[Funding alert] Suniel Shetty-backed health and wellness startup SQUATS invests in Fitato
Pune-based fitness startup SQUATS Fitness Pvt Ltd has picked up a minority stake in app startup Fitato for an undisclosed amount.
Fitato allows users to access any gym of their choice across the city without paying hefty annual membership fees. Started three years ago, Fitato claims to have registered a revenue run rate of $1 million in 2019. The team claims to be clocking 80 percent growth each quarter for the past two years, and a 45 percent retention rate.
Fitato raised $120,000 in Seed funding in late 2015, and was also selected to be part of the FB-Start programme in 2017, an initiative by Facebook for early-stage mobile startups. The fundraising is part of Fitato's ongoing pre-series A round, which closes this month.
(L-R) Suniel Shetty, Sonal Singh (Director, SQUATS) and Jitendra Chouksey (Founder, SQUATS)
Speaking on the deal, SQUATS Founder Jitendra Chouksey said,
“This strategic collaboration with Fitato will allow our community members to have universal access to a plethora of gyms and fitness studios at a fixed monthly fee. Fitato's umbrella brand has over 650 partners in its network, and with this alliance, the SQUATS community of 520,000 members will get access to customised packages that have been specially designed for them.”
SQUATS has an app of its own called FITTR, which addresses misinformation and quick-fix solutions associated with fitness. The app has been downloaded 4, 00,000 times since September 2018. According to the company, FITTR provides users with everything - from the right knowledge to community support, mentorship, and guidance, and has a team of over 190 consultants to guide them through the process.
Headquartered in Pune, SQUATS was launched in January 2016 as a community on Facebook to address the challenges in the fitness industry where misinformation, distrust, unsatisfactory results, quick-fix solutions, and fad diets are ruining the industry’s reputation.
SQUATS has been profitable since its inception. Actor Suniel Shetty, who is also a fitness icon, has recently become a part of the company as an investor.
(Edited by Megha Reddy)