically being present in the targeted geographical locations. Backed by NEAR, Growfitter is one of the first Indian startups to transition from Web2 to Web3 for geographical expansion. The future architecture of Growfitter will continue to evolve on the highly scalable Layer-1 blockchain that offers sharding as an infrastructure. The reward-based digital health platform also plans to launch its token, Growfitter’s utility token (GFIT) as a reward for its crypto customers on the NEAR Protocol.
“Our aim is to nurture ideas of local entrepreneurs and developers that will have global opportunities. We are excited to onboard Growfitter, a platform that has revolutionised the health and fitness industry in India, and continues to exponentially grow with a focus on building a complete ecosystem in the preventive healthcare space. With NEAR, Growfitter can reach a wider community and gain a competitive advantage by leveraging the decentralized web 3.0 infrastructure,” said Aayush Gupta, Director, NEAR India.
Founded in 2016 by Sanmati Pande and Harshit Sethy, Growfitter is a rewards platform designed to motivate people to adopt an active and healthier lifestyle by incentivising their physical activity with tangible financial benefits. The app accurately predicts whether a person is walking, running, in a vehicle, or cycling with a motion-sensing proprietary algorithm. The startup has over 25k+ paid subscribers and more than 400k+ monthly visitors on its website. Growfitter has over 100+ D2C brands on board and has redeemed rewards worth more than $6 million since its launch.
“Growfitter has launched an ecosystem that will enable brands to engage with customers in a loyalty program using Growfitter’s utility token (GFIT) and its supporting Smart Contract. Our goal is to revolutionize the consumer engagement and loyalty model. Growfitter token holders will be able to redeem tokens for products from 100+ sponsored brand partners,” said Sanmati Pande, CEO of Growfitter.
Currently, Growfitter works with brands like Amazon, boAt, Myntra, Byju’s, Puma, Tata Cliq, P&G, Hyperice, EaseMyTrip, PharmEasy, Airtel, AJIO, MyGlamm, and HealthifyMe among others, to offer Web2-based lucrative incentives for its users. It has partnered with gyms and fitness centres to help people keep a track of their activities and earn incentives for them. The startup has also signed an MoU as a licensed group insurance partner with Aditya Birla Health Insurance and Raheja QBE.
“Our focus is on empowering entrepreneurs like Sanmati and Harshit to transition and grow with Web3. We will continue championing and nurturing such innovative projects to propel India forward as a powerhouse in global blockchain-led innovation,” added Yash Kanchan, Director, NEAR India.
Growfitter was featured on Sony Television’s Shark Tank India and it got a deal on the show from one of the sharks – Aman Gupta, co-founder and CMO of boAt. The startup has so far raised a total funding of $1.5 million.
“We have invested in Growfitter because we feel the app creates a societal shift where people feel empowered and motivated to improve their health through reward. By gamifying this process, individuals are more likely to reach their goals. Growfitter is on the right track for transitioning through a learning curve to Web 3. This is imperative to ensure the future of their business and their clients, but most importantly, it is vital towards making the world a healthy place,” said Aman Gupta, Co-founder and CMO of boAt.
Growfitter which recently featured on SharkTank with 1 million downloads is transforming into Web3 and Blockchain-powered Loyalty points Lifestyle App offering goal-based premium rewards from consumer health and wellness brands by integrating your daily fitness activity in real life with inbuilt gamification and reward elements.
Their biggest USP is offering Free premium rewards from 100+ lifestyle and health brands via token purchase thus building strong burn mechanics and strong hedge against a steep fall in token price.
About NEAR Foundation
The NEAR Foundation is a Swiss non-profit that oversees the governance and development of the NEAR protocol, a high-performance blockchain, designed to be super-fast, incredibly secure, and infinitely scalable. NEAR is built by an award-winning team of engineers and entrepreneurs to be simple to use, inclusive and good for the environment.
The foundation aims to help evangelise, raise awareness, support and grow this ecosystem and allocate grants on behalf of the ecosystem. To date, the foundation has allocated over $45m to new projects.